How do you curb your urge? | Forex Factory

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How do you curb your urge?

  • #1
  • First Post: Apr 26, 2007 7:38am Apr 26, 2007 7:38am
I have raised this thread mainly is because i always goes in before my setup. Mainly is because I have to admit is greed. T_T
Anyone care to share their tips? PLEASE? thanks a lot.....

Edited: Didn't know a thread has been created. http://www.forexfactory.com/showthread.php?t=27178
  • #2
  • Apr 26, 2007 7:48am Apr 26, 2007 7:48am
Quoting stevetan2010
I have raised this thread mainly is because i always goes in before my setup. Mainly is because I have to admit is greed. T_T
Anyone care to share their tips? PLEASE? thanks a lot.....

Edited: Didn't know a thread has been created. http://www.forexfactory.com/showthread.php?t=27178
if it's a short time, you'll grow out of it. Trust me on this one . It used to be the only thing i was expert at!
My trading changed when I moved from market orders to stops and limits based on my method. If your method points to a possible entry 50 pips from where price is at this moment, you simply place your order there and you can't jump the gun.
If you haven't tried it yet give it a whirl, at best it keeps you out of lots of trades that you might have entered on the spur of the moment.
Works for me, anyway.
  • #3
  • Apr 26, 2007 6:51pm Apr 26, 2007 6:51pm
The best thing I've ever done is really pay attention to my emotional state when GREED begins to take over.

If I'm thinking about missing profit or about the island I'm going to buy with all the pips or all the money I'm going to be getting if only I enter the market now or... you get the idea.....

When I get thoughts like that... and when I realize they are gaining MOMENTUM I just remember that I'm not focusing on the markets... but my future... and that's a bad place to trade.

Also... and this is my favorite technique...

Sometime I know I'll jump the gun if I keep looking at the charts... so I shut my laptop... force it to hibernate... get up... walk around a few minutes... then reload everything.

EVERYTIME I've done this I've not lost money.
Most times I don't do this... well... I don't have that island yet, do I?
  • #4
  • Apr 26, 2007 7:29pm Apr 26, 2007 7:29pm
I find non-filter Camels and good Kentucky bourbon works best for me.

... oh wait, ... I thought you were talking about trading...
Mr. Trend
  • #5
  • Apr 26, 2007 7:31pm Apr 26, 2007 7:31pm
Tea. Sweet, flavored, quality tea.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #6
  • Apr 26, 2007 7:54pm Apr 26, 2007 7:54pm
LOL!

Quoting Mr Trend
I find non-filter Camels and good Kentucky bourbon works best for me.

... oh wait, ... I thought you were talking about trading...
Well, when i began forex trading, I used to do that same thing. What helped me the most was to avoid being infront of the computer all the time.

I solved that problem using market orders and walking away the computer...
  • #7
  • Apr 27, 2007 1:07am Apr 27, 2007 1:07am
Market orders are great, if I'm unsure of my exact entry. I'll recite my mantra "It's only an emotion, the only control it has over me is the control I allow". Works most of the time, I'm getting better, practice makes perfect. But if it doesn't then I'll pick up the guitar, read or search for stuff on the net anything too take my mind off the trade for a short time.

Surprising how much insight trading can give a person into their personality.
  • #8
  • Apr 27, 2007 5:20am Apr 27, 2007 5:20am
This is a very good time to take your wife or live-in "roommate" in the bedroom. You could go in on the close of a 4 hr bar and come out of the bedroom on the close of the next 4 hr bar. hehe
JOHN 3:16
  • #9
  • Apr 27, 2007 6:02am Apr 27, 2007 6:02am
Quoting renasdad
This is a very good time to take your wife or live-in "roommate" in the bedroom. You could go in on the close of a 4 hr bar and come out of the bedroom on the close of the next 4 hr bar. hehe
If I followed your method RD I'd have to switched back to the 5 minute charts and I'm not sure that's a direction I want to travel.
My wife and I would go in on the open of the 4hr bar, but only one of us would come out at the close
  • #10
  • Apr 27, 2007 8:36am Apr 27, 2007 8:36am
Quoting renasdad
This is a very good time to take your wife or live-in "roommate" in the bedroom. You could go in on the close of a 4 hr bar and come out of the bedroom on the close of the next 4 hr bar. hehe
LOL, yea and remember to turn your pillow speaker off (i'm not kidding!). I was in a trade one time and forgot my chart alarms were set to go off at a level i'd set, had the FM transmitter on the computer spitting out "Rising Price Alert" out to all the FM radios in the house...which included the pillow speaker/headboard fm radio combo. It wasn't the only thing rising at that time. grin.

