What makes you sabotage your discipline? | Forex Factory

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What makes you sabotage your discipline?

  • #1
  • First Post: Aug 13, 2013 11:42am Aug 13, 2013 11:42am
Every one of us have some kind of system. We set usual stop losses & take profits, we like one or another EA, we use our signals and have our own opinion on entries..

But time from time I (and as I know - others) make unjustified actions.

For example, recently I didn't set any SL/TP and was trading whole session in what is called "naked trading" style, what is surely not my style.

And all that, because I had a bad day with my beloved one and got a little drunk and thought it was a right thing to do..


So what about you? Do you have your stories or weaknesses, which throw you discipline out of window?
  • #2
  • Aug 13, 2013 5:47pm Aug 13, 2013 5:47pm
The system is well tested clear rules and blah blah blah.
When you test new think, when to master you system, from where do you know if you break rule 33th than what happens?
Ofc only if you break rules
I want to buy PATIENCE
  • #3
  • Aug 14, 2013 3:08am Aug 14, 2013 3:08am
Quoting matheszabi
The system is well tested clear rules and blah blah blah. When you test new think, when to master you system, from where do you know if you break rule 33th than what happens? Ofc only if you break rules
So what is your Achilles heel?
  • #4
  • Aug 14, 2013 3:55am Aug 14, 2013 3:55am
Quoting DitterPD
. So what about you? Do you have your stories or weaknesses, which throw you discipline out of window?
When being disciplined didn't pay out.. After actually being punished for being disciplined.. this sometimes makes me get down and dirty. Usually goes one of two ways.. Big pay day... Or broken mouse...

You can do this sort of sh*t on a small account... A large account and I'd be worried
Time hides Nothing
  • #5
  • Aug 14, 2013 8:33am Aug 14, 2013 8:33am
Quoting CindyXXXX
{quote} When being disciplined didn't pay out..
Nicely said! Very accurate. When you obey own rules then you expect some results....
  • #6
  • Aug 14, 2013 8:35am Aug 14, 2013 8:35am
Quoting fibotrader30
{quote} Nicely said! Very accurate. When you obey own rules then you expect some results....

Yup.. the problem is that I seem to make the most money when I break conventional discipline.. Sure it bites me in the ass sometimes but more times than not I'm rewarded for being an idiot..

But at least I can admit it =P

I think the day you accept trading as a gamble is a step in the right direction.. Let's here some argument though we love that kind of thing
Time hides Nothing
  • #7
  • Aug 15, 2013 5:21am Aug 15, 2013 5:21am
Quoting CindyXXXX
{quote} Yup.. the problem is that I seem to make the most money when I break conventional discipline.. Sure it bites me in the ass sometimes but more times than not I'm rewarded for being an idiot.. But at least I can admit it =P I think the day you accept trading as a gamble is a step in the right direction.. Let's here some argument though we love that kind of thing
Couldn't it be just a fluke and you have some flaws in your discipline? If I drink 2 liters of beer religiously every morning it may derail me from normal and successful life, but even if I won't exaggerate, there might be some work to do on yourself.. Don't you think?
  • #8
  • Aug 15, 2013 6:21pm Aug 15, 2013 6:21pm
Simply it is not good to keep you rules, because it can be made an EA for that.

Check this: http://www.forexfactory.com/showthre...22#post2444822
I want to buy PATIENCE
  • #9
  • Aug 15, 2013 11:48pm Aug 15, 2013 11:48pm
Breaking one's discipline usually derives some subjectivity rather than looking at the market in an objective matter.
  • #10
  • Aug 16, 2013 1:26am Aug 16, 2013 1:26am
I don't sabotage my discipline at all any more, I just drag up a chart and say right I'm going to enter there, there, there or there (they arn't just random entrys I can assure you), do that for 10+ pairs and you have a fair amount of orders waiting to be hit each with their respective profit targets and stops. I then walk away and go do something productive with my day instead of looking at coloured candlesticks on a screen attempting to understand the unfathomable in a sea of unpredictability and uncertainty.

