how do i prevent making same mistakes?

For index futures trading I have found the exact opposite of this to be true.

 

Just for the record and to avoid a pissin contest – I PM’d OW77 my suggestions


If he thinks them bullshit – I asked him to call me on it

If he thinks them of value – cool


Truth never hurt a trader….


RN

 

Would you mind PM'ing them to me or posting in this thread for everyone to see?

Thanks

 

thanks for the good idea. using the replay function will be much more useful along with my crazy monologue. i talk (ok, scream) aloud all day anyway. it will be embarrassing 'witnessing' my stupidity (my user name was chosen for good (BAD) reason)- may even help.

thanks again for the original (to me, anyway) idea...

FT

 

Yes Redneck, post them up.
I found your advice to always be top notch!!

 

If you can't follow a trading plan you should not be trading.

Either get your act together or quit.

 

Here it is – straight as I sent it to him and Mindtrade..


Hey OW77

So as to avoid a pissin contest on your thread I decided to PM you


I have 3 ideas – hopefully one will work for ya


1 Try listening to Baroque music while trading (it is a type of classical music designed to calm and center the mind)


2 This is a more expensive option but at least 3 traders on this site are using it with success – one of them shared it with me… (Do a search for Centerpointe “The Holosync solution” – Awakening Prologue) It’s a CD you listen to – to help calm and center you. It puts me to sleep… And btw I listen to it everyday after trading to help reset my mind… some nights I go to sleep listening to it… BTW It isn’t cheap – but what is in this business…


3 Now back to the tape recorder (I recommend this above all others)

Write down about 6 - 8 positive sentences about yourself, about how you want to stay in a trade, about how you are a trader, about how you love and trust yourself….. but also include a statement or two about how you will exit a loser immediately once the setup fails


Then record yourself, in a calm..., reassuring..., but firm voice, while reading the sentences out loud

Now you have a tool to use, to rely on, to calm you in time of strife… and it’s you…..


Okay now place the recorder on loop and listen – to you talking to you…

Do this several times before trading… redo the sentences if you need to – till they make sense, and are believable – to you…., You trust them – as you trust yourself (you’ll know when you got it)

Some nights go to sleep listening to it…., some days play it while you’re relaxing, exercising, or whatever…


Once you’re comfortable with the message, with your voice, with the fact you can trust it completely…

Begin to listen to it while trading, focus on your message especially at those times when your mind becomes noisy, or unbalanced..


You may need to re-record the message a time or two to get what you want, or modify it as you progress… No problem… it’s a tool – custom fitted to you…, by you…., for you…


Please remember to also include sentences about exiting losers also, and anything else the perfect trader of you needs to be, have, think about, or do while trading

And also remember to use a calm, reassuring, and firm voice when reading/ recording the sentences

If you have any question ask – I’ll do what I can to help…. And as always if you think I’m talking BS – call me on it


I was in the same place as you are now – I have used all these at one time or other (and still do) to overcome/ keep on top of the mental uncertainty/ noise the mkt causes us


Much Success to you Sir

RN

 

I think FB123's post is very good as I think part of the problem comes with size.

Here is my story.. I am still in the early learning stages of trading. I nearly blew out my 20k account trading futures but have managed to build it back up to 12k. I have been profitable lately trading ES and NQ but I do have a problem letting my trades go to target. Reason I agree with FB is because when I buy or sell NQ due to the tick value being less I hold the position longer. Some of my best gains have come from that.

I do a lot of scratch trades in ES where I will take a tick or two instead of letting it go to target. I find my best trade is usually my first trade of the day since I tend to hold a while longer to either be right or wrong. After that if I have a gain I am scared to lose it so I piss around and take a tick here or there and often give up much of my gains.

I am thinking about starting a journal on this site.. I have finally come to the point where I do not lose money trading which is a big step for me as I was very self destructive when I first started.

Thats it for now! Thanks for listening...

 

Your trading plan should be simple enough that anyone can follow it.

The plan should have a set up that gets you into a trade and an exit strategy that takes you out.

Don’t you trust your plan enough to follow it?

 

fwiw

Back in the day - I trusted my plan fine.. But I did not trust me.. (eta and my mind would run wild)

Now I trust me completely... (eta and I remain totally calm throughout each day)

RN