I exit too early... | Forex Factory

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I exit too early...

  • #1
  • First Post: Apr 9, 2010 9:43am Apr 9, 2010 9:43am
...And i know it! Cant seem to do anything about it! Hi! I cant seem to find any relevant threads on this subject. I am a newbie in Forex and already i have this major problem i am confronting with. I dont let my losers run and cut my winners short, instead i exit early on both situations. Now for the losing transactions that isnt a problem...but it happened more than 5 times on my winning trades and it started to frustrate me. Are there any books/articles/advice/threads that you can give me other than 'Dont do it'? thank you!

I have to mention that i have a plan, developed by me and although it might be inferior to others, it's what i have right now. I just cant follow my own plan for exits. Have you ever had/still have this problem?
  • #2
  • Apr 9, 2010 11:31am Apr 9, 2010 11:31am
Hoo boy. A potential comedy gold mine here. >sigh<

Stick with your rules. Work on emotional discipline. As you gain confidence with your strategy you'll find it becomes easier to allow each trade to "mature".
  • #3
  • Apr 9, 2010 11:36am Apr 9, 2010 11:36am
Quoting opie999
Hoo boy. A potential comedy gold mine here. >sigh<
lol, overload!


To the OP, are you maybe trading with 'scared' money? Desperate not to lose it (or not lose too much of it)? Impatient? Frustrated?

(Jeez, I sound like Dr Ruth.....)
  • #4
  • Apr 9, 2010 11:53am Apr 9, 2010 11:53am
Thank you opie! Yeah i kinda thought it was about my lack of experience but i couldnt put my finger on it. I'll work on my emotions during trading.

And pipmutt...no, money isnt the issue here! It's my stupidity, my lack of confidence/courage, beliefs that any moment now price will turn on me etc. I know the question, i know the answer but i still cant teach myself how to be more educated. It's like my brain says 'hand dont touch that close order button' but my hand is like 'up urs brain...fwatchaa'! I have 1 month of trading live + 2 months of demo trading +1 month of reading. Although i understand thats not quite a lot trading wise, i still wish i could 'mature' faster.

Opie, why did you say there is 'potential comedy gold mine here'?
  • #5
  • Apr 9, 2010 12:00pm Apr 9, 2010 12:00pm
I think he meant the possible innuendo of your inability to "keep it in" - of course he did imply that you should work on your emotions - some people think of mowing the lawn to delay - others perhaps the laundry, I hear mathematical problems also help.
In trading, there is no bullshit. You either make money or you don't.
  • #6
  • Apr 9, 2010 12:27pm Apr 9, 2010 12:27pm
Quoting Alexone
...And i know it! Cant seem to do anything about it! Hi! I cant seem to find any relevant threads on this subject. I am a newbie in Forex and already i have this major problem i am confronting with. I dont let my losers run and cut my winners short, instead i exit early on both situations. Now for the losing transactions that isnt a problem...but it happened more than 5 times on my winning trades and it started to frustrate me. Are there any books/articles/advice/threads that you can give me other than 'Dont do it'? thank you!

I have to mention...
You have three choices:

 

  1. Exit too early
  2. Exit too late
  3. Exit at the top/bottom

How are you expecting to be able to exit at the top/bottom? Do you have enough info to be able to do so? I doubt it, I doubt most people do, I know I don't. I think exiting 'right on time' isn't what you should be focusing on.

Living the adventure in my head.
  • #7
  • Apr 9, 2010 12:43pm Apr 9, 2010 12:43pm
Quoting Alexone

It's like my brain says 'hand dont touch that close order button' but my hand is like 'up urs brain...fwatchaa'!
LOL

It's not just you, everyone's done it and some of us still do, it can be a real bitch sometimes....and other times not, especially when price reverses and we're saying 'phew lucky I got out of that!'

