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Trading Psychology: Mistakes in a Trading Environment

  • #21
  • Feb 23, 2009 6:29pm Feb 23, 2009 6:29pm
Quoting steve10%
David

This reminds me of a post by ubeee in which he describes a way of "educating your subconscious".

It is an interesting idea from an under rated poster.

http://www.forexfactory.com/showpost...8&postcount=38
Steve, thanks for bringing that post back to my attention. I agree that Ubeee is an underrated poster, brilliant at thinking outside of the box. Reading between his lines, I expect that he's also a very successful trader. It's a shame that he hasn't posted here since last August.

Re-reading the thread, it makes me realize that I've come a long way in 12 months. Especially one post where I said that I thought S/R was an 'evil scam', LOL - these days I regard it as a great ally.

David
  • #22
  • Feb 23, 2009 7:52pm Feb 23, 2009 7:52pm
Great work on everyones part in this thread.

Can we just ask to the board how many of you are traders who makes money to pay the bills (mortgage, car, electric, water, food, etc..) by trading. Not selling any system, book, cd or web site membership.

You wake up in the morning and trade like you're going to work.

I'd love to find out who does it day in and day out with such consistency. I've done it with stocks with my brother for over a 2 year time frame. We stopped because I did not like the life style of carpet commuting. I did not like being alone in front of the computers and a tv day in and day out. And when we left trading we left with money not being broke like the 95% who lose money.

I still trade but I have a daytime job.
  • #23
  • Feb 23, 2009 8:11pm Feb 23, 2009 8:11pm
Quoting Levent
Great work on everyones part in this thread.

Can we just ask to the board how many of you are traders who makes money to pay the bills (mortgage, car, electric, water, food, etc..) by trading. Not selling any system, book, cd or web site membership.

You wake up in the morning and trade like you're going to work.

I'd love to find out who does it day in and day out with such consistency. I've done it with stocks with my brother for over a 2 year time frame. We stopped because I did not like the life style of carpet commuting. I did not like...

I trade for a living. But the bills I pay are minimum. I made it a point to pay off my cars, house, and any other loans I had before ditching my day job. Life is less stressful that way.
Headline: USD drops due to news of USD dropping!
  • #24
  • Feb 23, 2009 9:34pm Feb 23, 2009 9:34pm
Quoting NuckingFuts
The day I finally got that through my thick head was the turning point in my trading career.

Nice post too BTW joldas.

Thumbs up to the both of you.

Nuck: could be the best screen name ever. Just wanted to agree with you...getting around ourselves is the most difficult. Some traders can identify any technical move on a chart, but get them to execute as they know they should and you suddenly have a whole different trader. Always good to know your limits and strengths. I know I'm not one to hold trades for more then a trading session. When I figured that out about myself i started to improve.

Great post guys!
  • #25
  • Feb 23, 2009 11:38pm Feb 23, 2009 11:38pm
Mistakes following your system don't exist, they are simply the cost of opportunity.
  • #26
  • Feb 23, 2009 11:41pm Feb 23, 2009 11:41pm
Quoting MackS10
Mistakes following your system don't exist, they are simply the cost of opportunity.
An investment in your education indeed. Good point.
  • #27
  • Apr 11, 2009 11:04pm Apr 11, 2009 11:04pm
Very good, takes long time...
  • #28
  • Apr 11, 2009 11:39pm Apr 11, 2009 11:39pm

A lot of traders don't want to believe just how much Luck plays a hand in their profitable strategies. I'll be the first to admit, some of my profits made was by pure, blind chance. In fact, you could also blame my Luck on those losing streaks we all encounters. To not believe in Luck, while trading a market we have NO control over; let alone not knowing whats around the corner, is just blind ignorance on the traders part.

In a market where control is given to only a handful of individuals, retail traders are bound to lose, not nescesarily by trading mistakes; but by the market's non-transparent nature. Say what you want about the stock market, it is a regulated market that holds some transparent value.

If you THINK about the market, technically there is no right or wrong answer. There is no answer to a question no one knows. There for, no right/wrong answers. The only thing we traders have on our side and have complete control over is Risk. Nothing more nothing less. If traders would start focusing on handling what they do have control over and not answering the question of what they don't have control over ... you'd see a lot more profitable traders.

The trader with the most indicators and physics based, complicated system; is a trader that is answering a question no one knows of or haven't a clue about. These are the traders that are afraid and haven't grasp any info or knowledge on how the market works. These are the 95 percentiles that statistically, we hear so much about.
  • #29
  • Apr 12, 2009 12:01pm Apr 12, 2009 12:01pm
Mistake made: Take a trade when there was no signal from the system.

Mistake made: Not taking a trade when the system signaled it.

Are these the only mistakes?
TRO
  • #30
  • Apr 12, 2009 12:03pm Apr 12, 2009 12:03pm
"A lot of traders don't want to believe just how much Luck plays a hand in their profitable strategies."

What is "luck"?

Is it when preparation meets opportunity?

Luck exist only in hindsight.

Do you feel lucky?
TRO
  • #31
  • Apr 15, 2009 5:31pm Apr 15, 2009 5:31pm
trade is very hard for me... specially i am unpatient person...... can not wait......
  • #32
  • Edited 5:58pm Apr 15, 2009 5:58pm | Edited 5:58pm
Quoting joldas
trade is very hard for me... specially i am unpatient person...... can not wait......
Most systems are designed based on static chart reading. When you develop a habit of constantly watching PA, it hypnotizes your brain. At some point you commit a mistake. After the move is over, when you look back at the historical chart/data that has now become static, you wonder why did you commit that silly mistake....... and you keep on repeating that over and over again.

Let the chart become stale before you close or change your deal. Most of the time, your initial thought is right.

This thought may help you develop some patience. Patience is also associated with your position size, smaller the positions more enduring you are.

Good trading all.
The Thief of Wall Street
  • #33
  • Last Post: Apr 15, 2009 6:32pm Apr 15, 2009 6:32pm
Tis all about Psychology.

I've had a system that works very well for 2years or so which I'm still using, but only just getting myself to a psychological level where I can actually start applying the system, rather than ignoring it and making dumb trades normally against the system which results in sure death 90% of the time.

I still can't exit losers as per the systems plan which dooms me.

I still can't jump on a momentum move which my system clearly points out and has a very high probability of making a huge profit for very little at risk.

It's bloody hard work and very tiring FORCING yourself to trade smart and ignore your gut reaction / subconscious's incorrect trades, although it gets easier the more you fight it, it's still VERY tiring to me strangely. Reprogramming neural pathways and all that!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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