Hi people, I am 70% correct on predictions of the direction of a stock with a paper trading account. Now that I am in my live account I cannot pull the trigger to make a trade. I am frozen. I can guess the direction, but i get scared out of my mind to make a trade. Would you, any of you, please help ???? I mean any of you, seasoned trader and novices. I am going to loose my mind.... Please help me let myself make a trade! What would you suggest that I do? thanks a lot in advance.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=102690 Maybe there is a comment in here that would help.
You are not a deer are you? Make a plan in the beginning of the day. And follow it. That's it. Problem solved.
exactly. Some people think if you are not doing large lots, you are not seriously trading. You start really small, and work up slowly...
I agree with Don and the other comments here. Very constructive. I think the main reason for feeling the way you do is that you are not accepting the risk. You have to bet money that you can lose in order to make a gain. This goes for trading the same way it goes for paying for a movie (pay the fee for a possibly crappy movie), for going to a sporting event, or anything else where you have to pain in advance for a not-so-predictable outcome. YOU MUST ACCEPT THE LOSS BEFORE YOU TAKE THE TRADE. You know your entry, you know your stop and you know your target (s). Think of the amount at risk and if it is not acceptable, then don't trade. If it is acceptable, then there is no reason in the world why a 70% plan with a known loss limit shouldn't be traded.... that is, of course, unless you REALLY don't know that you are right 70% of the time. If that is the case, then you need to go back to the drawing board and work harder at checking your logic and results. Don't pull numbers based on guesstimates and thin air. As a trader, I have to not believe, not think and not guess that I know. I HAVE TO KNOW the strengths and weaknesses of my logic or position. Otherwise, you are just flipping a coin or worse. The moment of truth is right after you get your fill, this is when all of your logic and research is put to the test... it is during the time when the trade first starts wiggling around. This is when it is important to know that the risk is acceptable and what you expect the outcome to be. You need to have all of this in place before betting your money. Good luck.
You might go around intensifying your feelings of fear and paralysis. I don't try to analyze the feelings. I just open up and want to feel everything. I think it helps to share the feeling with other people. I try to remember the time when I first felt that way. You might find your fear has a posture associated with it. The posture or form might be significant to you in some way. Fear can block or distract me from feelings or memories that I do not like and try to avoid. I intensify my fear and immerse myself in my fear. Sometimes, perhaps after a few days and a dream I might experience a kind of understanding. Your mind might be trying to get a message through to you. Only you can know what that message is.
Throw some orders on the Barbie and let it ride. Stop whining about pulling the trigger and man up pussy. This is a game and you need to start playing on tilt. Get that margin levered up and add to losers like everyone else does.
The problem is you don't know your 70% correct for certain. If you did than you would not be such a pussy and you would be pyramiding your account to a large fortune. In this job you can't have the "I can't pull the trigger attitude". If you think this way you should not be trading.