"Friday Paralysis"

Discussion in 'Psychology' started by tomahawk, Jul 24, 2009.

  1. Yes, you are a NOOB! You NEVER EVER EVER cut yourself off to the upside, only to the downside. That is, if you only take your method trades, you keep going until the day is done. If you run into a day where you can do no right, you then should shut it down and watch and learn and figure out what was different and really analyze it.

    I've got almost a decade and a half experience daytrading, I don't mean to sound condescending but this is what I know from many years in the game.

    #11     Jul 24, 2009
  2. I agree with you to a certain extent but I also think that having concrete goals in mind when you are trading are essential. Sometimes you need to hit your target and get the hell out of the casino if you know what I mean.

    My opinion is daily goals are too narrow but weekly and monthly are not. Besides, if you find that you are consistently hitting your profit goal and leaving money on the table you can always increase it. That's what you call a "rich man's problem". :)
    #12     Jul 24, 2009
  3. Haha, one of my first notes in my trading journal was "YOU DO NOT HAVE THE MIDAS TOUCH, ASSHOLE"

    I found myself after a few wins I would do something I regretted, thinking I had the hot hand or something.

    I have nowhere near R's experience, 2ish years intraday under my belt, but for a while I needed to reign my emotions in after a string of wins to be sure I dont mess with the formula or decide to relax the rules cause I think Im some kind of omnipotent force in the markets.

    #13     Jul 24, 2009
  4. I'm curious R., do you trade auto or discretionary? Makes sense what you say, most definitely if you're automated.

    Appreciate your sharing your experience.
    #14     Jul 25, 2009
  5. I have "coulda, woulda..."'s every day. Fridays I find it easier to let them go, which is further evidence of the problem.
    #15     Jul 25, 2009
  6. Fear is definitely a killer, no question. I think for me the Friday thing is just as much about complacency.
    #16     Jul 25, 2009
  7. I'm not automated but my trading might as well be. I use very little discretion now. Every setup that comes, every trade taken has specific courses of action depending on what occurs after entry.

    I have thought about pursuing that avenue (automating) but am very hesitant to let anyone near my proprietary info.

    #17     Jul 25, 2009