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Giving It All Back.

  • #41
  • Mar 13, 2008 6:29pm Mar 13, 2008 6:29pm
Having been in the same boat making .5% to 2% on my capital every day I will always go and ruin it by taking a trade that blows my days earning. Its quite easy to identify this problem, it is one of greed, you think that you trading is blessed and that all your trades seem to work out so you feel confident and decide that your last 12 trades were all winners so now you are ahead financially and spiritually.

Best advice is close your computer down and go out for a walk, the market will always give a good trader money, but not always and consistantly every day at some point even the best trading plan goes and fails because it is probability not certanty we deal in.

Also in an effort to invlove ourselves in a trade we look for reasons to trade rather than reasons not to trade, and we expose ourselves to risk.

My advice is set a limit on the number of trades you make and keep your stop the same size and time frame, progress naturally to other trades don't force them. it sounds like you are either increasing your stop or doing something different like larger contract sizes ( thats my problem, every time I go to the next contract up my trade always go south).

You are doing well and do get Mark Douglas Trading in the zone it is the best for helping you head get round trading


Good luck

Small dog
  • #42
  • Mar 13, 2008 6:43pm Mar 13, 2008 6:43pm
Quoting soultrader
very true SL, but at least if you made a rule it would be a starting point - because at the moment by doing what he's doing he aint breaking anything.

if he had a rule then at least he would knowhe's breaking it.

small steps if you know what i mean.
True.

But making and adhering to rules would just in turn be a result or sign of willingness to progress oneself (a sign to oneself as well)....hen / egg problem I guess (does the willingness for change come first or the rule? You know?).

I'm just saying - if your personality base is sound, all the rest like sound discipline, ruleset, approach, diligence, patience etc should just follow through / because of it as well.

Whether one brings forth the other first I don't know for sure, but imho everything starts with oneself and the look inside, hence my emphasis on that. Can only speak for myself though.
Trust price. Know yourself.
  • #43
  • Mar 13, 2008 6:47pm Mar 13, 2008 6:47pm
I had the disease, maybe not the same numbers, but close enough.

I'm always amazed at the myriad of answers to a trading problem.

It's actually simple.

Given: You will have losing trades.
Given: You will not know which ones will be the losers.

Therefore, it is statistically necessary to limit risk per trade, and per day.

I NEVER lose more than 2% per day, period. Implementing that ONE THING was a major turning point to profitability. Had I started this in November, that would have been my first profitable month instead of December; and December would have been more profitable than it was also.

Sounds like if you do this, you will be profitable. 2% per day max loss, no matter what.

I usually risk 0.5% per trade. Yes, I could be making more money if I risked more, but I'm extremely protective of my capitol. Maybe in a couple more months I will routinely risk 1% per trade.

Since I started doing those things, I am much more consistent. It's just math.

If you don't obey the math, the results can be psychologically devastating, but no amount of head shrinking will cure it. You have to obey the math, either now or later, your choice.

Why do people move a stop? There's only one possible reason. They're afraid they will lose the trade then price will go their way. It happens. But it will happen less and less with time.
  • #44
  • Mar 13, 2008 7:13pm Mar 13, 2008 7:13pm
Bro, i feel for you, and know how you feel. I took 3.5k to just under 14k in 3 months, then lost it. after 2 margin calls in a row. Health and a balanced lifestyle seems to be of paramount importance. When im smashing the gyma nd running and eating well, going out and having a social life, my trading flows, decisions are good. When i hit the booze and work long hours, everything goes down hill.

Quoting mezarashii
I'm struggling with the same issues the original poster describes. For me it has been a lifestyle struggle. Staying balanced and healthy for sure gives you the extra inner strength to treat yourself well. Well enough to remain focused on the long term results.

On tuesday hours before the surprise annoucement I was averaging up on GBP/JPY which is completely outside of my system. I had about 7xs more than I planned to hold on the trade, market was drifting higher and I wanted just one pip, ONE pip turned into a 300 pip margin call since I didn't have a stop in. After all, I was only going for one pip. That's my little sob story. And considering I was up huge since January, about 80% following my system, I not only lost all my gains, I gave up the principle too. So now I am out of ammo and will have to work internally on being kind to myself and keeping out of trouble.

For all of you out there who are struggling through this very real issue, I feel for you and wish you inner strength to keep your wits and live to trade another day.

meza
"If it bleeds ... we can kill it"
  • #45
  • Mar 13, 2008 7:34pm Mar 13, 2008 7:34pm
Pure Gold.

You are the man. Cheers.

Thanks to all the other traders here as well. Much appreciated, im now going to make my comeback the way it should be done - not wildly chasing (as ive done in the past)

Thanks.

Quoting SeekingLight
1. Don't look to others, look to yourself. This has nothing to do with forums or others. It has everything to do with yourself and whether or not you sabotage yourself / allow yourself.

2. Simply don't ever deviate from your risk profile. No idea how much you use to make 4% a day, but if it's above 2% risk per entry simply try to restrict yourself to a more sensibly risk parameter and stick to that day in, day out.


3. See 1.

Stop looking for advice and start looking for reasons to do what you really want to do and stop doing what you don't want to do and discover the mechanisms behind it. And don't ask how. You know how. You just need to do.

My 2 cents.
"If it bleeds ... we can kill it"
  • #46
  • Mar 14, 2008 9:17pm Mar 14, 2008 9:17pm
Hi MMDealer
when you are in this situation... who not once? just remember...

"The ones that give up... never win... and a winner never gives up"
good luck ! and remember luck doesn't exist... work hard and luck will come to you. That's the true GOOD luck.
  • #47
  • Mar 26, 2008 4:24am Mar 26, 2008 4:24am
Quoting parlenk
Hi,

this is one of my fav post in this forum ..i found it by another fellow that post it.hope you will find it usefull as to me.http://forexfactory.com/showpost.php...postcount=3504

cheers
~~~~~~~~~~~~~~~~~~

Link does not work?????????????????????????????????
  • #48
  • Last Post: Apr 16, 2008 10:27am Apr 16, 2008 10:27am
Well, I would like to tell you that this has never happened to me but i would be lying. I over came it when th pain of recovering from this pattern became greater than taking a small loss on that trade that I would panic on. Risk management is the best course of action here. Look back through your trading journals and see if you can see how much you would have lost if you would have taken the initial hit on the trade and compare it to the lost from the panic attack. This is what did it for me. I decided that enough was enough and I would rather loose $30.00 or even $300 rather than $3000. I posted the actual numbers form my research right below my monitor so that they stared me in the face every day. I hope this helps. It worked for me.
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