; ) Thom
  • #11
  • Apr 27, 2007 8:55am Apr 27, 2007 8:55am
Woooooooo when did this "Healthy" discussion turn so "Funky" kekekeke.... I meant I CAN'T becos no one wants to be laid by me. T_T I am using the market order to help me and walk away. But I freak out once I suffer a loss. Guess more mediation is needed...............
  • #12
  • Apr 27, 2007 9:05am Apr 27, 2007 9:05am
Quoting stevetan2010
Woooooooo when did this "Healthy" discussion turn so "Funky" kekekeke.... I meant I CAN'T becos no one wants to be laid by me. T_T I am using the market order to help me and walk away. But I freak out once I suffer a loss. Guess more mediation is needed...............
There are some warped minds around these parts, so it doesn't take much to get a thread side-tracked. We've all far too much time on our hands (ok here's an opening for one of you).
Once you learn to ignore a loss, and ignore a win, you'll know you're well on the road to cracking this thing.
That'll only leave working out what to spend the money on, plastic surgery, aphrodisiacs, herbal remedies, trip to the Joo-Joo woman on Haitii etc.
Once you're worth millions, they'll all want to be laid by you, promise
  • #13
  • Apr 27, 2007 12:18pm Apr 27, 2007 12:18pm
Quoting renasdad
This is a very good time to take your wife or live-in "roommate" in the bedroom. You could go in on the close of a 4 hr bar and come out of the bedroom on the close of the next 4 hr bar. hehe
Tisk, tisk, tisk. You guys have dirty minds. Who said anything about sex? I was talking about taking a nap.

Who am I kidding? Yeah, I was talking about sex.
JOHN 3:16
  • #14
  • May 1, 2007 7:01am May 1, 2007 7:01am
Quoting PeterFM
There are some warped minds around these parts...
I resemble that remark. but i do have a smile on my face in the morning. haha.

Quoting PeterFM
Once you learn to ignore a loss, and ignore a win, you'll know you're well on the road to cracking this thing...
Now that is worth saying again! I'm not quite there yet as it still gets under my skin when i close out a loss, and then see the currency trading beyond my original trade's TP level a week or so down the road!

Patience,
patience.

: ) Thom
  • #15
  • May 1, 2007 7:14am May 1, 2007 7:14am
Quoting Plutonite
Tea. Sweet, flavored, quality tea.
Certainly not sweet stuff. Inactivity and high calorie stuff certainly will give you future problems. My recomendations
1. a workout equipment. Build some musles.
2. Try the fried pumkin seeds. It takes a lot of time to open each one before you can put them in your mouth. It is also good against cancer
3.Join a chatroom and share and receive forex ideas. Try - spotfx's lounge. You can laugh and have fun over forex etc.

Join any chatroom - That I think is the best.
  • #16
  • May 1, 2007 7:15am May 1, 2007 7:15am
Quoting accrete
I resemble that remark. but i do have a smile on my face in the morning. haha.

Now that is worth saying again! I'm not quite there yet as it still gets under my skin when i close out a loss, and then see the currency trading beyond my original trade's TP level a week or so down the road!

Patience,
patience.

: ) Thom
Never thought the day would come when there might be something I'd say that would make you do a double-take .
I also have a smile on my face in the mornings, just not as often as it used to be
  • #17
  • May 1, 2007 7:27am May 1, 2007 7:27am
1. Use money management
2. Get a system
3. Trust your system
4. Establish targets for entry and exit
5. Use limit orders, market orders
6. Do not sit and watch your trade (see #3)

If you are missing your targets adjust them some.

I find that trading longer term allows me to get my entries and exits within 25-50 pips from tops and bottoms sounds like a lot to give up but I'm trading off 1 and 4 hr charts sometimes daily and capturing much bigger moves so precise pinpoint entries and exits are not necessary. My scalping done are all but gone....but I do occasionally..who can resist??
  • #18
  • May 1, 2007 7:43am May 1, 2007 7:43am
keep dailly job,
put it small,,,, so small that you don't really care about the result.
create the system that can accomodate your greed
or just live with it, greed is good, it makes you live in the edge anyway, makes your adrenalin rush,... some pips away and your life pass infront of your eyes............
  • #19
  • Last Post: May 2, 2007 2:37pm May 2, 2007 2:37pm
A bunch of us are finding that the Skype trading group we take part in helps us to 'curb the urge'. While waiting for setups or in between trades, we chat about the markets, systems, women.. whatever comes to mind!

There is a lot of joking that goes on but make no mistake - we are all serious about trading!!

If you are interested, look me up on Skype!
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