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how to handle yourself

  • #1
  • First Post: Jan 15, 2011 1:20pm Jan 15, 2011 1:20pm
im trading, and a having a good streak. Im doing like 100 trades with only 15 losses, where average loss equal average win.

and then i feel exactly like this:


man, can it plz go faster. i want this amount of profit today. even though i know you shouldnt think like that, but rather stay calm and focused and only trade when oppurtinities arise.


then i cant accept a loss, since i like my nice looking winning streak. I hold on to the trades for longer now, even if it goes against me.


then, it goes against me big time. ive a very big loss now. I close it, and i want everything back in one trade, and i change trading from scalping to intraday, and hope the price reach back to where it was before. Another big loss. Then another bigg loss.


then i quit trading, for like 3 months. and then im back again.


when im scalping im like doing 8 pip, profits and 8pip losses. when i fail, and get emotinoal, i start doing 30pip losses.


i mean look at my blog, if you have this winning streak, you obviously know something, thats why im back:

http://www.cashfxspot.blogspot.com/


so i know ive a knack for it....i guess.


ive read numerous books about psychology and money managetment etc, but i dont listen to it.


what should i REALLY do? even in real life, im a very emotional person, and even though im a man, people say im a very feminime man. im talking a lot like a girl, cry very easily etc. LOL. Its like im losing focus at some point in trading, and start taking more riskier trades, start getting lazy, as this is another systematic small profit, so i start increasing position size and is active more often, and hold on to trades for too long etc. its so hard to revaluate that now you should get out, in real time, it requires very good focus. but somewhere down the way, you start being lazy, or seek a good exhilating moment.
  • #2
  • Jan 15, 2011 1:49pm Jan 15, 2011 1:49pm
Hi,

I'll assume you're not joking...as i struggle with this too...change! Whether it be T/L. Fibs, Ma's, whatever...I'm always late to recognize what I did before isn't working right now...Everything is sometimes...and the only thing to do is take the hit, turn away and wait...

I'd guess in your 'winning streak' market was either rangebound or trending, then it changed to either/or/neither (chop) and it takes time and loss to recognize this and re-adapt...
Every day's a new adventure in forex!

cheers
  • #3
  • Jan 15, 2011 2:44pm Jan 15, 2011 2:44pm
nah, it was during different market environment. I know the theory about emotional control, but i want to be able to practically implement it as well.
  • #4
  • Jan 15, 2011 3:17pm Jan 15, 2011 3:17pm
Quoting woo
im trading, and a having a good streak. Im doing like 100 trades with only 15 losses, where average loss equal average win.
Acceptance - Accept the fact that this 85:15 w/l ratio is too high for 1:1 r/r. Treat the difference as temporary loan from the market that you have to repay back very soon. Its up to you if you want to repay in one or several instalments.
Quoting woo
and then i feel exactly like this:


man, can it plz go faster. i want this amount of profit today. even though i know you shouldnt think like that, but rather stay calm and focused and only trade when oppurtinities arise.


then i cant accept a loss, since i like my nice looking winning streak. I hold on to the trades for longer now, even if it goes against me.


then, it goes against me big time.
Consistnecy - It means remain consistent at all times in all respects whether it be risk, reward, or set-up.

Big-picture/bigger moves - If one is continuously trading day-in & day-out targetting samll number of pips, is likely to get trapped and lose big-picture and bigger moves when they occur. Focusing on big moves will help develop patience and diversification of risk with multiple entries.

Quoting woo
ive a very big loss now. I close it, and i want everything back in one trade, and i change trading from scalping to intraday, and hope the price reach back to where it was before. Another big loss. Then another bigg loss.


then i quit trading, for like 3 months. and then im back again.
Keep your positions small - Add drop by drop. Little profit every week becomes a reasonable figure in 52 weeks.


Quoting woo
when im scalping im like doing 8 pip, profits and 8pip losses. when i fail, and get emotinoal, i start doing 30pip losses.
Don't scalp if you get emotional - If you do, will sooner or later lose all you have plus much more. Do some research to find out the ways how to make longer term trading as profitable as "scalping in theory".

