A shoulder to cry on

Discussion in 'Psychology' started by hjkl, Jul 9, 2005.

  1. Holmes





    Shamelessly reproduced here from fellow ET'r travis: (thank you)

    "Everyone knows that something can't be done, and then comes one man, who doesn't know that it can't be done, and he's the one who does it."

    - Albert Einstein
    #101     Aug 8, 2005
  2. Holmes


    Did you papertrade until you could trade your system in your sleep? Could you papertrade your system emotionless?

    Until you can do this and show a decent profit you have no business trading with real money.

    Trading = exploiting fear (and greed is another form of fear)


    PS papertrade using market orders, go for the longer trades and do not scalp. The shorter your timeframe the more you'll compete with robots and professionals and you cannot win from those at your stage.
    #102     Aug 8, 2005
  3. One way to break bad habits is to slow the process down into slow motion i.e. start swingtrading and do it with discipline... only when disciplined, move to daytrading...
    #103     Aug 8, 2005
  4. Now ive been re reading your situation, you are ok with putting the trade on. If you are happy with your method for selecting trades, maybe try. getting your entry setup signalled place your market order with a stop loss and limt order. that assumes you know when to get in and zone to get out right?. then get up and bugger off out, go for a run. if you cant do that then at the very least, push your chair back and sit on your hands.

    Oh no using your feet/head to click that order out. Look at yourself from outside yourself as if you are instructing a novice.

    he's saying "gee its pulled back quite quickly im gonna get hit. your shouting "touch that order and your fired, I dont care if it hits your trading stop because thats ok. we put a sensible stop in place. weve planned to take those normal losses,how many times I gotta tell ya its a cost of doing this business, but i do care if you close this trade out before its home and cost me money!"
    #104     Aug 8, 2005
  5. paper trading is a good idea because you can condition your mind to keep calm despite big losses or wins.

    when you switch back to live, you can 'carry' the state of mind that you learned with you.

    when you win or lose big with real money, it's easier to remember that you can keep calm and life goes on.

    if you never paper trade, you might have never managed to keep calm after a big loss or win. therefore, your mind can't take example from it.
    #105     Aug 15, 2005
  6. You say this because you have been trading for ages.
    Did you overcome your emotions or did you manage to control them or did you just forget that they exist or do you simply fight them everytime and win?

    No newbie can 'carry' the state of mind from paper trade to live trading.
    Armstrong the astrounaut must have trained zillion times before he landed on the Moon and he is learned, educated and psychologically prepared, it is his job and it is his life. Did you check his heart beat when he came out of the lunar module? If I were him, I would have collapsed.
    #106     Aug 20, 2005
  7. BSAM


    Anyone out there in ET-land who still does not believe in paper trading before going live?
    #107     Aug 20, 2005
  8. Carrying the state of mind, hmm.
    Thats the ideal, but i never lost paper trading. I even tried to, big time, but ended up making more.
    Thats been consistent for over a year, its absurd.
    On that basis, is it a rational, or irrational fear to be "afraid" ones method or mental state will screw up going live?
    It must be a marvellous thing, being overcapitalized for the job.
    #108     Aug 20, 2005
  9. That is what makes life worth living for.
    The challenge, the victory, the ...
    you know what I mean.
    #109     Aug 21, 2005
  10. Frustration?
    #110     Aug 29, 2005