I'm still relatively new to live trading and after some time trading profitably I went through a euphoria stage. I had several winners in a row and felt that trading was so much easier than I had made it out to be. Fast forward a few trades and instead of trading 3% of my account I'm maxing out because I haven't been wrong in the past so I can't be wrong in the future right?
Well funny my luck must have ran out on those first few trades so now my account is facing some serious drawdown which led me to overtrading the account trying to get the money back. I have a serious problem with picking tops and bottoms. If I go short you can rest assured that I just picked the bottom and the pair is going to fire off like a rocket and vice versa when I go long. Take for instance the gbp/jpy this week. Each time I went long it would go down another 100 pips. The pair was talking to me saying, "come on go long you know you want some of this" and so I would and then bam like a rock another 100 pip drop and me thinking ok it's not going down any further, look the 1 hour chart shows a bullish candle so I go long, repeat lather rinse, account now very close to blown.
Last Sunday the pair gapped up on the open so the first thing I do when my trading broker opened was I went long, set my stop and went to bed and woke up to a major loss. I have this fear of missing the big one which leads me to get into trades that have no chance of winning. This leads me to my question of how do you discipline yourself.
I always have this feeling like this next trade is going to be the big one and of course it's usually not. I have thought about going back on the demo but that seems counterintuitive to me at this point. I have a method that has worked for me in the past but I never follow it. How do you fight the urge and not pull the trigger? It seems it would be easier than this just don't click the mouse but I can't help it. When I do have some discipline and nothing is showing on the four hour charts I can't help it and start looking at shorter time frames and then if nothing there I pull up exotic pairs.
The other problem I'm facing is constantly watching the charts. I prefer the four hour charts but I watch them all the time. When I'm asleep I wake up every hour almost and run to the pc checking their status. When I place my trades at home before I leave for work I'm anxious in the car the whole time until I get to work where I can pull up the terminal. I'm tired and anxious all the time now on top of being irritable from foolishly losing my money. I'm already looking forward to Sunday night when trading begins even though I just took a massive beating these past few weeks.
I'm not quite sure if this is normal behavior or not. My account is not even that large. I'm sure most of you make more on the daily swap rate than my account was even worth but it still hurts seeing it evaporate. This was just speculative money to begin with but I would prefer to be up than down.
I just needed to vent but I appreciate any tips.
Well funny my luck must have ran out on those first few trades so now my account is facing some serious drawdown which led me to overtrading the account trying to get the money back. I have a serious problem with picking tops and bottoms. If I go short you can rest assured that I just picked the bottom and the pair is going to fire off like a rocket and vice versa when I go long. Take for instance the gbp/jpy this week. Each time I went long it would go down another 100 pips. The pair was talking to me saying, "come on go long you know you want some of this" and so I would and then bam like a rock another 100 pip drop and me thinking ok it's not going down any further, look the 1 hour chart shows a bullish candle so I go long, repeat lather rinse, account now very close to blown.
Last Sunday the pair gapped up on the open so the first thing I do when my trading broker opened was I went long, set my stop and went to bed and woke up to a major loss. I have this fear of missing the big one which leads me to get into trades that have no chance of winning. This leads me to my question of how do you discipline yourself.
I always have this feeling like this next trade is going to be the big one and of course it's usually not. I have thought about going back on the demo but that seems counterintuitive to me at this point. I have a method that has worked for me in the past but I never follow it. How do you fight the urge and not pull the trigger? It seems it would be easier than this just don't click the mouse but I can't help it. When I do have some discipline and nothing is showing on the four hour charts I can't help it and start looking at shorter time frames and then if nothing there I pull up exotic pairs.
The other problem I'm facing is constantly watching the charts. I prefer the four hour charts but I watch them all the time. When I'm asleep I wake up every hour almost and run to the pc checking their status. When I place my trades at home before I leave for work I'm anxious in the car the whole time until I get to work where I can pull up the terminal. I'm tired and anxious all the time now on top of being irritable from foolishly losing my money. I'm already looking forward to Sunday night when trading begins even though I just took a massive beating these past few weeks.
I'm not quite sure if this is normal behavior or not. My account is not even that large. I'm sure most of you make more on the daily swap rate than my account was even worth but it still hurts seeing it evaporate. This was just speculative money to begin with but I would prefer to be up than down.
I just needed to vent but I appreciate any tips.