I Found my Problem!! (under trading) | Forex Factory

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I Found my Problem!! (under trading)

  • #1
  • First Post: Dec 10, 2006 5:53pm Dec 10, 2006 5:53pm
I have to admit I have a problem in Forex. It's not that I treat it like a gamble. It's not that I trade without stops. It's not that I take on too much risk on each trade. No, the problem is much simpler than that.

DIAGNOSIS: CHRONIC UNDERTRADING!

I know, it's scary, but I think I can survive. The amazing thing is that I knew it all along.

I have a fear of trading because...
I lost a lot on my very first trade because...
I didn't understand risk and money management because...
I didn't read enough about FX because...
I hadn't thought to use the Internet to research because...
I curve-fitted an "amazing" system the very first day I saw a chart.

I am solving this from the bottom up.
I now understand that you can't curve-fit because the market dynamics change.
I am on the Internet researching at least two hours a day.
Thus, I am reading all the time.
I have researched and now understand risk and money management and what proper risk levels are (Thanks to twinchell for your risk thread)
I no longer lose a lot on my trades, because I realize proper stop placement and moving the stop to BE.
Now, the only obstacle is actually TRADING. I am pissed at myself for not being able to man up and take a risk, but I am getting there and will start a new journal next week, with at least 5 trades a week (Hold me to that everybody!!). It may not seem like much, but I gotta take babysteps on this one.

Thanks for your support,
andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #2
  • Dec 10, 2006 6:12pm Dec 10, 2006 6:12pm
If your're making yourself take at least five trades a week....careful....make sure that your setup is telling you to, not 'just because'. Thinking that you have to be in a trade just because you have an account opened may not be too cool for your bottom line. Don't prove anything to 'us', prove it to yourself first.

Thanks again for all the MQL help so far partner...
  • #3
  • Dec 10, 2006 7:32pm Dec 10, 2006 7:32pm
Quoting andersenws
I have to admit I have a problem in Forex. It's not that I treat it like a gamble. It's not that I trade without stops. It's not that I take on too much risk on each trade. No, the problem is much simpler than that.

DIAGNOSIS: CHRONIC UNDERTRADING!

I know, it's scary, but I think I can survive. The amazing thing is that I knew it all along.

I have a fear of trading because...
I lost a lot on my very first trade because...
I didn't understand risk and money management because...
I didn't read enough about FX because...
I hadn't thought to use the Internet to research because...
I curve-fitted an "amazing" system the very first day I saw a chart.

I am solving this from the bottom up.
I now understand that you can't curve-fit because the market dynamics change.
I am on the Internet researching at least two hours a day.
Thus, I am reading all the time.
I have researched and now understand risk and money management and what proper risk levels are (Thanks to twinchell for your risk thread)
I no longer lose a lot on my trades, because I realize proper stop placement and moving the stop to BE.
Now, the only obstacle is actually TRADING. I am pissed at myself for not being able to man up and take a risk, but I am getting there and will start a new journal next week, with at least 5 trades a week (Hold me to that everybody!!). It may not seem like much, but I gotta take babysteps on this one.

Thanks for your support,
andersenws
don't be scurred...
  • #4
  • Dec 10, 2006 8:39pm Dec 10, 2006 8:39pm
This is another phase in trading. Congratulations! This means that you are moving forward to become a professional trader. Now you need to set aside your fear and start a new era. An era that brings you courage and money. Don't be in hurry! Start trading gradually and you'll eventually overcome your fear.

Good Luck,
Al
  • #5
  • Dec 10, 2006 8:49pm Dec 10, 2006 8:49pm
Andersenws, I think you're one of the few people that actually puts in the time and work to become a successful trader. You have the ability to change your perceptions as new information comes available to you, and I believe this will make you a very good trader in due time.

PS - The Wolverines are coming for your Trojans.
  • #6
  • Dec 10, 2006 10:27pm Dec 10, 2006 10:27pm
Thanks a lot guys, I really appreciate your support.

andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #7
  • Dec 10, 2006 10:35pm Dec 10, 2006 10:35pm
Dude, you're the opposite of a lot of us. I have a problem that I've just gotten under control lately, and it's overtrading. I seemed to feel like I always had to be in a trade, I would either seek out a pair that fit my system, or I would seek out a system that fit my pair. Trading less is trading more, as far as I'm concerned. Follow specific criteria and trade based only on those criteria, regardless of what happens in the meantime. I'm really good at losing money, it's only been lately that I started to get good at making it...
"The time to act is when others show signs of tire." --W.D. Gann
  • #8
  • Edited 6:11am Dec 11, 2006 5:58am | Edited 6:11am
Undertrading due to fear?
The way I see it, you should trade really small, as small as you can. Increase size as fear goes away and self confidence rises.
  • #9
  • Dec 11, 2006 6:09am Dec 11, 2006 6:09am
Quoting stefant
Undertrading due to fear?
The wat I see it, you should trade really small, as small as you can. Increase size as fear goes away and self confidence rises.
stefant,

EXCELLENT ADVICE.
  • #10
  • Dec 11, 2006 6:29am Dec 11, 2006 6:29am
Quoting jacko
stefant,

EXCELLENT ADVICE.
Thanks, jacko.

