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Trading psychology - GREED - A trader's malady

  • #81
  • Feb 9, 2011 7:11am Feb 9, 2011 7:11am
A question for everybody:

Were your recent losing trades

Bad calls managed well?
Bad calls managed less than well?
Good calls managed less than well?

Another question:

Was the market to blame for any of them?
  • #82
  • Feb 9, 2011 7:47am Feb 9, 2011 7:47am
Quoting EasyGoer
I do even worse things, because I sometimes close trades if they are close to my SL though I understand that I shouldn't. Try to decrease my losses at least this way )))
Thanks EasyGoer,
not letting losers become winners was what blew my first account.
I spotted the problem and addressed it, and it wasn't the cause of my second blown account
  • #83
  • Feb 9, 2011 11:58am Feb 9, 2011 11:58am
Quoting Ifmyante
A question for everybody:

Were your recent losing trades

Bad calls managed well?
Bad calls managed less than well?
Good calls managed less than well?

Another question:

Was the market to blame for any of them?
I don't think that there is any use to blame forex because we work with it ) And I can not specify the reasons of my last trading mistakes at the moment, I am still testing my trading strategy.

When I started trading I set my SL too close.

Psychology is very important in trading. The more I trade the better I understand it. And the main thing is to follow your trading strategy because correct trading decisions come to our mind when we are out of trading, while developing a TS.

I understand that any interfere to my TS is a bad call, and this is the problem I should solve now )
  • #84
  • Feb 9, 2011 2:19pm Feb 9, 2011 2:19pm
good tune to sing to the market when you get stopped out a few times-
I get knocked down but i get up again.....

Inserted Video
  • #85
  • Feb 9, 2011 4:26pm Feb 9, 2011 4:26pm
Quoting highlander2
good tune to sing to the market when you get stopped out a few times-
I get knocked down but i get up again.....

http://www.youtube.com/watch?v=kS-zK1S5Dws

Cheers to that! With discipline and perseverance, we'll make it in this business! And get out of the mud .... see the video =P

http://www.break.com/usercontent/200...d-beach-240129
  • #86
  • Feb 9, 2011 4:39pm Feb 9, 2011 4:39pm
Quoting puffy
Cheers to that! With discipline and perseverance, we'll make it in this business! And get out of the mud .... see the video =P

http://www.break.com/usercontent/200...d-beach-240129
  • #87
  • Feb 9, 2011 9:56pm Feb 9, 2011 9:56pm
Quoting Ifmyante
A question for everybody:

Were your recent losing trades

Bad calls managed well?
Bad calls managed less than well?
Good calls managed less than well?

Another question:

Was the market to blame for any of them?
question is when a trade turns into a ''bad'' one?

Quote
Bad calls managed well?
Bad calls managed less than well?
Good calls managed less than well?

1. No.
2. y.
3. y.
Hero calls followed by margin calls...
  • #88
  • Feb 9, 2011 10:00pm Feb 9, 2011 10:00pm
Quoting puffy
Cheers to that! With discipline and perseverance, we'll make it in this business! And get out of the mud .... see the video =P

http://www.break.com/usercontent/200...d-beach-240129
haha the one using his life vest
Hero calls followed by margin calls...
  • #89
  • Feb 15, 2011 7:28am Feb 15, 2011 7:28am
Just one question:

The table works only in a perfect world, where there would be no loss. (which is not that doable).

So, after your first loss for example in day 3, you start all over again since the loss will evaporate all the profit you made until then.

So what did you have in mind?


Quoting PhAnTi'
Hey folks,

Note : This thread won't be about trading methods and strategies, how to make 150 pips a day or how to get wealthy in 12 hours (lol).....

If you are even disappointed at this point, i recommend to leave this thread quickly and go back to your trading station..... otherwise keep reading.... you won't regret it.

----------------------------------------------------------------------------------------------------------------------------------------------------

I've been shocked when i searched for a ''trading psychology'' thread...
  • #90
  • Feb 15, 2011 7:40am Feb 15, 2011 7:40am
Quoting WhiteShell
Just one question:

The table works only in a perfect world, where there would be no loss. (which is not that doable).

So, after your first loss for example in day 3, you start all over again since the loss will evaporate all the profit you made until then.

So what did you have in mind?
Hey girl !
thanks for reply.

Sure. You r completely right. This scheme bases on the fact,that you make 1 trade a day in profit with mentioned amount of pip.
Anyway this should just be an example for a solid,discilpined trading line.

Kindest regards
Phanti
Hero calls followed by margin calls...
  • #91
  • Mar 31, 2011 1:48pm Mar 31, 2011 1:48pm
Quoting WhiteShell
Just one question:

The table works only in a perfect world, where there would be no loss. (which is not that doable).

So, after your first loss for example in day 3, you start all over again since the loss will evaporate all the profit you made until then.

So what did you have in mind?
1 losing day a week wont drop u back a lot
Hero calls followed by margin calls...
  • #92
  • Apr 1, 2011 3:37am Apr 1, 2011 3:37am
I wouldn't trade beyond a certain % of my account. There's no need.

A great guy, bluetrader, shared this compounder. See what regular moderate returns can do for you.

Why get greedy? Just trade well and the rewards will come
Attached File(s)
File Type: xls goal.xls   31 KB | 884 downloads
  • #93
  • Apr 1, 2011 5:27am Apr 1, 2011 5:27am
Quoting Ifmyante
I wouldn't trade beyond a certain % of my account. There's no need.

A great guy, bluetrader, shared this compounder. See what regular moderate returns can do for you.

