How can I stop being perfect!

Discussion in 'Psychology' started by bat1, Apr 13, 2012.

  1. bat1


    My problem is I will not enter a trade unless I get it at my price

    I got a buy order in at 6 well, it hit 6.02 and took off to 6.94
    that day..:mad: I missed that run up why? I want my trades
    to be perfect! why can't I just buy it at 6.02?

    same with selling I will not sell till it hit's my sell order
    well, I missed it too by a few pennies.. and down she went! :mad:

    Is it GREED that's doing this?

    I took 25k and turned it into 100k but now seems like
    I'm trying to be too perfect at everything and this could
    wipe me out...

  2. ocean5


    Being not accurate or imperfect on the other hand would wipe you alright.So don't bother!
  3. Rob227


    People like nice even round numbers like $6.00 even so there tends to be more orders stacked around them which can lead to a group of stops being hit if the round number breaks.

    Why don't you just mix it up a bit and try and fill your order a few cents away from the even number.
  4. You should reward yourself somehow every time this happens. Waiting for a perfect setup is something very few can do. You did well. Keep it up.
  5. cornix


    This may be not you being too much a perfectionist, but either of two:

    1) Round numbers often get tested, but trading is not an exact science, so "test" is more an area, than tick exactly at the desired level. Adjust your tactics to consider this "area" amount typical for your instrument to be used as a "buy zone" or "sell zone".

    2) If you believe everything is already fine with your entry tactics, then forget it. Simply happens, we don't always get filled at the desired prices, so what? This is marathon, not sprint game, one trade is just one trade, no biggie. :)
  6. Psychological deficiency from reacting and buying at a worse price than originally desired especially when right.

    You need to overcome that.
  7. For exits.....Here is one way to handle it.

    One of my partial targets right now just got missed by a pip or 2.

    Normally I tighten stop once partial target is hit . In this case, if it misses by a small margin and starts going back up, I'll tighten stop prematurely and let market take me out if it decides to retrace further.

    If you do all in all out, same concept could apply if it's just shy of your target, tighten stop.

    For entry, I usually give my self a 2-3 tick chase rule . I'll pay up if I like the setup enough and exhaustion is clear.

    Different strokes for different folks of course.
  8. I believe psychologically you always get what you want, read market wizards' Ed Seykota.
  9. _PD_


    Seek precision; expect errors.
  10. Seems to me like if you want to use this level of precision in entering, you need to enter after price has gone through your entry price in "opposite direction" and is now coming back, i.e. if you want to enter at 6, you need to set up your stop limit buy order when price is under 6. Then, it will be a matter of how liquid the asset is as to whether or not you get in. You can't be entering limit orders at 6 when the price is at 6.33 and expect them to get filled all of the time. The market just doesn't work that way, for whatever reason.
    #10     Apr 13, 2012