DANGERS of trading in the ABYSS!

Discussion in 'Psychology' started by Spectra, Feb 13, 2007.

  1. (message re-posted requested by ET member)
    Here's a true story from the daily debacles at PureTick............

    Don't get TRAPPED with this mentality. Read this and be aware of the problem.

    Here's a brief recap of events.. it was a dark and stormy night.. just kidding, lets proceed . . .

    Many traders in our group had a negative day last Friday! Lets be honest. It was a down right hanis bloody red day. Vegetarians across the land were even queezy hearing about these trades. I know how emotions can get the best of us. It's our main enemy in trading. I felt we needed to talk about this so sent out a video on sticking to your setups Sunday night before Mondays trading hit. ( http://puretick.com/video/021107/ )

    Still a lot of the traders carried that anger and frustration over from the weekend, and some did not even attempt to trade the following Monday. I was a bit disappointed to say the least. After all, I'd just talked about this mental sabotage in Sunday nights video. So what happened? Exactly what always does. We hit 7/7 winning trades and NO stop outs at all on Monday while those traders sat on the bench holding their grudge from the previous day. Now these melancholy traders are stuck with the losses and no wins to smooth over them. In fact, Monday was the best trading day we ever had to date. The market was in sync with all the setups and follow thru was plentiful. No stops even came close to being hit Monday. Even if you were a complete newbie you'd have profits in the bank.

    This is exactly what happened this past week at Puretick. The main point is that all systems & methods have draw downs and losing days, DO NOT let that effect your next trading day. Please do not dwell on your losses, and always treat each trade as an independent situation.

    Don't get sucked in to that negative vortex of thinking.

    Some of our traders were immune to this attitude, and for that I commend them. Great job for everyone who followed your signals and plans.

    CajunSniper / Puretick.com Administrator-Trader

    If this has ever happened to you, post a hands up reply. If this message has no replies in one week then I'll assume everyone here is in denial. :) Have a good evening gang.
  2. Tcbjx9


  3. Me too. I sometimes try to cherry pick signals too. I know it's bad and I am working on it.
  4. AnnaFX


    yea, I like this idea of removing yourself from the situation emotionally
  5. Anyone tried hypnosis?

  6. ========================

    Something similiar , Sniper,, a place i trade frequently gives me such good prices , so much so i got careless buying some 10w-40 oil.

    I realized my mistake right as they rang it up , too late to cancel;
    it almost ruined my day or it could had ruined my week if i had quit.
    Saved my register reciept, put on another trade with them later , exchanged that overpriced oil for cash.

    Same principal:cool: ; keep losses low [ business exspenses];
    but even a good dealer or trader can correct a mistake.
  7. That reminds me, I haven't changed my oil in months.