Trader Psychology - Understanding Yourself | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trader Mentality & Psychology 31 replies

Describe Yourself As A Trader 4 replies

Must read trader psychology exercise 0 replies

Trading psychology - GREED - A trader's malady 110 replies

Trader Psychology 3 replies

Trader Psychology - Understanding Yourself

  • #21
  • Aug 22, 2006 10:57am Aug 22, 2006 10:57am
Quote:
<TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">Originally Posted by accrete




I still struggle with the idea that somehow an intraday trader is not a real trader as so many here at FF push the longer swing and position trading styles. This is something i must get a handle on over time. My simple model usually sees about 3 trades of aprox 20 to 30 chart-pips, trading two or three of the majors a week.




</TD></TR></TBODY></TABLE>


Quoting niceguy777
Hey Thom, why worry about that!? Sounds like you are doing really well. If you can do that consistently, and maybe just keep adding lots, you'll get what you want out of trading, won't you? Simple is better, I think, and less stressful.
I agree - I would think that most traders on this forum would be more than happy with a model that produces 3 trades per week at 20 - 30 pips per trade.

Walk onto the trading floor of a bank - some traders are definitely intraday and others are position traders. BOTH are real traders and if both have profitable models then the bank is more than happy to reward them with nice fat annual bonuses!

Monaco
  • #22
  • Aug 22, 2006 1:21pm Aug 22, 2006 1:21pm
Thanks you two for your kind responses. I know it is just something to work through. Part of it stems from showing up at a given time each day and wishing i had somehow captured the pips in the session preceeding my log in. Maybe it's that greed thingy showing up?

I also may open an additional account with a small initial deposit, trade w/very low leverage and use the model on LT charts and see how that goes (so far it is working on both with same personality), all the while keeping my same model during my intraday time slot. My thought is that beginning w/such low leverage and testing w/micro lots in a live account i might be able to get past the psych part of leaving a trade open if it remains within my rules/model and get used to it!? ; )

Yes adding lots over time is part of the model/plan. Trading now at low leverage and I've also been including the idea of averaging in on some trades oppossed to putting it all on the table/trade at the intitial entry. This is helping to build patience and confidence.

Cheers,
Thom
  • #23
  • Aug 22, 2006 1:46pm Aug 22, 2006 1:46pm
Quoting accrete
Thanks you two for your kind responses. I know it is just something to work through. Part of it stems from showing up at a given time each day and wishing i had somehow captured the pips in the session preceeding my log in. Maybe it's that greed thingy showing up?
Yes, it's a bit difficult to know when to sleep, and I don't think speed is the answer .

I don't think traders a greedy on the most part. We just want to do it well, and have the satisfaction of that. A big part of my negative subconscious programming was 'I can never have what I want'. So getting up in the morning and seeing that I had just missed a 150 pip move on my favourite currency was a great way of confirming and feeding that belief. So, I've been working on changing the belief, and the trades are changing, little by little.....

I think you know all this though.
The framework is there; we just have to work on our frame of mind.
  • #24
  • Aug 22, 2006 2:40pm Aug 22, 2006 2:40pm
I don't do any particular rituals or anything like that because, for me, it would make my head worse. I have to just be nonchalant about my trading and execute when it's time to execute, document my trades, and then forget about it. If I try to get all ready and make a big deal out of it, I end up getting too worked up.

As some have stated, they have come full circle back to intraday trading and the like, and for me, it's kind of the same thing but on the other side of the coin. I tried to do intraday, but found that I was best at swing trading 3-7 day trades. I get too nervous and whatnot scalping, or trying to get X number of pips in during a specific timeframe.

