hey guys! Do you guys ever noticed that sometimes you have these ugly self-destructive BAD BAD trading habits rear its head up? You know you shouldn't do it but you do it anyways and keep on losing $ until you quit in frustration but by then you are already down a lot on the day? It should be fun to list some of these. And more importantly, ways to fix them! We all know it's not a good thing to do yet we do them anyways. Why is that??? 99
All I want to do is get even. As soon as I get even, I will quit trading. Just one more trade, I don't care if it's a good trade. I just gotta get my money back.
trading in the middle of the day. invevitably whatever i'm trading runs in the adverse direction in the last hour.
If you've got Rules then stick to 'em. Most often than not, those Rules will keep you out of trouble and keep you from playing 'Comeback-Kid'.
I think that's EASIER said than DONE! There are plenty of good trading rules I wish I can obey every day, but still can't. It's easy to put down on paper 20 rules or so to follow, but when you are trading in real-time with $ on the line and emotions running high then it's not so easy... The point I think is to control your emotions..
--- When you find your self in a hole, Stop Digging --- Close positions, take a break, go for a run. tomorrow is another day. Revenge trading can be hazardous to a trader's financial health. Not as easy, but one of the requirements for longevity in this business.
That's where Discipline comes in to play. If you don't have Discipline, I don't think you can be a Trader. IMHO
I 100% agree with you. However, oddly enough, the times when I have taken REVENGE trades they've paid off 95% of the time. Usually involves switching from Long to Short in the same security once it is confirmed that the trade is not going to go my way. Yeah, conincidently right at the exact moment my stop is hit. Usually involves a verbal expression such as, "!@$%@^ . . .it!! Then double or triple down and reverse direction. This statement alone with most likely tilt the cosmic forces working against me completely out of my favor and now my Revenge trades won't even work! I just had to share it. -momo
Ultimately the limitations experienced by any one mind and imposed on that mind by that mind are the result of seeds planted in that mind by an exterior force , one that mind accepts as knowledgable. We all have an invisible bubble of what is possible for us surrounding us that we ardently adhere to. This is our tool of honoring our personal reality. Each of us has a view of reality which is formed by what we let in even though we aren't consciously aware of it most of the time. Think of this as your personal perceptual warp. We warp everything we experience and call reality thru these filters but it is never absolute reality, just the reality we have created and hence think is absolute reality. In other words we do this to ourselves, as you pointed out with the words self destructive. The question is why. The journey to resolve this is long and deep and extemely personal, as that is where the seeds were planted, probably a long time ago.
The Gnome Elixir (if you're basically a fader)... 1. Get yourself some kind of oscillator. Pick your favorite and your time frame. Then, don't buy when it's high in the range, don't sell when it's low in the range. 2. Don't violate your stop discipline. Your trading will soon be headache free. If you're a breakout chaser, get yourself some Alka Seltzer.