The best trading books I read were not about technical or fundamental analysis, systems or who knows what. They were about psychology. Psychology applied to trading but with life related examples also.

One quote that still resides in my mind is "You have to think like a winner if you wanna be a winner". Of course, this is a double edged sword. Self confidence is good, but too much of it may harm you. A somewhere in between, intelligent but cautios approach to the markets is needed.
  • #11
  • Dec 11, 2006 7:23am Dec 11, 2006 7:23am
Quoting andersenws
DIAGNOSIS: CHRONIC UNDERTRADING!

I know, it's scary, but I think I can survive. andersenws
It's a very serious disease. You can survive, but if all traders suffer from it the brokers will be out of business.
  • #12
  • Mar 31, 2007 9:01am Mar 31, 2007 9:01am
dont just trade 5 times a week because u want to. Trade when u see logical setups that has a high probability of profiting. If that meant 30 trades, or 0 trades in a week, so be it.
  • #13
  • Mar 31, 2007 9:16am Mar 31, 2007 9:16am
I find myself overtrading. Is it as a serious disease as undertrading.
So I lose once and then go after them trying to recoup. So I said to myself: 2 losses a night and I am out. Then some nights I shouldn't have traded at all.
  • #14
  • Mar 31, 2007 10:35am Mar 31, 2007 10:35am
I have the same problem. This was good for me to read. GB
Quoting andersenws
I have to admit I have a problem in Forex. It's not that I treat it like a gamble. It's not that I trade without stops. It's not that I take on too much risk on each trade. No, the problem is much simpler than that.

DIAGNOSIS: CHRONIC UNDERTRADING!

I know, it's scary, but I think I can survive. The amazing thing is that I knew it all along.

I have a fear of trading because...
I lost a lot on my very first trade because...
I didn't understand risk and money management because...
I didn't read enough about FX because...
I hadn't thought to use the Internet to research because...
I curve-fitted an "amazing" system the very first day I saw a chart.

I am solving this from the bottom up.
I now understand that you can't curve-fit because the market dynamics change.
I am on the Internet researching at least two hours a day.
Thus, I am reading all the time.
I have researched and now understand risk and money management and what proper risk levels are (Thanks to twinchell for your risk thread)
I no longer lose a lot on my trades, because I realize proper stop placement and moving the stop to BE.
Now, the only obstacle is actually TRADING. I am pissed at myself for not being able to man up and take a risk, but I am getting there and will start a new journal next week, with at least 5 trades a week (Hold me to that everybody!!). It may not seem like much, but I gotta take babysteps on this one.

Thanks for your support,
andersenws
  • #15
  • Mar 31, 2007 11:51am Mar 31, 2007 11:51am
Quoting andersenws
I have to admit I have a problem in Forex. It's not that I treat it like a gamble. It's not that I trade without stops. It's not that I take on too much risk on each trade. No, the problem is much simpler than that.

DIAGNOSIS: CHRONIC UNDERTRADING!

...

I am pissed at myself for not being able to man up and take a risk, but I am getting there and will start a new journal next week, with at least 5 trades a week (Hold me to that everybody!!). It may not seem like much, but I gotta take babysteps on this one.

Thanks for your support,
andersenws
You dont NEED to trade at least 5 times a week to trade properly or be successful. Some people rarely even make 5 trades a month. If your style of trading only calls for 1 trade this week and 45675685 trades next week, then so be it, but dont be sad if you dont get your 5 trades a week minimum. Now, as far as fear of trading period....that goes away with confidence and time, like stefant was pointing to.
Nothing is hard, some things just take more time and discipline.
  • #16
  • Mar 31, 2007 1:07pm Mar 31, 2007 1:07pm
Yeah the original post was almost four months ago. I've come a long way, and I think I'm cured. Thanks for the encouragement guys.

andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #17
  • Mar 31, 2007 2:09pm Mar 31, 2007 2:09pm
great for ya....interesting articel ...
http://articles.citringroup.com/Day-...ger.id.881.htm
its just money
  • #18
  • Mar 31, 2007 8:44pm Mar 31, 2007 8:44pm
"Increase size as fear goes away and self confidence rises"

This is exactly what my mentor says, trade small and continually build upon success which will create a growing confidence.
  • #19
  • Last Post: Jul 11, 2011 10:28pm Jul 11, 2011 10:28pm
I have to chuckle as I just came across this thred. I just started a thred about over trading...
http://www.forexfactory.com/showthread.php?t=303252

Is this the sister or the brother thred? haha

I'll read the this thread and I bet I can relate as I'm an over-trader, or used to be (still am to some extent but its managable now). A middle ground has to be found.
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