Yesterday I went on full tilt stupidity......(again). Every once and awhile approximately 1 day every 2 months (on average) I have a day like this and it's really pissing me off.... It usually starts with a stupid trade that I "make up out of nothing" completely different from my methods, which of course ends in a loss or an order entry mistake, something dumb like that. Then I get mad and wait patiently for a really GOOD entry because I don't want to make another mistake, and of course well I'm waiting, 2 other (so so) setups (that I didn't take) work out beautifully... so the anger and frustration grows. Then finally my perfect set up comes and of course because this set up only works 75% of the time I get it on the day that it fails miserably....now Im down bigtime and totally frustrated. So I decide to do ONE more trade that's it... if this doesn't work I'm done for the day but l think to myself let me just increase the number of contracts (Since it's my last trade and all) and guess what, this trade works but not enough to get me to break even just a few points shy. With my confidence restored (slightly) I decide to go for another trade and of course we know what happens.... it loses and this is where I go berserk. I start to trade like a total fool trying to get even, which of course only makes things worse and worse because I am overtrading like crazy and inventing trades all over the place, by the end of the day the damage is done, usually 20% of my (trading account) is gone and of course it's Friday, giving me plenty of time to stew over the stupidity on the weekend. It's been 2 years for me now and I do consider myself a skilled trader when I do what I'm supposed to do, which is 98% of the time but its these days that are really holding me back from getting anywhere as far as making this a fulltime sustainable career. I feel that if I could just get this under control and STOP this one stupid behavior... I would be consistently successful. I don't know if other consistently successful traders (5 or more consistent years of annual profits) have gone through this if so, I would greatly appreciate any comments and feedback. Thanks You.
20% of your account in one day? geez if I ever lost 10% in one day I would be puking on the floor . You don't feel enough pain after 3 bad trades to stop? After 3 consecutive losses I am done
I think that ET is going to need a fulltime paid Psychiatrist. The more I read, I'm beginning to wonder if the whole TraderBad routine was made up.
Try Poker, I do the same thing regularly playing holdem but the losses are limited to 3 or 400 hundred dollars. A less expensive way of learning about emotions.
yes.. throwing up and seriously considering chopping off my mouse.. boom and bust.. lots of psych books address this issue.. -qwik
maybe traderbrad could be of some assistance..... since you spent so much time knocking him!! I'm sure he wouldn't lose 20% of any account in ONE fricking day! ONE DAY??! Maybe you should have (as I suggested to you on your thread about traderbrad.com) spent less energy on brad, and more energy on your own trading stuff! Instead of worrying about some relatively small refund from him, perhapos you should look at the bgger picture, as I sugested to you earlier. No offense.... just tough love. Think about it? regards, IcE
Samson, I don`t know how long you have been trading. But I was like you for my first 2 years..have small down days.....small up days..a few big up days and then WHAMMO full tilt gambling days(don't try and fool yourself when you go off like that you are most def gambling not speculating intelligently) which would blow out the whole months profits. Anyways after getting sick to my stomach a few times...more like 100 times I finally said enough is enough and just stopped letting my emotions get the better of me. By now you know when you get like this. For me I can feel the muscles in my cheeks get tight and my face gets hot. THIS IS MY BODY TELLING ME IT`S NOT MY DAY AND JUST QUIT AND LIVE TO FIGHT ANOTHER DAY. Two things will happen... 1. You will take charge of your emotions and stop doing this to yourself 2. Blow your account out for good. It feel so good to stop after a loss or two and have self control. IMO the "holy grail" is self control good luck
I knew I was going to take some heat on this thread but that is OK. Firstly this has nothing to do with TraderBad .. I never even tried his methods. My issue with him was about misrepresentation and lies. Secondly I still challenge any trader to trade against me anyday... 98 days out of 100 I will kick butt. The issue here is about this one behavior. I know other consistently successful traders must have dealt with it, so I was really only hoping to get some workable suggestions as to what they did to overcome it. Thanks.
This is what I was talking about .... Thank You Excellent suggestions I will take them seriously... and now that I think about it your probably right there are probably some physical clues. I will start to pay more attention for them. Thanks again "indahook"
Dude get some help QUICK! Iceman is right. I find it difficult to even BELIEVE you anymore. Spend the weekend looking for a therapist in the phone book. 20% in one day is never acceptable under any circumstances in any market. Ed Seykota said something about people get what they want from the markets.