Discussion in 'Psychology' started by msn, Jul 20, 2009.
When I should make about 20 trades per day I am making about 100...
How can I learn to be patience??
Without ur trading signals, there is no real way to answer that.
U can try a filter, or u can try widening ur time frame.
I don't think one can learn patience, but here is an exercise that might help: visualize commissions.
Put a shitload of 1 dollar bills next to the computer. Anytime when you make a trade, take out the commission and throw it to the litter bin. After a while you will see just how much money you are wasting by overtrading, although your profits don't increase with the increased number of trades....
higher timeframe, maybe?
Try limiting yourself to a specific number of trades for the day. You might find yourself becoming more selective.
automate and sleep during RTH
thanks a lot I'm going to try some ideas!
Go for a week without making one trade. Observe and learn which trades you should take.
Week two, take one trade in the morning and one trade in the afternoon. Observe and learn which trades you should take.
Week three, take two in the morning and two in the afternoon. Observe and learn which trades you should take.
If that doesn't have some affect, quit trading . . . if you have to "force" yourself to trade less, you have no idea what you are doing apparently.
Of course, you could trade with real money . . . which will rid you of your habit the hard way --> money runs out.
In a training seminar by Don Bright in Las Vegas he gave the following example that helped me trade less.
"A rookie trader is like a weekend gambler sitting in front of a slot machine. He has a full bucket of quarters and will keep playing until the bucket is empty."
Don't trade just because you have quarters in the bucket as if you are playing a slot machine.
Keep a journal and score your trades, give points for trades according to plan and subtract for impulse trades.
"You get paid for your discipline..."
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