It is all about the opening price, not some silly indicator telling you when to buy/sell.
  • #11
  • Aug 16, 2013 5:03am Aug 16, 2013 5:03am
Quoting DitterPD
{quote} there might be some work to do on yourself.. Don't you think?
Always
Time hides Nothing
  • #12
  • Aug 16, 2013 10:20pm Aug 16, 2013 10:20pm
Quoting DitterPD
Every one of us have some kind of system. We set usual stop losses & take profits, we like one or another EA, we use our signals and have our own opinion on entries.. But time from time I (and as I know - others) make unjustified actions. For example, recently I didn't set any SL/TP and was trading whole session in what is called "naked trading" style, what is surely not my style. And all that, because I had a bad day with my beloved one and got a little drunk and thought it was a right thing to do.. So what about you? Do you have your stories...
I'd been on a great run for months, all the hard work for years finally paying off.. Totally in the flow, setups jumping out the screen at me all over the place, money management perfect, totally disciplined ...... then one day,I was waiting all day for a gold trade to set up, went to pick up my son from karate and missed it, gold flew and I would have made a killing, then the same happened the next day..... I beat myself up for missing the trade and missing out. That sent me to self destructive hell, discipline out the window and total meltdown for 3 or 4 days, couldnt trade nothing, wiping out 2/3rds of account, revenge trading the lot, some inbuilt mechanism was triggered and took over, a subconscious defence system in the brain that acually turned my trading on its head. Took quite a few months to recover from that.....
Never said I was Batman,all I'm saying is you'll never see us together.
  • #13
  • Aug 17, 2013 12:00am Aug 17, 2013 12:00am
Quoting headfake
{quote} I'd been on a great run for months, all the hard work for years finally paying off.. Totally in the flow, setups jumping out the screen at me all over the place, money management perfect, totally disciplined ...... then one day,I was waiting all day for a gold trade to set up, went to pick up my son from karate and missed it, gold flew and I would have made a killing, then the same happened the next day..... I beat myself up for missing the trade and missing out. That sent me to self destructive hell, discipline out the window and total...

I trade strictly with limit orders.Had you set your limits if you thought it was such a good set up then no need to monitor PC constantly and beat yourself for missing a trade..Look at my army waiting
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In trading, you have to be defensive and aggressive at the same time
  • #14
  • Aug 17, 2013 12:17am Aug 17, 2013 12:17am
Quoting Davit
{quote} I trade strictly with limit orders.Had you set your limits if you thought it was such a good set up then no need to monitor PC constantly and beat yourself for missing a trade..Look at my army waiting {image}
Nice. I also call them my "little soldiers" when I have a group of positions in the same trade lol
Best time to plant a tree was 20 years ago, second best is now
  • #15
  • Aug 17, 2013 12:25am Aug 17, 2013 12:25am
Quoting Davit
{quote} I trade strictly with limit orders.Had you set your limits if you thought it was such a good set up then no need to monitor PC constantly and beat yourself for missing a trade..Look at my army waiting {image}
Hi Davit. I took the liberty to visit your website. You truly are an artist, your work is amazing!

I had a second look at your chart, it seems daily and the limits are placed at a support level. Price could do either of two things: retrace (as you expect) or break out and flip that line to become resistance. Do you consider a test in that area along with price action or what makes you pull the trigger?

Cheers
Best time to plant a tree was 20 years ago, second best is now
  • #16
  • Aug 17, 2013 1:03am Aug 17, 2013 1:03am
Quoting horuxito
{quote} Hi Davit. I took the liberty to visit your website. You truly are an artist, your work is amazing! I had a second look at your chart, it seems daily and the limits are placed at a support level. Price could do either of two things: retrace (as you expect) or break out and flip that line to become resistance. Do you consider a test in that area along with price action or what makes you pull the trigger? Cheers

Hi friend nice that enjoyed my art work.
I trade very differently then most people.I average 10% a month last month was 21.5% so I must be doing something right.
I trade strictly price channels (no exceptions)
80% forex is not trending (what a shocker right?)
What most traders say "trend" is actually a price channel.(To a 5min trader everything is a "trend"
Lets look at my favorite currency Canadian dollar which has been in a channel for basically 3yrs.
Monthly? Nothing real up or down but plenty of space to make pips.
Idea is to reduce leverage lot size and go for mileage.
I always average in never all my orders once.
This is a huge subject which I have journal about.You are welcome to poke around.Lots of smart guys posting.
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In trading, you have to be defensive and aggressive at the same time
  • #17
  • Aug 17, 2013 1:13am Aug 17, 2013 1:13am
Quoting horuxito
{quote} Hi Davit. I took the liberty to visit your website. You truly are an artist, your work is amazing! I had a second look at your chart, it seems daily and the limits are placed at a support level. Price could do either of two things: retrace (as you expect) or break out and flip that line to become resistance. Do you consider a test in that area along with price action or what makes you pull the trigger? Cheers

