...my betters here may disagree with me, but IMO each market exhibits idiosyncratic behaviors which give you unique edges if you specialize in just one issue day in and day out. IMO you get an intuitive feel for the meaning of wiggles inside a bar when you watch every bar every day. Some people have posted successful real time day trades here looking at multiple markets simultaneously, but I suspect that they can pull it off only because they are extraordinarily perceptive, bright, and quick. Good choice, ES, although I prefer NQ myself. Have you read Jack Hershey's stuff in all his personas? IMO his approach to ES has a lot to offer, once you understand what his somewhat delphic assertions mean. An exercise in gestalt. You using system(s) or trading discretionarily?
I agree with faulty programming. Sometimes you know exactly what to do but emotions take control. Faulty programming should be better defined: It's a battle for control between your neo-cortex (conscious brain) and the limbic system/amygdala (emotional brain). The limbic system has more pathways to motor control and can preempt conscious control when needed. eg. If you see a lion, you'll turn around and run without thinking about it first. The market is the ultimate hypnotic device (better than TV) and will tap into your most primal, basic emotional patterns. This is your limbic system at work. The so-called subconscious, but it's just emotional memory and learned responses. No voodoo, just a different language than conscious thought. Your limbic system has learned a few bad habits. Here are a few things: 1. Finding the source event that taught your limbic system to behave this way is of dubious value. While you might get cognitive satisfaction, conscious understanding has no effect on limbic memory responses. As we all know, emotions trump. 2. NLP or hypnosis might work if you can find someone good. 3. Cognitive Behavioral Therapy is likely your best bet. A CBT person can design a strategy to target the behavior directly (and maybe prescribe some Paxil). It's possible you have a minor brain disorder, or psychological trauma, or it could be just a learned response from your earlier trading blowout. Regardless, you can re-teach it. The limbic emotional brain does not know the difference between reality and imagination, so it's possible to teach your emotional brain through repeated intense emotional imaginings. That's why NLP and hypnosis works. I spent a year uncovering my source events which only helped marginally. I learned that the behavior and pattern has to be hit directly to change it. The advice given by others here with more healthy (un-traumatized) emotional brains is good, but not powerful enough for everyone. Logic and willpower can't overcome the really strong emotional patterns.
I'm trading discretionarily mainly using Joe Dinapoli's trade plan as described in his book, "Trading with Dinapoli Levels" I've studied these methods for a few years while not trading and I strongly believe that it is a solid trade plan.
Trade 1 market only. What's your sugar intake? Sugar greatly affects my moods (I get very depressed and scared after a big sugar binge), so I do everything I can to avoid eating it as much as possible. Good luck.
...thanks for the reference. I have't read it, but I regularly throw up a 50% Fibonacci retrace over large moves. If it coincides with additional probable S/R, it often works.
Processed sugar and white wheat flour are probably the two worst foods anybody could eat. I'm very careful with my diet so that's at least one area I can scratch off the list.
That what I did. I just care about not taking big losses or at least cut your loss well if you get a bad day (and everyone will have BAD FUCKED UP days). A pattern I went through if I started taking hits is that I would start sizing up into stupid trades thinking that I have to make this money and have to take this chance. It becomes a gambling induced vicious cycle.
%%%%%%%%%%%%%%%%%%%%%%%%%%% Pills idea sounds worse than white bread & sugar ; recommend more research & documenting it & less intraday p& l observation.
medication is not the best answer imo Learning and REGULAR PRACTICE of basic relaxation techniques will help. http://www.brettsteenbarger.com/ExposeYourself.doc There are other articles there that offer practical techniques for maintaining a neutral mindset. http://www.brettsteenbarger.com/articles.htm Ultimately it comes down to you, YOU must make the decision that your current beliefs are not perfect and new ones might serve your goals better. Then it is a matter of implementing these into core beliefs. If you choose this path, it is possible to cut many consecutive losses with no pain and take large winners with no joy (many want to keep this). And suffer no stress regardless of what the market, or your account does. Many of the best in any field realize that their performance is a result of where they are in their journey, and as a result success or failure is nothing to be celebrated or condemned, instead each is a valuable part of their journey. They have no control over individual success or failures, any particular success or failure is a moment in time that was always going to happen given their being in that moment. They have no reason to get excited over experiecing a winning a trade. Example A core belief : that individual trades don't matter, it is only in the long run after a series of trades that success or failure will be known. This might help reduce stress over individual trades. You may already 'know' this or 'believe' this, but it needs to be a CORE part of your identity. When it is you will find it very hard indeed to care about the results of individual trades. You may have confilicting beliefs, you must empower the ones relevant to your goals. You have the tools. It is a choice. An effective way to transpose your joy/pain is to link it to flawless execution, rather then trade or monetry success.