How about setting stops and targets and walking away, or do your trades need to be monitored?
  • #8
  • Edited 2:09pm Apr 9, 2010 12:57pm | Edited 2:09pm
I trade on 4hrs and sometimes Daily...so i only need to look once every 4 hrs. Of course i look at the bar more often than that and sometimes i exit inside the bar, which according to my plan is a no no.

Leon, you misunderstood me. I never said i would like to exit at the highest high or lowest low of the trend. I said something even worse : i cant even exit at the time my plan says so, because of fear, idiocy, lack of experience like opie said, thus having a serious, serious problem and i am conscious of this. Even now, talking about this, makes me feel frustrated with myself, but somewhat stronger mentally?! I dunno, we shall see in the future! I am pumped right now! lol

I am a firm believer that if i exit earlier than what i wrote in my plan, even if im right and the price goes against me, i made a mistake and im mad at myself!
  • #9
  • Apr 9, 2010 1:13pm Apr 9, 2010 1:13pm
Quoting Alexone

sometimes i exit inside the bar, which according to my plan is a no no.
Don't do it then, lol.

Why not set stops and limits, why wouldn't that work?


Quoting Alexone
I am a firm believer that if i exit earlier than what i wrote in my plan, even if im right and the price goes against me, i made a mistake and im mad at myself!
Excellent, at least you recognize there's more satisfaction in a good well-executed trade which followed the plan, regardless of it's outcome.

I expect you'll eventually get fed up being a doofus and follow your plan.

Good luck!
  • #10
  • Apr 9, 2010 1:19pm Apr 9, 2010 1:19pm
Quoting mrgreen
- some people think of mowing the lawn to delay - others perhaps the laundry, I hear mathematical problems also help.
Just couldn't resist, could you?
  • #11
  • Apr 9, 2010 1:25pm Apr 9, 2010 1:25pm
Quoting Alexone
I trade on 4hrs and sometimes Daily...so i only need to look once every 4 hrs. Of course i look at the bar more often than that and sometimes i exit inside the bar, which according to my plan is a no no.

Leon, you misunderstood me. I never said i would like to exit at the highest high or lowest low of the trend. I said something even worse : i cant even exit at the time my plan says so, because of fear, idiocy, lack of experience like opie said, thus having a serious, serious problem and i am conscious of this. Even now, talking about...
I don't know what to say then. It seems like you don't trust your plan. If you really believed following it would lead to profits, then you would do so; this is unless you have some deep emotional issues, self destructive personality, or something similar?
Living the adventure in my head.
  • #12
  • Apr 9, 2010 2:06pm Apr 9, 2010 2:06pm
Quoting Leonlorenzo
this is unless you have some deep emotional issues, self destructive personality
What are you trying to do to me? I dont have deep emotional issues, no more than normal i guess, but self destructive personality...? I think everybody has that more or less. I have confidence in myself that i'll eventually stop being a 'doofus' , but i hoped (and it works ), that by posting here and hearing myself and other opinions, things will speed up!

One thing is 4 sure...whenever i exit a trade earlier than planned, i will come back to this thread, read it a couple more times, maybe make an 'im an idiot' post, until my 'transformation' is complete. Hope im allowed to do that.
  • #13
  • Apr 9, 2010 5:00pm Apr 9, 2010 5:00pm
My earlier helpful hints were obviously misunderstood

I once posed a question a long time back concerning - "how does one learn to 'take a WIN' - plenty of info on how to take a loss - but not much on winning - your observation that not much is written about this is correct. That simple question led me to the fact that unless your a winner and believe yourself to be - you'll never learn to do it.

You have issues. For instance you tend to kick yourself and call yourself stupid and a doofus. You don't take credit for what you are doing right. (The fact u cut a loss short is flipping-fantastic ). You believe that force of will alone can change this and everyone is like this - wrong - the trader who's acct your enriching isnt like that at all.

A trader needs to get rid of these deep seated emotions. Or at least come to grips w/ the fact you have them and how they affect your decisions.

