Inability to take a loss and FOMO-ing comes from not having a trading process/not having confidence in your trading process/not knowing the shortcomings of your trading process. If you have a process you can greatly reduce the influence of those feelings on you. A trading process includes the preparation of your mind for the highly intensive intellectual and psychological game that is trading. It includes having tested and refined a trading system for different market conditions and time horizons, even better - having chosen one that best suits your preferences and natural tendencies. It includes knowing the expectancy of that chosen system and the possible draw down periods as numbers of trades, as time passed and in dollar amount. Having accepted those at their scientifically tested and proven scale you then have to have worked on gaining experience in the markets with as little psychological damage imposed on you as possible - the best way is to trade demo for a prolonged period of time and after that trade with as little money as possible - amounts that would not hurt you financially but would still be meaningful enough to push some buttons in you and urge you to improve yourself. After all of this you need do persevere enough time for luck(law of large numbers) to work its way towards you.
Hello deaddog, I agree with you man. A trader has to have a Plan that covers every mental and trading decisions, and stick to that plan for 1 year and see what happens. The plan needs to cover: 1. What to do after X losses in a row. 2. What to do about drawdown. 3. When to stop trading this trading plan and start trading another trading plan. 4. How much money to lose trading this trading plan. x x xxx. Done with plan.
Psychology is pretty much a nonsense concept across the board. A stand up comedian doesn't get comfortable on stage by studying comedian psychology and getting a coach. A comedian that is comfortable on stage is comfortable exactly because they have already bombed many times and have already been on stage so many times. "Psychology" in this context is a delusional mental model that you can somehow cheat/hack this process. We make this mistake in practically every context. As if Michael Jordan was just so clutch in the NBA naturally. As if he hadn't been thrown the ball to take the last shot in a game since he was a little kid and in the NBA you were seeing the results of hundreds of last shots he had already taken because he was never not the best player on the court.
Not exactly sure what you're asking here. Are you taking about live trading/execution? If so, then CQG/TT/Rithmic is good enough. If you're talking about sources of historical data, this is a good resource: https://quantpedia.com/links-tools/?category=historical-data BTW, you should definitely separate execution and data. Yes, they can come from the same provider, but it's a good idea to use 2 or 3 different market data providers. Let's say you're executing primarily via Rithmic and their market data starts having problems. Well, that's no problem because most likely their execution platform will still work, so you just use CQG or TT market data and continue executing via Rithmic. Oh yeah, avoid Interactive Brokers like the plague. It's sub-garbage. Their code is all Java shit from the 90's. Last time I checked they turn off their servers in the middle of the trading session (around midnight) every day and they've been doing that for 20+ years as if that's a perfectly normal thing to do. No, it's because their system is Java shit from the 90's. You gotta understand that they're supposedly a multi-billion dollar company but yet they don't even have a single server colocated at CME Aurora. That's how insanely sub-garbage they are.