Define rules for when you will enter and exit trades. Stick to those rules. It is really that simple.
Its hard to explain but i will try. I mainly trade NQ using ES as a guide, correlation and divergence (ocasionally correlated stocks with relative strength), CL and GC (less frequent as I look at specific levels). As I use Fibonacci for specific entries and exits on smaller time frames and it takes a lot of maintenance and price action monitoring. Not tiring though. Im not taking swing trades right now because of some level of fear. Next day i get frustrated because I was right. An extreme example was the biggining of this correction. I had the levels for the 2 and 3rd leg down to the perfection days before but i didnt act on it. When I got in I couldnt handle the volatility. Long story short my technicals are spot on, my intuiton is right most of the time but my psychology needs more work. Maybe i should start to position trade instead of day trading. Maybe its best?
If you are unable to follow your own rules, you really should not be trading. As you suggested, try position trading and see if you can establish some discipline with that.
[QUOITE="Leopard9, post: 4769734, member: 506531"]Yes, but its not working. Im always interfeering. I need to fix the problem.[/QUOTE] Here are some interesting facts that may shed some light on "Micro Managing": Mark Douglas insisted that his numerous students and book readers write out their RULES of trading. Specific rules for entering a trade, amount of risk (stops) that they would take on the trade and also the rules for targets to exit the trade with profits. To prove that the student had viable rules they are required to make 20 trades in a row without a loss. So if they have a loss on trade number 5 of the 20 they must start over on the series until they achieve 20 trades in a row. Mr. Douglas wrote his books at the home of Larry Pesavento, who is one of the most respected author, teacher, and trader who has been in the industry for over 50 years. Larry's many books which include his many books on Fibonacci are considered very valuable explanations on "how-to" trade profitably are of great value. I point this out to illustrate the fact that Larry was present to discuss and "bounce-off" ideas as the writing progressed. Pesavento's input directly enforced the "evils of micro-managing" Larry Absolutely does NOT manage his trades. Put the trade on with stops and targets and never look at it again. Larry says, "If I watch the trade, I will screw it up by micro-managing it." To NOT micro-manage the trade you rely on your rules which you used to get into the trade. You stick with those rules. You made the right rule based trade, right stops, right targets and you must let the trade play out to achieve the proper profitable results. The problem is exacerbated by using the wrong stops. Most want to enter the trade with too small a stop. How to pick stops and targets must be rule based and fit the market that is being traded. I say: Stops are Evil. I can prove that stops are unnecessary if one trades utilizing without stops then that alone eliminates most of the temptation to micro manage and ruin the trade. I can demonstate why this true in other threads or posts. For now how often have we put a trade on to make, say 2 or 3 points with a small stop of 1 or 2 point stops. Yes, this is why we see trades stopped out only to go profitable in the original direction and become profitable without us. (You, may say wow, trade without stops -- very dangerous). I can show you why it is not and in fact safer. Hedging methods are the answer instead of using some arbitrary or even what some call mental stops. (Sure, scream out loud "ridiculous stupidity") Option hedges instead of stops eliminate any fears, emotions, and gaping over stops, or danger of market halts. How to use hedges is not hard to learn and use. No excuse not to use hedges. Margins are even lowered which reflects that the risks in the trade are less. (Ask the CME, which suggests margin relief to the brokers. Sorry for the lengthy post -- I consider the OP was really wanting a solution and felt that I should be as clear as possible with the solution. Don't like this then that is OK. Criticize, Bombard, or Question -- not a problem. Thanks.
Here are some interesting facts that may shed some light on "Micro Managing": Mark Douglas insisted that his numerous students and book readers write out their RULES of trading. Specific rules for entering a trade, amount of risk (stops) that they would take on the trade and also the rules for targets to exit the trade with profits. To prove that the student had viable rules they are required to make 20 trades in a row without a loss. So if they have a loss on trade number 5 of the 20 they must start over on the series until they achieve 20 trades in a row. Mr. Douglas wrote his books at the home of Larry Pesavento, who is one of the most respected author, teacher, and trader who has been in the industry for over 50 years. Larry's many books which include his many books on Fibonacci are considered very valuable explanations on "how-to" trade profitably are of great value. I point this out to illustrate the fact that Larry was present to discuss and "bounce-off" ideas as the writing progressed. Pesavento's input directly enforced the "evils of micro-managing" Larry Absolutely does NOT manage his trades. Put the trade on with stops and targets and never look at it again. Larry says, "If I watch the trade, I will screw it up by micro-managing it." To NOT micro-manage the trade you rely on your rules which you used to get into the trade. You stick with those rules. You made the right rule based trade, right stops, right targets and you must let the trade play out to achieve the proper profitable results. The problem is exacerbated by using the wrong stops. Most want to enter the trade with too small a stop. How to pick stops and targets must be rule based and fit the market that is being traded. I say: Stops are Evil. I can prove that stops are unnecessary if one trades utilizing without stops then that alone eliminates most of the temptation to micro manage and ruin the trade. I can demonstate why this true in other threads or posts. For now how often have we put a trade on to make, say 2 or 3 points with a small stop of 1 or 2 point stops. Yes, this is why we see trades stopped out only to go profitable in the original direction and become profitable without us. (You, may say wow, trade without stops -- very dangerous). I can show you why it is not and in fact safer. Hedging methods are the answer instead of using some arbitrary or even what some call mental stops. (Sure, scream out loud "ridiculous stupidity") Option hedges instead of stops eliminate any fears, emotions, and gaping over stops, or danger of market halts. How to use hedges is not hard to learn and use. No excuse not to use hedges. Margins are even lowered which reflects that the risks in the trade are less. (Ask the CME, which suggests margin relief to the brokers. Sorry for the lengthy post -- I consider the OP was really wanting a solution and felt that I should be as clear as possible with the solution. Don't like this then that is OK. Criticize, Bombard, or Question -- not a problem. Thanks.[/QUOTE] Wow, you said it all. Actually the stop thing. I agree completely. Thought of it but never really had the guts. Volatility might be a problem. I will dig into this. Thanks, valuable input!!