Why get greedy? Just trade well and the rewards will come
true words.
thanks for the attachment..will take a look at it.

PhanTi
Hero calls followed by margin calls...
  • #94
  • May 24, 2011 8:44am May 24, 2011 8:44am
how do you guys handle to let ur prifts run?

i always tend to close positions toooo early cause i dont wanna lose what ive got..... but could always do a lot more pips with single trades....

whats your line guys?
Hero calls followed by margin calls...
  • #95
  • May 24, 2011 10:47am May 24, 2011 10:47am
Quoting PhAnTi'
how do you guys handle to let ur prifts run?

i always tend to close positions toooo early cause i dont wanna lose what ive got..... but could always do a lot more pips with single trades....

whats your line guys?
You have to look at what works best over a series of trades, rather than just 1 or 2. If I look back I could have been in gold to this day from 1200, and in many other trades. But if i played this strategy on every trade i would harldy win any trades, but ofcourse this is looking at it from hindsight. Chances are I could not have held gold or an others for this long.

I suppose there are methods you could use to try and let trades run, like trailing stops, but in my view these are not worth the time of day even speaking about. Every one i ever use took me out with very little. The very nature of the market means that there is a high probability of getting whipsawed, some may argue different.

Your exit strategy needs to fit your psychology (and your system), if you decide for 4 or 5 to 1 winners, your strike rate will naturally go down, this does not mean that it is wrong for your strategy, but it may be wrong for you. Can you handle long periods of no wins, followed by the odd big winners?

Or do you rather regular smaller profits? with a higher success rate?

I scale out of most positions these days, often taking a 1/3 at 1.5R followed by a 1/3 maybe just over 2R and 3R.

I have argued with others over this before, and I have been told that it does not work. But they will be getting stopped at BE because the trade did not go the distance, whereas I may have made atleast some money on my first and/or second TP.

This method suits me, but that does not mean everyone will be able to use it.

I think part of this comes down to improving your exits, but part is just down to accepting that we cant get out with every pip, the unknown factors in the market makes this impossible. It also come down to looking at the bigger picture, rather than a few trades.

How many times have you gotten out of a trade at the exact right place, or bailed when it was right to do so? Probably loads of times, but we dont feel good about it we just think o well. But when we make a bad call, like exiting to soon, we kick ourselves, it feels like the market is judging us and calling us idiots. People, in my view, tend to place far more emphasis on negatives than on positives.
  • #96
  • May 24, 2011 6:17pm May 24, 2011 6:17pm
Quoting highlander2
You have to look at what works best over a series of trades, rather than just 1 or 2. If I look back I could have been in gold to this day from 1200, and in many other trades. But if i played this strategy on every trade i would harldy win any trades, but ofcourse this is looking at it from hindsight. Chances are I could not have held gold or an others for this long.

I suppose there are methods you could use to try and let trades run, like trailing stops, but in my view these are not worth the time of day even speaking about. Every one i ever...
Thank you very much for this post.
Will comment on in tomorrow and give my ideas/experiences....going to bed now ...

catch ya tomorrow

kindest regards
Hero calls followed by margin calls...
  • #97
  • May 25, 2011 2:39am May 25, 2011 2:39am
Im afraid my post is of little value, verging on waffle, Its almost impossible to say "do this" and everything will be fine. And given the number of answers you received, its clear few have and defining answer either.

Thats not to say you cant improve on your situation if you feel you are missing pips. Its just comming up with an exit strategy to suit you and your method that maximises profits over a series of trades, not just 2 or 3.

Talk later.
  • #98
  • May 31, 2011 7:10am May 31, 2011 7:10am
There is no such thing as trading psychology.

Either you're a professional or not. The same rules apply to any discipline.

If you're responsible for the roll out of any major venture there is always risk involved in laying out expenses for a potential return in the market.

If you are greedy, afraid, lazy, stupid, arrogant, immature, distracted or unfocused, if you don't have a firm technical understanding of what you're doing and are uniformed about the marketplace, what are your chances for success running any business?

The conversation always goes pear shaped about trading psychology because people frame it as some kind of exorcism of demons or overcoming cookie cutter obstacles.

If you want to understand what you need to correct, vet yourself. Read a book like "Great People Decisions" then screen yourself properly in all areas of necessary business acumen for the job. The areas most seriously lacking are the ones to work on first.

Your first 2 years of 15 hour days in front of the charts are like university, if you're a slow learner make that 4 years. If you're goofing off on a forum instead of seriously trading or studying, double it.

Probably 90% of the people on FF are looking for a short cut, quick fix, or holy grail, so they don't want to hear the truth that trading takes years of hard work to properly master. The other 10% have a better shot.

Best of luck.
  • #99
  • May 31, 2011 7:28am May 31, 2011 7:28am
Quoting Fudomyo
There is no such thing as trading psychology.

Either you're a professional or not. The same rules apply to any discipline.

If you're responsible for the roll out of any major venture there is always risk involved in laying out expenses for a potential return in the market.

If you are greedy, afraid, lazy, stupid, arrogant, immature, distracted or unfocused, if you don't have a firm technical understanding of what you're doing and are uniformed about the marketplace, what are your chances for success running any business?

The conversation...
Beautiful Fudo......
All systems of divination, like music itself,work through patterns.
  • #100
  • May 31, 2011 7:57am May 31, 2011 7:57am
I've heard lots and lots of singular opinions, blanket statements, inclusive remarks, and specific changes over the years about trader psychology, and instead found this the truest:

Watched a trader reality series (from here; also looking for similar video series),
and am studying who, how and where the winners were
and the evolution of why the others, with typical traders' problems, got weeded out.
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