My take on Emotional Discipline | Forex Factory

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My take on Emotional Discipline

  • #1
  • First Post: Edited 11:23am Jan 10, 2018 4:28am | Edited 11:23am
First , thanks to forex factory , i learn everything from here.

There are many selfless traders leaving wealth of information in this forum.
Thank you all!!


This is to record my trades, just over 2 yrs as experience long way to go from here.
Never been consistently profitable for more than 2 weeks time.
Blown few accounts ,costs £5k as my tuition fees to the market.
I believe emotional discipline is what stopping me from consistency.
on a postive roll...
  • #2
  • Jan 10, 2018 5:31am Jan 10, 2018 5:31am
I trade small most of the time, went big and lost 25% last week.
This is a marathon not a sprint
This is how i trade... i want to trade

Max leverage 1:10,
Multiple pairs,
4hr and Daily charts only.
Draw down limited to 5%
Taking smaller losses often, Equity SL of 5%
I am happy with whatever market offers 0.25% to 1% per day ,profit is profit
Quit trading for the day when 2% loss is taken

Rigorously Following these parameters is the challenge ahead for me.
on a postive roll...
  • #3
  • Jan 10, 2018 10:28am Jan 10, 2018 10:28am
holding 3 positions on dd
Attached Image (click to enlarge)
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on a postive roll...
  • #4
  • Jan 11, 2018 1:28am Jan 11, 2018 1:28am
14 entries yesterday.
8 were planned 4 winner 4 loser
6 were unplanned 5 loser 1 winner
overall 5% return. could have been better if unplanned trades were avoided.
on a postive roll...
  • #5
  • Jan 11, 2018 1:29am Jan 11, 2018 1:29am
on it
Attached Image (click to enlarge)
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on a postive roll...
  • #6
  • Jan 11, 2018 3:54pm Jan 11, 2018 3:54pm
14 trades today
10 wins , 4 loss
6.5% return,
almost recovered all the losses occurred earlier this month.
Attached Image(s) (click to enlarge)
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on a postive roll...
  • #7
  • Jan 12, 2018 12:19am Jan 12, 2018 12:19am
Net long on Nzd, DD reached its limit, hopefully dax will save my day.
on a postive roll...
  • #8
  • Jan 12, 2018 12:30am Jan 12, 2018 12:30am
Attached Image (click to enlarge)
Click to Enlarge Name: IG MetaTrader 4 Terminal.jpg Size: 421 KB
on a postive roll...
  • #9
  • Jan 12, 2018 1:07am Jan 12, 2018 1:07am
deep red gbpnzd, hedged with gbpcad, not a big fan of hedging but helps while market retace
Attached Image (click to enlarge)
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on a postive roll...
  • #10
  • Jan 12, 2018 3:50am Jan 12, 2018 3:50am
Gbpnzd, hedge closed
still flying to the moon
Sold right at the weekly support, daily 200 ema supports.
not a wise trade at all
will wait it out to see a retracement or a reversal.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD(£)H4.png Size: 41 KB
on a postive roll...
  • #11
  • Jan 12, 2018 4:54am Jan 12, 2018 4:54am
Attached Image (click to enlarge)
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on a postive roll...
  • #12
  • Jan 13, 2018 2:40am Jan 13, 2018 2:40am
Massive drawdown on GN, adding on to loser to average out but turn out sour
Right time to be wrong side of the trade , still holding to check on monday if possible to get out on less damage .
only if there is a retacement to the reversal or downtrend continuation.
Or else to bite the bullet for the costly mistake.
Attached Image (click to enlarge)
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on a postive roll...
  • #13
  • Jan 13, 2018 2:43am Jan 13, 2018 2:43am
Other than the GN trade ..
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on a postive roll...
  • #14
  • Jan 13, 2018 6:57am Jan 13, 2018 6:57am
Quoting Rmg
Other than the GN trade .. {image} {image} {image} {image}
May i ask why haven't you stuck to your trade managememt plan?
The Earth is flat!
  • #15
  • Jan 13, 2018 8:45am Jan 13, 2018 8:45am
Quoting Tfh
{quote} May i ask why haven't you stuck to your trade managememt plan?
Monkey mind played the role. Following my original plan without failure is the greatest challenge I am facing.
on a postive roll...
  • #16
  • Jan 13, 2018 6:14pm Jan 13, 2018 6:14pm
Quoting Rmg
{quote} Monkey mind played the role. Following my original plan without failure is the greatest challenge I am facing.
so do I.
and I think the same goes for so many "struggling traders"
for me however trading 15m mitigates the constant need to compulsively open and close trades.
lower down I go 1m,2m,5m I go mad.
same goes for higher TFs as well I just don't have the patience to sit through retracements.
15m however for the instrument that I trade could go well for me (meaning that I could actually follow my plan with 15m)
plus I think knowing what to expect really helps especially around certain times of the day.
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  • #17
  • Jan 14, 2018 3:55am Jan 14, 2018 3:55am
Quoting Piquant
{quote} so do I. and I think the same goes for so many "struggling traders" for me however trading 15m mitigates the constant need to compulsively open and close trades. lower down I go 1m,2m,5m I go mad. same goes for higher TFs as well I just don't have the patience to sit through retracements. 15m however for the instrument that I trade could go well for me (meaning that I could actually follow my plan with 15m) plus I think knowing what to expect really helps especially around certain times of the day.
Thank you for stopping by.
I can't trade lower than 4 hr, as i have full time job .
My intuition mind doesn't help all the time while managing trades. 7 out of 10 trades i do well within control, then it comes old habits hardly ever die. Many things to unlearn here or atleast aware of it when its pops into our thinking. Strictly following the plan at all the time is the only way to escape , it doesn't matter what market is advertising to trick our mind. People says meditation helps to come over this.
on a postive roll...
  • #18
  • Jan 14, 2018 6:46pm Jan 14, 2018 6:46pm
Quoting Rmg
{quote} Strictly following the plan at all the time is the only way to escape , it doesn't matter what market is advertising to trick our mind. People says meditation helps to come over this.
having a plan is part of the package on the road to consistency.