Wow, you said it all. Actually the stop thing. I agree completely. Thought of it but never really had the guts. Volatility might be a problem. I will dig into this. Thanks, valuable input!![/QUOTE] If you have "both sides of the market" that is you are long and short the market then this greatly dampens the effect of volatility. Perhaps you would find this the solution to emotions and volatility.
Here are some interesting facts that may shed some light on "Micro Managing": Mark Douglas insisted that his numerous students and book readers write out their RULES of trading. Specific rules for entering a trade, amount of risk (stops) that they would take on the trade and also the rules for targets to exit the trade with profits. To prove that the student had viable rules they are required to make 20 trades in a row without a loss. So if they have a loss on trade number 5 of the 20 they must start over on the series until they achieve 20 trades in a row. Mr. Douglas wrote his books at the home of Larry Pesavento, who is one of the most respected author, teacher, and trader who has been in the industry for over 50 years. Larry's many books which include his many books on Fibonacci are considered very valuable explanations on "how-to" trade profitably are of great value. I point this out to illustrate the fact that Larry was present to discuss and "bounce-off" ideas as the writing progressed. Pesavento's input directly enforced the "evils of micro-managing" Larry Absolutely does NOT manage his trades. Put the trade on with stops and targets and never look at it again. Larry says, "If I watch the trade, I will screw it up by micro-managing it." To NOT micro-manage the trade you rely on your rules which you used to get into the trade. You stick with those rules. You made the right rule based trade, right stops, right targets and you must let the trade play out to achieve the proper profitable results. The problem is exacerbated by using the wrong stops. Most want to enter the trade with too small a stop. How to pick stops and targets must be rule based and fit the market that is being traded. I say: Stops are Evil. I can prove that stops are unnecessary if one trades utilizing without stops then that alone eliminates most of the temptation to micro manage and ruin the trade. I can demonstate why this true in other threads or posts. For now how often have we put a trade on to make, say 2 or 3 points with a small stop of 1 or 2 point stops. Yes, this is why we see trades stopped out only to go profitable in the original direction and become profitable without us. (You, may say wow, trade without stops -- very dangerous). I can show you why it is not and in fact safer. Hedging methods are the answer instead of using some arbitrary or even what some call mental stops. (Sure, scream out loud "ridiculous stupidity") Option hedges instead of stops eliminate any fears, emotions, and gaping over stops, or danger of market halts. How to use hedges is not hard to learn and use. No excuse not to use hedges. Margins are even lowered which reflects that the risks in the trade are less. (Ask the CME, which suggests margin relief to the brokers. Sorry for the lengthy post -- I consider the OP was really wanting a solution and felt that I should be as clear as possible with the solution. Don't like this then that is OK. Criticize, Bombard, or Question -- not a problem. Thanks.[/QUOTE] By the way and since you are getting technical If you have "both sides of the market" that is you are long and short the market then this greatly dampens the effect of volatility. Perhaps you would find this the solution to emotions and volatility.[/QUOTE] Yes true. Yet I only take very precise trades with high odds. How would you suggest hedging on NQ futures? Futures options? ES? For a 10, 20 or 30 point target intraday maybe its not viable, but for big rides yes.
OUOTE (from OP) "Yes true. Yet I only take very precise trades with high odds. How would you suggest hedging on NQ futures? Futures options? ES? For a 10, 20 or 30 point target intraday maybe its not viable, but for big rides yes.[/QUOTE] AGREE. "Only trade very precise trades with high odds" The Hedge is what you are questioning. Yes, the "Proper" Choice of the correct hedge is the Key to success. So what is a hedge? Isn't it just transferring the Risk to another Party to the trade. So yes you can hedge with other Futures or Options or options on the underlying. So you are say Long 1 NQ future and short 2 ATM NQ calls. No need for stops. No need to watch the trade except for 5 mins a day at most. No Emotions, No Micro Management. Choice of hedge includes how long your rules tell you that you will be in the trade. Remember you have determined your Risk (stop) and your Target (profit). That will dictate your choice of the Hedge component. I think you mentioned that you are using the Fibonacci Ratios to determine your risk and targets. If not tell me what you use to determine that. (Stops and targets that are Stupid if chosen arbitrarily as in Risk one to make 3.)