Trading PA. {Psych Analysis}. Please Read.

Trader Psychology disseminated.

If you have been Trading for >= a year or so, then you have read some stuff on this Topic.

If the above Fits you & you think that, given another 5 years or so, you will have it beat...
Sorry but I have some Bad News.

Trading Psychology is a Never Ending Battle.

Let's call it something else. Let's call it Trader Confidence.

Trader Confidence is, by far, the Ultimate Hurdle in Your Career. No matter how far into that career you have ventured.

Confidence That:
You are Correct on your Call.
If Not, Your Odds Advance on being Correct on the Next one.
I can Tell myself "I Was Wrong. Re-evaluate & decide whether to 'Stand Aside or Reverse Position'" without diminishing My Self Esteem.

I'm not suggesting Martingale or any other "Damn The Torpedoes" method. I'm talking about YOU & Your Money.
Don't waste your time reading the ### Pips/Day stuff Unless they come with details.

{Guilty as charged your Honour. I posted just such a comment today. 380 P on Full Lots with No Explanation how I accomplished it. Truth is; I don't really know If I Could explain it. Been Trading 3 decades & just instictually reacted to the Charts on multiple TF.}
POINT: I closed the day Up close to $4,000.00
First 3 Trades got me $1,800.00 Banked Profit.
Last 3 Trades added an additional $2,000.00
BUT during those last 3 Trades I was, at one point DOWN $1,500.00. That was after I Scaled Into . {as opposed to Averaging Down.} my Third Opening on this Trade.
WyTF would I do such a silly silly thing?
{you can do the Math but}
I Never exposed more than 1.5% of my account to the Market.
There's a lot of Bear out there. {all my trades (6 of them) were Short.}
I had predefined SL in MIND {didn't place them with my borker}
I had predefined TP in mind and placed them with my borker.


It's been said before & bares worth mentioning again.
Document Your Trades. You Have to. No Other way around it.
You Need to Know Where You are Making Your Mistakes. How else do You expect to Fix it? {If you answered "Ask @ FF" Please stay on demo}

Some of you lost Money Today. In a perfect world, I hope I didn't take it but I did take it from somebody. {dems de rules boys}

Stick to your Rules, of course, but if you expect to get all your Trades correct, Move onto something that will give you an income when you are forced to retire.

Trading Psychology= Understanding You Can Be Wrong AND Knowing how to deal with it.

Open for discussion.

1500 down? I was in the same predicament earlier with cable! Came out unscathed, lucky me.
Great post btw bemac. Psychology is often overlooked in trading. Beating one's own emotional uncertainties is a whole lot tougher than beating the trade itself methinks.
Have a good one mate & please, more of the same please. I'm sure there's much to tell after 3 decades
Cheers

This post has nothing to do with trading psychology. Congrats on your pips today though.

Interesting that you would say that. Can I expect your definition or description?
C'mon Phil, we've both been at this a lonnnng... time.
How would you synopsis it?

I take screen shots of setups, entries, add-ons, and exits. That way I'm not relying on my sh*t memory. EOD or EOTrade, I go over the screenies and evaluate what I did right and what I did wrong. It's also cool to go back over the years and look at how much I"ve evolved from system to system and method to method.

I have no doubt that you know a lot about trading psychology. I just didn't see you share much about it in your post. There's one line about psychology and then 10 lines about your trading today. I just don't see the connection.

Peace back you you - I didn't mean anything by it.

The day that I can make $4000 in a day will be a very happy one.

Three decades?! I bet you have some interesting trading memories Bemac, lol.