Here's my .02 - MORE! Specifically, you will need: more pain, more loss, more self-condemnation, more planning, more practice, more time, more accountability, more method refinement, more discipline, more funding (probably). What you need less of: time frames, indicators and opinions of other traders - this is a journey that is very deep and personal. I mean this with all the empathy and compassion possible - empathy because I have been and in some ways am still going through what you described - but let's face it, it takes longer to amend a problem than to create it, usually. Part of how I broke the cycle was that I picked only one entry and traded just that for a while until the feeling of impatience passed - it took a few weeks. I'm curious - you stated that you read Douglas several times - did you ever try the live trading exercise he recommends? "Thought without action is wishful thinking" Best Wishes, Paul
I think it was in one of the Schwager Market Wizard books where he interviewed William Eckhardt, and to paraphrase him: "If you know what you're doing wrong, stop it. If you have no idea why you're losing money, then it's hopeless." It makes total sense to me, but I have seen a lot of traders and clients who had gambling problems or addictions. They seem to live to click the button, much like playing the slots at Vegas. If you're mostly having problems with intraday breakouts of triangles, for example, you could either fade yourself, or adopt a different method to trade a potential breakout, but the bottom line is that there might be a "fear of missing out" mindset that you might want to explore first?
Heres a good read from TradeTheMarkets 40 BITS OF WISDOM http://tradethemarkets.com/index.ph...=32&change_well_id=2&cat_free_id=1444&reset=Y Perhaps try reading this every morning. Good Luck....
Bwahahahahaha... Gawd... loooohhhoooozzzzeeerrr... You "tried" NLP stuff ... "trying" to reprogram yourself... Impulsive in life... Don't act like you have it all under control... it's obvious you're still working on it and hoping that it's "your" problem to solve...
No one has fear of "success"... it's just that you and zorro can't tend to admit that you suck at grasping the market. You can't admit your flaw of skills so you look at your emotions for an excuse for sucking bad... C'mon... these answers are obviously stupid...
Well, let's make it simpler for zorro and some other fake mofo's... They don't have a plan. They haven't put enough time towards research and turning that lack of dedication into some psychological issue. Simply, zorro and a few others(most... LOL) commenting in this thread doesn't have the required commitment. LOL... this is one stupid ass thread about a loser who can't admit that they are not special and there's nothing superstitious about trading. You need the prior "realistic" sacrifice to trade, no matter what. ... Trading psychology is BS... in most terms... Do you expect successful traders to talk about trading psychology? No they won't... It's just the way it is... Actually, people who don't give a fuck about it makes more money... Seriously...
Great post What you have suggested allows many losing trades and a few winners and one will come out ahead. But I do believe if the stop is too tight many trades will be stopped out ,that with a slightly larger stop would have been profitable. Enjoyed your post.
... I love your last point... Obviously, most of the guys ever tried Douglass' things... It's so funny how they read these Psycho-BS and tend to re-affirm their problems and think it's a great book because they mention what you are "chosing to go through"... but they don't do jack shit about it. I really recommend most of the guys in ET to watch Dr. Phil. Seriously, I like what Dr. Phil's gotta say about choices.
You have to figure out why you take these trades. It may be that you just love being in a trade. If that's your problem, maybe you can help it by having a choice of several things to trade. If you are watching 3 or four things, at least you will select the least crappiest trade out of the bunch.
Nothing really wrong with getting in impulse trades, it's when you know that it's not looking good and you go into "hope mode"... You need to know when something is turning or different from what you anticipate and get out at a negligible small loss.