I love statistics and probability theories.
One thing is clear in forex specially now when just about every country is in recession.No country's economy is so dominate that it can pull its currency to extreme.Which means currencies most part fluctuate within defined channels.Parity if you will with exception of Yen which is a special case and I seldom trade it.
So coming from overall view one can safely buy from bottom channel and sell from top channel with relative ease.I trade without SL
I allow trades to go against me without fear.If I am buying for example swissy at 92 I have no fear that it can go lower,If goes lower I just add another position (Remember I average in) The reason because I buy at bottom of range.
I also hold trades until in profit.Most swings conclude within 7days.That's it.Trading is not difficult if one allows reduce leverage and smaller lots.

It is my firm believe that best profitable trading is swing trading.It changes your perception of currency cycles.
Sure they are many successful scalpers but how many survive more then a year under constant stress?Trading is supposed to allow you to make money so you can have freedom if however you are glued to PC 12hrs a day then you are not achieving "freedom" instead becoming market victim.
In trading, you have to be defensive and aggressive at the same time
  • #18
  • Aug 17, 2013 10:20am Aug 17, 2013 10:20am
Quoting Davit
{quote} I love statistics and probability theories. One thing is clear in forex specially now when just about every country is in recession.No country's economy is so dominate that it can pull its currency to extreme.Which means currencies most part fluctuate within defined channels.Parity if you will with exception of Yen which is a special case and I seldom trade it. So coming from overall view one can safely buy from bottom channel and sell from top channel with relative ease.I trade without SL I allow trades to go against me without fear.If...
Thank you Davit for all your words of wisdom and for the link to your journal.

I couldn't agree more about seing the "real" picture in Daily charts. Trading them is easy when you have that channel concept you are talking about, is just about having patience and adjusting your leverage. You can expect R:R greater than 3:1 and sometimes go to 8:1, that rarely happen when you scalp. And as you say, you'll feel more happy seven days after. You can spend a week trading intraday suffering a multitud of time with losing trades, or you can simply check how your hassle free trades run during that same period.

What is trend is the never ending debate. It's great how perspective changes once you start looking at daily charts.

10% a month is great. Doing it consistently is what keeps you in the business, not to mention the power of compounding.

If a trading chart is more fun than your PlayStation maybe you can spend 12 hours a day
Best time to plant a tree was 20 years ago, second best is now
  • #19
  • Aug 19, 2013 2:44am Aug 19, 2013 2:44am
Quoting GDR3k
I don't sabotage my discipline at all any more, I just drag up a chart and say right I'm going to enter there, there, there or there (they arn't just random entrys I can assure you), do that for 10+ pairs and you have a fair amount of orders waiting to be hit each with their respective profit targets and stops. I then walk away and go do something productive with my day instead of looking at coloured candlesticks on a screen attempting to understand the unfathomable in a sea of unpredictability and uncertainty. It is all about the opening price,...
I'm just curious - how does it work for you? Is it enough to trade profitably? And how long did you come to this? I mean having system, which gives you confidence to just set 10+ orders and forget about them.
  • #20
  • Aug 19, 2013 3:16am Aug 19, 2013 3:16am
Hi,

As long as you don't have a robot trading for you without your intervention is totally OK to break the rules, some times. Because we are humans, we are not robots. What you need to do is become aware of this and try to minimize the damage. Like trading smaller size, e.g. your usual position size is 2%, if you feel the itch to trade outside your guidelines and rules just try and lower your position size to 1% or even less. Because the losses you inflict to your account need to be as small as possible, otherwise it is devastating to your psyche. First step is becoming aware of your trading patterns.
Trading = a mirror to your human flaws. Fix them or be fixed.
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