help me to get detached from trade | Forex Factory

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help me to get detached from trade

  • #1
  • First Post: Feb 12, 2010 5:24am Feb 12, 2010 5:24am
hello guys,

i need help or some suggestion to get deatched from my trades ,what i mean is when i am into trade i cant stop keep looking at charts every seconds and more i look at them more i keep thinking and finally end up in loss or in pre mature profits,i am not boosting my self but 98% times my analysis are correct.but my attachments to my trades makes my performance really low and gives me lots of stress.

some good advice will be appreciated.

regards
  • #2
  • Feb 12, 2010 5:31am Feb 12, 2010 5:31am
Why don't you just monitor your trade till Breakeven, take off half your position and trail the rest ?

That way you have won on half & B/E and maybe some profit on the rest.

Then go away, do something else.
It never gets easier, you just get better
  • #3
  • Feb 12, 2010 7:59am Feb 12, 2010 7:59am
have real tangible reason to be confident in your trading strategy (not hope), and watch porn while trading.

some of my biggest winners have been when i have opened a trade and got distracted watching tv, or have decided i'm hungry and went out to get some food. coming back to nicely profitable positions is quite the win!
Congratulations ScalaFX for coming out of the closet!
  • #4
  • Feb 12, 2010 8:04am Feb 12, 2010 8:04am
well i dont mind watching porn.but my wife wont be so happy with that<jk>
  • #5
  • Feb 12, 2010 8:34am Feb 12, 2010 8:34am
Hi Swing trader,

After placing your trade, sl ,tp , minimize trade window and go through some nice informative articles...on various forex related websites....

you can start with this though..

http://www.forexfactory.com/showthread.php?t=39892
Anything is possible; everything is negotiable
  • #6
  • Feb 12, 2010 8:48am Feb 12, 2010 8:48am
Sounds like 2 things are controlling your trading. Fear of loss and your ego. Guess what.......... you are normal. LOL! We all hate to be wrong but it is something you have to get used to in trading. Your ego is one of the biggest obstacles to overcome. The second is fear.

Not sure how much you are risking per trade or if you can even reduce it, but the key is to reduce your risk to the lowest possible value no matter what your account balance looks like. Oanda is great for this since you can trade all the way down to about 1 cent per pip. But anyway, start at whatever level you can to get the experience of trading with real money but with little risk. When you get to the point of managing the trade properly with the lowest risk possible then increase the risk slowly. Don't increase it until you are comfortable and confident that you are trading properly. Over a period of 5-10 good well managed trades you can get back up to your normal risk. By then it will be easy for you to turn off the emotions and just trade.

Take it from someone who has traded everything from micro lots all the way up to over 100 standard lots if you are not mentally prepared for it the fear monster will get into your head and scare you to death. I still remember the first time I clicked the mouse on a 100 lot order (not my account) and by the time the screen updated I was $5,000 in the hole. Scared the crap out of me because at the time that was more than I had in my personal account. YIKES! I wasn't ready for it mentally and I panicked. In reality it was just the spread. 100 standard lots is $1,000 per pip and there was a 4-5 pip spread.

Sorry for the wandering mind but I hope this gives you some insight into what I went through early on and that it will help you.
  • #7
  • Feb 16, 2010 7:23am Feb 16, 2010 7:23am
Quoting swingtrader
hello guys,

i need help or some suggestion to get deatched from my trades ,what i mean is when i am into trade i cant stop keep looking at charts every seconds and more i look at them more i keep thinking and finally end up in loss or in pre mature profits,i am not boosting my self but 98% times my analysis are correct.but my attachments to my trades makes my performance really low and gives me lots of stress.

some good advice will be appreciated.

regards
I think you must change your timeframe from minute to 4H or 1day, put sl and tp, and go sleep
  • #8
  • Feb 16, 2010 8:54am Feb 16, 2010 8:54am
Quoting swingtrader
hello guys,

i need help or some suggestion to get deatched from my trades ,what i mean is when i am into trade i cant stop keep looking at charts every seconds and more i look at them more i keep thinking and finally end up in loss or in pre mature profits,i am not boosting my self but 98% times my analysis are correct.but my attachments to my trades makes my performance really low and gives me lots of stress.

some good advice will be appreciated.

regards
Checking out your stats (your link to myfxbook needs correcting btw) here are my thoughts:

  1. Overleveraging; you made 414% growth in 15 days at the end of December. That was either very good or very lucky trading. If it's luck, that always runs out; if it was skill go back and look at what you were doing then 'cos it sure looks as if you ain't doing it now
  2. Too many pairs; so far this month you've traded 7 different pairs but all with USD in 'em. If you get one call wrong and you're trading USD short/long in the others it just compounds the losses
  3. The only pair that has made pips whether Long or Short is AUDUSD is there a clue there?

You asked; I gave. I hope you take these points in the spirit they are given.

  • #9
  • Feb 16, 2010 9:20am Feb 16, 2010 9:20am
before you take a trade write down

- where you get in
- why you get in
- how much you will risk
- where you set your stop loss
- where you trail your stop loss
- where you take some or all of the profits
- on which timeframe you will follow your trade

force yourself to only look at the chart at candle close on preset timeframe
don't beat yourself up for the mistakes you make
control the risk and don't care about the profits

you can do it
Invincibility lies in the defence, the possibility of victory in the attack
  • #10
  • Feb 18, 2010 10:04am Feb 18, 2010 10:04am
It is very simple place stop and limit and get out and relax.
  • #11
  • Feb 19, 2010 7:29am Feb 19, 2010 7:29am
Quoting mikesolomon
It is very simple place stop and limit and get out and relax.
i honestly wonder how many successful traders use a take profit. personally it makes zero sense to me. why would i limit my potential profit? i can limit my loss / risk to cap the negative aspect of trading, but why cap the positive aspect? my view of forex is my own and perhaps not correct.
Congratulations ScalaFX for coming out of the closet!
  • #12
  • Feb 19, 2010 1:48pm Feb 19, 2010 1:48pm
Quoting swingtrader
hello guys,

i need help or some suggestion to get deatched from my trades ,what i mean is when i am into trade i cant stop keep looking at charts every seconds and more i look at them more i keep thinking and finally end up in loss or in pre mature profits,i am not boosting my self but 98% times my analysis are correct.but my attachments to my trades makes my performance really low and gives me lots of stress.

some good advice will be appreciated.

regards
I know where you're at! I still catch myself doing that. Try trading less lots and getting distracted.....like hang out in forums.
  • #13
  • Last Post: Feb 22, 2010 10:36am Feb 22, 2010 10:36am
Quoting nubcake
i honestly wonder how many successful traders use a take profit. personally it makes zero sense to me. why would i limit my potential profit? i can limit my loss / risk to cap the negative aspect of trading, but why cap the positive aspect? my view of forex is my own and perhaps not correct.
i was responding to swing trader.Anyone can have their own style of trading.Mostly because you don`t place no take profit and hope to earn everything from just one transaction i think is an bad view but that is again my personal opinion just.
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