Quoting woo
i mean look at my blog................
Focus- Rest of your post is irrelevant. Stay away from this kind of thinking and talk, focus on what is important for your trading.
The Thief of Wall Street
  • #5
  • Jan 15, 2011 4:52pm Jan 15, 2011 4:52pm
Quoting Chicky
Acceptance - Accept the fact that this 85:15 w/l ratio is too high for 1:1 r/r. Treat the difference as temporary loan from the market that you have to repay back very soon. Its up to you if you want to repay in one or several instalments.
This is the best piece of advice I've seen on this site.

When it's going really good, just be fortunate that it's going really good. Don't think that you've now mastered the game, and can start throwing around heavier trades.
  • #6
  • Jan 15, 2011 4:53pm Jan 15, 2011 4:53pm
And woo, you're not 1:1. Looking at your blog, it's clear you're not even close to 1:1. You're cutting trades short and getting a lot of small wins... of varying sizes. The statistical danger in that should be simple for someone of your ability.
  • #7
  • Jan 15, 2011 8:22pm Jan 15, 2011 8:22pm
I don't understand what answer you are expecting. You already pointed out all your flaws that stop you from being a consistent winner. Are you asking for an alternative to studying good trading psychology, cutting your losses and being disciplined? Sorry, there are no such alternatives. And the simple answer to being lazy is don't be lazy! The market owes you nothing and other traders are trying to take your money just like you are trying to take theirs, as this is a zero sum game of kill or be killed, so why should you get away with laziness and expect to be a profitable trader?
  • #8
  • Jan 15, 2011 8:51pm Jan 15, 2011 8:51pm
This looks interesting -

http://www.myfxbook.com/members/breakforex/tab/77574

Watching closely.
  • #9
  • Jan 16, 2011 9:12am Jan 16, 2011 9:12am
Discipline is the ability to say yourself - 'NO'. Every time you feel urge to go in revenge trade just say yourself -NO- and fight that urge. Write on a paper psychological mistakes you do in a trading like revenge trading, moving stop losses etc., read it before every trade, that will remind you what you shouldn't do even when your emotions telling you to do it.
I also have a problem with psychology and discipline, but that doesn't go over night i know it takes a lot of work on yourself. But work will pay off. Just be motivated and believe in yourself. Learn from mistakes and strive hard not to repeat them.
  • #10
  • Jan 16, 2011 10:18am Jan 16, 2011 10:18am
Quoting woo
im trading, and a having a good streak. Im doing like 100 trades with only 15 losses, where average loss equal average win.

and then i feel exactly like this:


man, can it plz go faster. i want this amount of profit today. even though i know you shouldnt think like that, but rather stay calm and focused and only trade when oppurtinities arise.


then i cant accept a loss, since i like my nice looking winning streak. I hold on to the trades for longer now, even if it goes against me.


then, it goes against me big time. ive a very big loss now....
all I hear is that you don't trust your system. You believe it works, but you don't know. That's why you keep changing rules when you lose.

Get stats on your system and KNOW that you will win in the long-term. If that still doesn't help, well, then you should stop trading and find something else.
  • #11
  • Jan 16, 2011 1:43pm Jan 16, 2011 1:43pm
I find keeping a trading journal to be a very useful exercise. I see you have a log of your account performance but consider consistently writing down your rationale for the decisions you made before and during the trade as well as how you felt. When I started holding myself accountable for trades it cut down on the reckless revenge trades and weaker setups. Not saying it will work for you but it's a good habit to be in regardless.

Ian
  • #12
  • Last Post: Jan 17, 2011 2:31am Jan 17, 2011 2:31am
thanks guys, i got some useful tips. Like keeping a journal, where i write down the rationale behind each trade. In that case, i wont do reckless trades, since i cant rationally back it up, or maybe i would, but this would force me to look at each trade more critically, and thus only trade good trades.


believing in your system, which means, taking a loss and not adjuset the rules to your emotionals also sounds good.
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