Really appreciate the thread as I've suffered (and still do here and there) greatly for the lack of focus thing. What has really worked for me was restricting my trading to 9:30 until 11:30 (or when last trade entered prior to 11:30 closes), and from 2:00 until 4:15. Trading ONLY those hours has 1) resulted in much less overtrading 2) helped me focus MUCH better when staring at the screen 3) allowed me to refresh doing whatever in the intervals. No question my results have shown tremendous improvement since implementing these changes. Ansare
<i>"I hated standing guard, but it sure teaches discipline and patience."</i> When in hostile territory, how well you perform while standing guard can have life or death consequences. The same applies to your trading account balance while standing vigil in the charts each day. Warm-blooded predators like lions, other felines, canines, birds of prey, etc may spend hours in a location waiting for their quarry. While there, they are constantly breaking concentration by moving around, changing their gaze from near to far, playing with each other, etc. That's akin to watching a larger time-frame "anchor" chart. The warm-blooded predators instinctively know that fresh eyes and mind notice change much faster than senses dulled by a constant stare. The very moment any potential prey comes into view of warm blooded predators, their whole demeanor changes. They immediately shift from idle distraction to laser-sharp focus for those brief periods in time when action is on the cusp. That is akin to watching the smaller(faster) chart once pending trade setups are visible on the bigger chart. Cold-blooded predators like snakes, lizards and frogs can remain fixated and motionless for hours. But we are not reptiles, and we cannot replicate what they do. We focus and concentrate best in brief bursts with frequent breaks to refresh our eyes = clear our minds. It's amazing how much different the charts can look just four minutes later after taking a brief walk from one room with screens to another without. If you haven't tried it before, you might want to.
Very true! I highly recommend that you develop a two pack per-day nicotine addiction, and then make sure to trade in a room where smoking is prohibited! An added benefit is that nicotine really does enhance concentration, and also steadies the nerves. Then you can just buy yourself a nice fresh pair of lungs every few years, as needed.
<i>"Very true! I highly recommend that you develop a two pack per-day nicotine addiction..."</i> sidelined rabbit-trail alert: I smoked cigarettes from the time I was 15 to about 21. Then I quit and replaced that habit with another... fitness and exercise. Along the way I drank like a fish and experimented with a number of other chemicals, natural and manmade. Fast forward 20+ years. I quit everything long ago except for the occasional drink. I never missed any of the other recreational drugs, not for one moment. If I never had another beer or glass of wine, it wouldn't be a big deal. But the cigarettes were a different story. It took more than ten years for the urge to completely go away. Even to this day, twenty-some years later I still have an occasional dream where I'm smoking again and horrified to learn I fell off that wagon. Is there any concocted drug known to man that is more addictive, destructive AND legal? If tobacco were introduced here to the U.S. in the 1960s instead of 1600s, how would it be classified now? Sorry for the off-topic diversion. It's raining outside, and I'm bored. Back to your regularly scheduled programming in this thread.
I think multi-tasking is beneficial. During trading hours, I do my daily exercise routine and some light cooking for lunch, while watching the progress of my positions. Trading is the highest priority so if necessary, I interrupt the other activites to get back to trading. My winning percentage is running at 90% and I ahve been in the black for the 4 months of tradiing. Multitasking forces your mind to refresh and reset itself. I watch Bloomberg (not CNBC!), especially during exercise period.
But its a good thing you started it, for your own betterment (ha, is this even a word?). No one likes opening themselves up to reality but really, its essential to getting out of the rut you find yourself in. It takes courage and the ability to put your pride aside and admit that you need to improve. The way I've always approached the market is that I am owed nothing and if I want to get good, I have to fully commit myself. That meant not going out on weekends to save $, it meant spending hours each day after the close to go over, bar by bar, what transpired and what I was thinking and feeling during those moments. It meant total immersion. The thing I always tell people who ask me if they should get into trading is that you must be passionate about trading. Trading must be so important to you that you are willing to sit for 100's and 1000's of hours (w/o distraction) and learn. Then make mistakes and be willing to go on and correct them even though you may not be making money for quite some time because you know deep down, you CAN do this and you WILL do this. You'll find your solution when you really buckle down and find what's important to you. If trading is your passion and you give it it's proper due and attention there really are few reasons why you can't make it work for you. It all boils down to what you are willing to commit and can you stick to it.
Ohhh...so true Steve! So true. You have to want success so badly you are willing to make major sacrifices to achieve it. Some people go to medical school because all they ever wanted to do was become a doctor, others law school for the same reason. Me? All I ever wanted to do was be a trader. I remember back in 1987 watching some guy sit on the stairs to the pits with his head in his hands and abondoned trade tickets all around him. At the time I had no clue what his troubles were but all I could remember was I wanted to be a trader from that day forward. Many years later I learned all too well what troubled him but I rose from the ashes, probably the same way he did. You really have to want this so badly that you're ready to put on a full committment and make many sacrifices. Good fortune comes to those who work the hardest. Study the market until your eyes hurt!
That was an inspiring post! The thing that hit home, is that what you just said, describes me. I always refer to trading and the markets as "my passion". I breathe trading. It's on my mind from the second I wake up, till I finally fall asleep after laying in bed thinking about trading for hours. Everyone that knows me, knows that I'm basically "obssessed" with trading. I'm 25 years old, and an Air Traffic Controller at LAX. I make 6 figures already... it's not about the money. I have succeeded in ever single thing I've ever put my mind to, except trading. I don't care how long, or how much money it takes.... I WILL SUCCEED!!!! The crazy thing is that I already know this, there is no doubt in my mind. I feel as though I'm still in the initiation phase, earning my right to be a successful trader. I will join the ranks though... one day. Thanks for the uplifting post and please feel free to post more.
Some of biggest improvements in the last year came from doing the things I like to do least, take detailed notes and stats on everything real time as they occur. How did my set up work out, what was I thinking, how am I feeling at that moment. Why did I take this trade? Because I am bored, revengeful, or is it per plan? If you trade a discretionary method at all you better be sharp at the moment you make a decision or donating to the market. I have columns in my spreadsheet for just this info. What reason did you take the trade why did you exit and so on. How far is the max move compared to my exit. Austin brought up a very good point on stats. He noticed often he would make money in the morning and give it back in afternoon, so he doesn't trade as much in the afternoon makes more money and has more fun. How great is that. Here's the key thing I noticed on distraction that has helped me change. I wrote done all the signals, that worked, the ones where I was there vs. doing something else and compared the results. A big $$$. That result caused me pain. That pain led to a change in action. Am I now perfect heck no! But I definitely better and see my weaknesses in black and white. I couldn't agree more about being passionate about trading. I heard it said recently, trading, the hardest way to make easy money. So true. If you trade futures as I do, small changes make a big difference due to leverage. Keeping those stats/notes detailed makes a big difference. As you get better at trading it gets more boring, that's normal.
Most successful traders I know have all kept a journal, outlining the subjects you've covered. Many people think they can just learn from their mistakes by memory, but I'm a strong believer that by writing everything down, you'll have a clearer picture while reviewing your trades and be able to piece together psychology and emotions to discover you're strengths and weaknesses.