Hi all! I work full time and swing trade on the side, after having some gains, I am feeling afraid to trade and have been procrastinating. I dont want to give what I've won back. Since trading is not my main economic activity I sometimes feel I'm wasting valuable time. This is not really the case since I'm planning on becoming a full time trader some day and I really have a burning desire to evolve as a trader. It is mostly procrastination and fear that keep me from being more disciplined with my trading. I just wanted to hear your comments and suggestions. Thanks!
continue procrastinating it will pass... , or not.... trading is a discovery of what one is... a lot of people love money too much , or too much concern of making a fool of themselves... the man in the battle at some point stop caring if he is going to be killed, and that is a dangerous man same imho goes for the trader
The bad news is, for most of us trading full time would not have been possible without some measure of personal development...that's also the good news. Specifically I used meditation and Chinese martial and health practices to help develop the qualities needed. As a day trader, such qualities are magnified. One needs discipline, focus, patience and courage....get to work.
S.O.H.: Sitting on hands. One of the most valuable skills a trader (or investor) can have, is learning not to trade when their work ethic (or a need to generate revenue) demands otherwise. If you do not have a trade for which you feel comfort and confidence, then don't trade. If you feel comfortable with the risk at play, and the reward that may be realized, then you will trade. Don't say, "I can't trade." Rather, "I can't trade because,....." and figure that puppy out.
This will get better over time, if you try. Risk tolerance - very related to one's personal belief and up bringing... relationship with money.. are you trading too big positions. Risk tolerance needs to be trained... overtime you can stomach bigger ups and downs... it's just a number in the account... don't relate it to everyday items like cars vacations houses etc... To gain you have to learn to give... donate to charities, give a few bucks to every beggar you see... you will have a whole different perspective about money, you will feel how fortunate you are compared to the less fortunate.. you will look at money with less and less significance... it will no longer control you, and you will have less difficulty to pull the trigger.
The fact that you have another income means this is a great time for stress-free training. Assuming that your goal is, as you say, to "evolve" as a trader, cut yourself a break and trade at very low volume. Make it a positive exercise, and not a negative stress. Put more emphasis on your logs and training at this point, and less on your equity curve. Good luck.
a rarely read or comment on thoughts of others, but this time i read and in light what others said i think i need to clarify my own post above you did not win anything , you stole ... you stole money from the table of the market money does not belong to you because you concisely or subconsciously know that you have no idea how to trade, that's why i called it stealing those who win they know how to trade, and they do not afraid of the market you afraid because you know that the market will take from you the stolen money and more so all the talk here about saddling when afraid, about discipline etc, about knowing went to fold its not meant for you... for you first and foremost realization should be - you have no clue ! and that is the real reason of you procrastination admit it to yourself, you soul knows it... now have the courage (that where you need the courage) to admit it in your mind what next ? well, when you admit that you afraid to enter the trade because you realized that you do not have a clue then it takes a discipline not to enter the market until you will have a feeling that you have the clue how this felling that you know what to do will come to you? you have to develop the method... and when it will be developed the procrastinations will be long time gone you may develop it in 10 years, or may never develop it what's then? then have a courage to admit that you still a sucker, and a discipline (that's where discipline is used) not to play a game in which you know that you a sucker
Pick a strategy that you think will profit you over time. Trade "don't care" sizes until you are comfortable with the strategy. This will take some time (maybe a lot of time), but then, procrastination does too.