Many discount the psychological end of trading - as they are lucky enough to have been born w/ the perfect trader mindset - but most are not and it's a damn tough road this self recognition.

Quoting Alexone
What are you trying to do to me? I dont have deep emotional issues, no more than normal i guess, but self destructive personality...? I think everybody has that more or less. I have confidence in myself that i'll eventually stop being a 'doofus' , but i hoped (and it works ), that by posting here and hearing myself and other opinions, things will speed up!

One thing is 4 sure...whenever i exit a trade earlier than planned, i will come back to this thread, read it a couple more times, maybe make an 'im an idiot' post, until my 'transformation'...
In trading, there is no bullshit. You either make money or you don't.
  • #14
  • Apr 9, 2010 5:14pm Apr 9, 2010 5:14pm
Trying running 2 platforms and putting in the same trade in each. On one platform set your take profit and don't touch it (your plan and rules). On your second platform keep doing what you are doing. Then compare the results.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #15
  • Apr 10, 2010 2:51am Apr 10, 2010 2:51am
Quoting mrgreen

You have issues. For instance you tend to kick yourself and call yourself stupid and a doofus. You don't take credit for what you are doing right. (The fact u cut a loss short is flipping-fantastic ). You believe that force of will alone can change this and everyone is like this - wrong - the trader who's acct your enriching isnt like that at all.
Some would call such a person a perfectionist, dont u think? The 'doofus' part was a joke, i believe in my own abilities, probably a lot more than others do. It's funny though, that as you begin trading, you start to find a lot of weaknesses, that you didnt think you had. For instance, I found out that i dont trust myself as much as i thought + my lack of experience is adding to the problem. I know now that im going to overcome this. It's just a matter of time!

One thing is for sure: i will truly be at peace with myself, when i will respect my plan entirely, even for a week and even if i have 100% drawdown in that period. I will do this the following week. And yes, i believe that having the willpower to follow up on your own plan is one of the most important keys to success , (if not THE most important), no matter if, by not respecting it, you sometimes win more. That's just me! But thank you, your posts actually helped me understand a number of things.

And Lasvahgoose, works better for me by miles, if i stay in the trades vs if i exit faster. That's why i cant understand why i've done this to myself a number of times!
  • #16
  • Apr 10, 2010 2:00pm Apr 10, 2010 2:00pm
Let me introduce a caveat into the discussion.

You talk about taking profits too soon. How about me sometimes where I let a trade run all the way to stop loss but also bailing out at the slightest profit. It happens to me sometimes.

It is all about psychology and controlling the fear/greed elements. Trusting in the system as well. It is good also if you can get a few profitable trades under your belt using the said system. You will trust it more next time
If you think you can or cannot do it you are correct
  • #17
  • Apr 10, 2010 4:12pm Apr 10, 2010 4:12pm
Get one of these and use it whenever you bail out early. It really does work.
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  • #18
  • Apr 10, 2010 4:45pm Apr 10, 2010 4:45pm
LOOOL! Not so long ago, after a trade, i went outside and kicked my cat. I was thinking of taking it to the next level, but this is a bit too extreme for me. You sound pretty squeaky though, so i believe it worked 4u.
  • #19
  • Apr 10, 2010 5:04pm Apr 10, 2010 5:04pm
Quoting mrgreen
I think he meant the possible innuendo of your inability to "keep it in" - of course he did imply that you should work on your emotions - some people think of mowing the lawn to delay - others perhaps the laundry, I hear mathematical problems also help.

How about, "me nan on the bog". That should do the business.
  • #20
  • Apr 10, 2010 5:24pm Apr 10, 2010 5:24pm
Quoting mrgreen
I think he meant the possible innuendo of your inability to "keep it in" - of course he did imply that you should work on your emotions - some people think of mowing the lawn to delay - others perhaps the laundry, I hear mathematical problems also help.
Attached Image
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