however, I think by now we all know the complexities of price and market behavior - it just can' t be boxed into a few variables and few outcomes by so called system.
I don't know how you trade but most successful trades are PA traders, they feel the pulse - they go with the flow yes they're certain rules to keep in the back of your mind, (for instance I only check for setups certain times of the time after London open, and I have a rough idea how long I should hold my position) but other than these kinds of rules if you're a PA trader and if you're trying to feel the pulse of the market then until you become good at it you're going to keep on screwing up - so stay on demo ! , you just can't be too rigid in this scenario you think you've messed up and went against the rules and beat yourself up for it, but how are you defining that rule ? you actually have to be flexible (knowing what to expect helps too), if you're being too rigid PA trading might actually go against your performance.
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  • #19
  • Jan 14, 2018 10:21pm Jan 14, 2018 10:21pm
[quote=Rmg;10667731]Massive drawdown on GN, adding on to loser to average out but turn out sour Right time to be wrong side of the trade , still holding to check on monday if possible to get out on less damage . only if there is a retacement to the reversal or downtrend continuation. Or else to bite the bullet for the costly mistake. {image}[/quote
Realized loss of 27%.
Flipped the trade.
on a postive roll...
  • #20
  • Jan 15, 2018 1:23am Jan 15, 2018 1:23am
[quote=Rmg;10671362]
Quoting Rmg
Massive drawdown on GN, adding on to loser to average out but turn out sour Right time to be wrong side of the trade , still holding to check on monday if possible to get out on less damage . only if there is a retacement to the reversal or downtrend continuation. Or else to bite the bullet for the costly mistake. {image}[/quote Realized loss of 27%. Flipped the trade.
Clearly emotion got in your way as it does in everyone's case. When you say you reversed it what do you mean?
The Earth is flat!
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