For the past few months, I've been experiencing what I consider to be a rather silly as it pertains to my trading. I find myself hesitating to put on trades, despite having done my homework and reached a solid conclusion on the probable direction of the market. What's really ironic about this whole thing is that I'm usually right, but nevertheless, I hesitate still to act on it. Then I watch as the market moves on without me. I've had this issue before and thought I had it worked out but it seems to have come back with a vengeance. I'm racking my brain trying to get to the root cause. I've constructed a discretionary system with a high win rate. Not only that, all of my trades this year have been profitable yet I've been having this issue for the past few months. I would've thought that the successful trades this year would have given me the confidence needed to make each trade easier to take. I'm entertaining the idea that there's a part of me that doesn't want to be successful and is pulling me back to my old comfort zone. I trade the futures market and my trades have been known to put a few thousand dollars in my pocket over the course of 1-3 days and I'm not used to that being that I come from a lower class background. I've constructed a system and plan that will get the results that I desire, but when I reach a certain point, there's hesitancy to pull the trigger. I REALLY need to get past this and get the results I desire so I'm willing to hear any honest, unbiased critique. I'm also willing to do whatever it takes to resolve this issue. I haven't worked my butt off studying the markets, back and forward testing for all of this time only to not trade the system in most cases. Hold no punches in your critique.
I offer this post as something that may help you work through. I have/keep alot of digital stuff. This one comes from a folder I call Psyco Snips. This snip came from ET, somewhere, someone, some time. I take no credit. FWIW, I am a FT futs trader, never had the hesitation problem, but one of my built-in demons is perfectionism (losses, partial profits, bad entry/exit, too much/not enough size, why should I, etc etc ). Take a sheet, or several sheets, of paper Draw a line down the middle Left side â label âIssueâ Right side label â âBecauseâ example Issue; I am afraid to enter/ take trades Because; I donât know the outcome I donât like losing I am afraid I am nervous I donât know if this is the right trade I donât trust what Iâm seeing I donât read a chart well enough I donât know where I will get out Etc⦠etc⦠After you've written down every âbecauseâ you can think of Take each of those because(s) and do the same exercise â (list it under issue / then list its becauses) Do this till you can drill down no further on each of the initial becauses The last thing you write is the root issue..., and what youâll need to resolve first..., in order to fix the rest take your time - think through it - be honest - write down each because until you get to the root cause - fix the root cause Doing anything less than this entire exercise thoroughly - is a temporary band aid â and it wonât last for shit (I know this)
MT See this thread http://www.elitetrader.com/vb/showthread.php?s=&threadid=204587 specifically see the question and answer from JoshDance & Bigsnack "I'm not used to that being that I come from a lower class background" I recommend you have a look at some sports psychology books that go into depth about visualization techniques. Have a look at the book The way of the champion. http://www.amazon.com/The-Way-Champion-Lessons-Wisdom/dp/0804837147 Gary Leffew Bull Riding Champ interview http://www.npr.org/templates/story/story.php?storyId=4605045 Gary Leffew Bull Riding Champ Visualization is a very important concept. What you repeat in your mind becomes reality in your mind, worry in â that outcome will eventuate. Positive visualization in & thatâs what you will get out, the mind cannot tell the difference between imagined scenarios and real ones, so keep running and believing the positive scenarios. You must visualize in vivid detail. Our thoughts become reality, In the words of an ancient samurai warrior âexpect nothing yet be prepared for anything.â - The way of the champion
Self doubt has been the ruin of many a potentially successful person. In many cases it comes from believing you're lucky rather than skilled in your profession. It's common to hear from your loser friends that you're just lucky. If, and I only say if, you are surrounded by losers who happen to be old friends, find new friends. Ones that are like minded and successful. You are who you hang with. You must ask yourself, have your profitable trades been based on dumb luck? It's a legit question, especially in a raging bull market. If the answer is no, carry on. If the answer is yes, you still carry on until the luck runs out. You trade or you don't pal. In the end plenty of skilled traders still get their heads handed to them, and plenty of dumb luckers end up filthy rich. Just make the trade or find something else to do.
Traders block or lead paws as my old buddy used to call it affects many. Scale down your size and take notes on every trade over a set sample size so you can see what the exact probability is. This may help as well. http://www.webtrading.com/phantom/chapter13.htm
1) desire to not pay income tax 2) avoid being bothered by friends, relatives who want to borrow money from the rich guy 3) stress of being long if a nuke goes off 4) stress of being short if a nuke doesn't go off all these are reasons not to trade (c)2014 Stock777
:eek: ================ OP Uncertainty is certainly a bitch (which is possibly an oxymoron ) Any who - work to get yer head wrapped around the completely uncertain environment we're required to operate / thrive/ succeed in Then trade accordingly Initially coming into this realization can be very debilitating for a time For the record - none of us ever know..... till afterwards and the dust settled Successful Journey Sir RN
Are you really opposed to success? If so, why did you work so hard to learn to trade? I wonder if, instead, the name of this malady is simply Trading Too Big or Not Truly Believing in Your System. Identify the amount that you don't mind losing, then start trading that. After some time, with success, this amount should rise. Add capital and repeat.
Is the doctor in the house LOL Well, it all started when I was just born, I though hmm I'm stupid and then........................... Longest Post ever, okay but seriously, I think I'm a male lesbian, but seriously....... I've got a method, which is calling all the tops of the market in a down trend, for damn near perfect entries and tight SL's, which IF used would make big ticks/pts/whatever, but all I play is counter trend stupidity which keep going against me making me average down and exit at a BE / profit point, but sooner or later 1 will wipe me out. How do I get over this, started to trend trade recently, none of them really went well typically, which doesn't help. So be mean and hit me with your best shot, can't afford to blow account!!