I have EXACTLY the same problem. I think the only way to combat this is to apply subtle pressure on ones self in the form of accountability. Have a look at this. http://www.elitetrader.com/vb/showthread.php?s=&threadid=69239
I am not trading with scared money. I have proven my system since late last year so I know it works - my point is why - after all this time do i still feel those feelings of being trigger shy when everything else is saying that it's a go. The suggestion earlier was raised of trading many times a day - that waiting for only one or two good trades is putting undue pressure on myself - but to be honest I tried that approach last year and it wasn't me - scalping for 1:1 or 2:1 and having those same emotions come at me 10 or 20 times a day was very hard, intraday swing is "easier".
You just have to adapt, change yourself. Take it without thinking about it. Remove the emotions from trading. I'm sure that there are plenty of pro's better than I that will tell you they needed to take themselves out of the trade, and trade their system, and execute when they know they should. If you keep going like you do, you will have this problem more and more. You have to change it. If you take any trades tomorrow, just say screw it... I'm taking them all, and repeatedly do this. Until you do this, you will have issues. I read the book, it said I needed to take 20 or so trades without a care in the world. JUST DO IT, don't screw around with it, don't think about it, if your system tells you to take the trade, do it, don't hesitate, if it goes wrong, so what? Do you really care that you had a bump on the drive to success? No. Play some music, sing a song while you are trading. A signal comes up, and you just execute and get back to your singing or something. You have to take yourself out of your trades. I trade with discretion, but I'm in and out in a matter of seconds to a few minutes, I don't get that much time to stress over a trade. But if I was swing trading, you better believe I would be doing something else to take my mind off it.... music is my way of calming me down. You just have to change immediately. Tomorrow, if you take trades, just do it, don't think about it, take them, tell us what the results are. If you have bad results, figure out why and adjust your system.
I had friends of mine who know my potential offer me money to trade for a percentage of the profits. I reasoned that I would feel like a fund manager as oppossed to a lone trader and I would be "more serious". I never followed it up as i was worried that I would have someone "cramping my style" ie calling up every other day wanting to know "how is it going"
I think part of your anxiety is probably related to the # of trades you put on each day. Also I would have anxiety trading a 16-24 hour day!!! Would you be better off reducing your trading hours and trading more often? You could lease an IMM membership at the CME for $1300. Your clearing fees per side would be 27 cents and your commissions per side could be between 10-25 cents a side. Then globex also charges 25 cents a side which is capped at $50 a day. So basically your commissions would be 52 cents a side all in plus $50 a day globex fee. If you commissions were this low could/would you trade more actively? http://www.cme.com/clearing/clr/fees/lessememp1870.html
I've known this and I will do it, thank s for the support. But the question remains - why do i feel so - even if i desensitise myself by doing it many times I bet i will still feel the pressure again - does it ever go away permanently - logic would dictate that it should but I can't for the life of me understand why logic and feelings don't go together alot of the time.
I think that is exactly what you need. First because someone else is in the loop, your not alone and second because you know that you have to justify why or why not you didn't trade there is a reason to overcome your fear.
How long have you been trading for? I still feel pressure on me when I'm in trades. If we could trade without a worry in the world, it would be paradise. If you are making money, and you have experience, and know your system works, naturally with time the fear should go away. Unless you are scared of success, I'm not sure what else to tell you.... just keep at it, change yourself, try different things until you get it right. Get your mind off the individual trades. Instead, why not focus on your day/week returns instead of on an idividual trade? Just stop worrying about the trades, because you will come out on top regardless. Do you play poker, or golf, baseball, basketball or anything like that? Try relating it to that, nothing is perfect. EDIT: sgsaxton may have a good point, you could always try that..... if it's not your money on the line, maybe you'll feel better about taking trades? Who knows.
Forex is different. It's not that I sit all day in front of the screen. I wait for an hour or 3 for the settup at market open (I live in Sydney and start at 9am) and put on the trade. Take a walk, eat, check the chart after a while, move stop to BE and set targets when price action dictates. Too much screen time is bad. Honestly, your suggestion of a globex seat would probably be the best for a few months to desensitize myself - however, I might get the scalping addiction and never swing trade again and that could be counter productive long time. The candle that burns twice as bright burns half as long.
I think I could personally say this is not true. I am currently testing systems for longer term approach later on. I love scalping, but I know as I continue to better myself, that my scalping will handle the business, that I can put in some long term investments with options, which is why I'm learning options currently, and have also been demo'ing on a Forex account and had returned 2k on it in 3 months. I'm always looking for back-up plans for my trading. There is nothing wrong with trying something new. If you are good at scalping, taking 30+ trades a day, why not accept it and do it. There is certainly nothing wrong with having multiple ways to trade I average anywhere from 20 to 60 trades a day, and I'm in and i'm out, I'm not exposed to horrible things that can happen, trust me, it's nice to be able to sleep without worry (that is when I can get sleep... that is another story), but nothing wrong with trying new things. EDIT: Maybe try going from the 1 hour timeframe to a 15 or 30 timeframe instead? Have you ever tried that. Just have to try different things, you need to make yourself comfortable when you trade.