I'm much better at putting on a trade, and watching it materialize over three or four days... I just sit back and watch. Much more stress free for me than worrying about the fact that I'm not going to do 20 pips from the hours of 5AM to 8AM PST.... No thank you.
Mr. Trend
  • #25
  • Aug 23, 2006 11:12pm Aug 23, 2006 11:12pm
Good info NG : )

MrTrend, very interesting. I know that NG has said in not so many words that it is a state of mind. Your being able to trade in a nonchalant manner with trades entered for an expected 3-7 day time period are eventualy where i hope to be with all this. I am trying to stretch myself away from the 5-8am thingy by including in my model a parallel on the daily charts, looking at the 30m for entry/exit which is also a multiplication of the same factor involved in looking at the 5m to the 4hr chart...so i'm heading that way... just have to convince myself that LT charts are profitable ( my concious mind knows they are, but my unconcious must have some doubts! or visa versa?)

: ) Thom
  • #26
  • Aug 23, 2006 11:25pm Aug 23, 2006 11:25pm
I know where you are coming from Thom..
It is part of the evolution of a trader I guess..

(Yes, in my opinion, traders evolve.. Some don't get out from the cocoon but others become butterflies... [insert some melodramatic music here] <insert some="" melodramatic="" music="" here="">)
(Yup, I'm still in the comforts of my cocoon.. hehe..)
</insert>
  • #27
  • Feb 15, 2007 4:30am Feb 15, 2007 4:30am
What a great thread. I have been bouncing around FF for over a year and just found this thread. It should really be a "sticky". But then again,maybe you have to be around a while before you can understand how great the advice is in this thread.
Thanks
  • #28
  • Feb 15, 2007 5:54am Feb 15, 2007 5:54am
yeap great tread...i was wondering yesterday if i should put a miror next to my computer while trading, to know what im thinking,...likedouble ...it might help,... i have come to some conclusion why and when i dont trade,..when i got some money like salary, some great inputs at my bussiness, some rewards,...because i might think, hey i got some extra cash which i could loose,..so it scared me away,...the oposite, when i am a lack of money,..then its something, like well im hungry lets find something to eat in the wild nature,...like an animal,..well thats just me...cao guys
its just money
  • #29
  • Feb 15, 2007 11:33am Feb 15, 2007 11:33am
Quoting accrete
Good info NG : )

MrTrend, very interesting. I know that NG has said in not so many words that it is a state of mind. Your being able to trade in a nonchalant manner with trades entered for an expected 3-7 day time period are eventualy where i hope to be with all this. I am trying to stretch myself away from the 5-8am thingy by including in my model a parallel on the daily charts, looking at the 30m for entry/exit which is also a multiplication of the same factor involved in looking at the 5m to the 4hr chart...so i'm heading that way... just have to convince myself that LT charts are profitable ( my concious mind knows they are, but my unconcious must have some doubts! or visa versa?)

: ) Thom
Hi Thom. If you keep watching all six of the Ab Fib charts that works in a similar manner. You get all sorts of intuitive sightings of where things are going - without the calculations!
The framework is there; we just have to work on our frame of mind.
  • #30
  • Edited 8:02pm Feb 15, 2007 8:01pm | Edited 8:02pm
I treat my trading rules as my boss. The key to confidence in trading is understanding why and how the system works. If there's a strong urge to tinker with my current positions (trying to get out early) I just tell myself "Nobody knows the market, why am I tinkering the positions as if I know all about it?".
  • #31
  • Last Post: Jan 16, 2022 9:10am Jan 16, 2022 9:10am
Trading the forex or other markets doesn’t have anything with pain, psychology or improvement: the only law is: if you know, you win, if not you lose!

You who have already lost everything and are looking for a way to get your money back, stay away from all the EA’s, indicators, softwares as Metatrader, Jigsaw, Sierra, Bookmap and all other. Understanding the options on the futures is the only thing that will help you efficiently. You ‘ll never find anything to help you on forex website.

Finally, think about that: universal access to financial markets is a huge opportunity to get rip off millions of naive people! YOU JUST GIVE LIQUIDITY TO THE MARKET MAKERS VIA YOUR BOKER !
0 traders viewing now