Great post Momo, you read my mind. That is exactly where I am at this point in my trading career. FEAR OF BEING WRONG. Thanks for sharing. regards, Bruce Hawkins
Only in professional trading and professional sports is it okay not to be near 100% right all the time. And of course it starts from grade school. An acceptable losing percentage.... what is that? I come from medicine to this biz. Being accurate is everything in this day and time. Think of the architect, a few degrees off here and there and the building collapses. Or the banker, every penny. The accountant same thing. We are not raised to accept a high percentage of error. So we are crippled from the start. And no amount of coaching or self-preparation is going to correct the situation. I think back to one member's posted journey. He was so sure that he could conquer the emotional part of the game from the start. But it turned out he couldn't. No one can from the beginning using their own initiative. Girlpower said it earlier, it has to be learned. The good thing is... at least for me.... when I pick a loser, I know that I am that much closer to picking a winner. And this idea is present intra-trade too. When I get in, if I get whipsawed, it's okay, because I know that I am one step closer to the trade taking off. Losers become a good thing from the standpoint that they tell me that a nice phat winner is on the way. No, I don't love losing, but losers aren't so bad.
It's the reason I tolerate you skrilla'. Losers aren't so bad. Thanks for giving me the opportunity to illustrate the premise.
momo, this is the BEST post I've ever read on ET. Your early indecision is exactly where I feel I am now. Thank you! I got away this past weekend and was able to think things over and clear my head. Upon returning home and reading your post it has compounded the decision I've made to TAKE THE DARN TRADE when it sets up to my criteria and, more importantly, ONLY EXIT AS A RESULT OF MY STOPS! I'm still sick at leaving 7 points on the table Friday - yes 7 points, I went over all my missed trades (14 of 'em) - and over 20 for the week. I think I'm in disbelief at how profitable my strategies are - correction, potentially profitable, because I didn't take them - and the high number of trades that have set-up for me. It's like I can't believe my hours of after-market research can screening for potential next-day plays are so on target. You're so right; noone can become a good trader until they acquire the confidence and discipline to follow through on their strategies and accept being wrong a lot of the time. Thanks again.
The problem that you talk about is one of the hardest to break through on. The fear of being wrong, but you have your edge don't you? I would suggest traders on this sight all have devoloped a system, rules that they have for making a trade (decision). The system is their edge. The markets are random, but the degree of movement can be measured. Think of it as one big casino but you are an owner, you have an edge. Why have fear of making a trade if you have followed your system. My biggest trades have been when I have followed my system. Losses are almost always when I break the rules I have made. Missed oportunities are a lack of confidence in the system or as you say the fear of being wrong. The trick is to accept and identify the risk before hand, only then will you become more confident. Thought I would share my personel experience with the problem. Good Luck Wavetrader
Good post. I came in today confident and totally prepared to act decisively on any set-ups that met my criteria, and then my prop firm (Echo) has quote problems for an extended period of time during the morning session. Ugh. Aw well, there's always tomorrow.