I tested my system, it works. I find good set-ups and set targets that are reached 80% of the time!!! But I have a hard time entering a trade at the time when it sets up right. I am afraid it won't work and most of the time it does work. Anybody having the same issues and knows how to deal with this? Thank you.
Quote from another thread: "Take a shot. Use a stop." (Emphasis on the 'use a stop' part.) Consider the amount of $ to your stop as part of the cost of doing business/finding out if the trade works. (Accept that there IS a cost, as with all business ventures).
some how you just have to convince yourself that you don't care about the money, that the money you are using isn't really money and just do it. If the money doesn't mean anything, than what do you have to lose. but please, before you make any trade know in advance where your stop is going to be and don't change that for any reason especially at this stage of your new adventure.
Well if your hitting 80% of your target and you can't pull the trigger thats a issue. You must be able to pull the trigger and execute a exit plan 100% of the time to be a successful trader. Stops are a must unless your out of the stock in under 3 minutes.
Is your system mechanical? If not you're probably suffering from a condition that I battle from time to time: the yipps. The yipps, in case you don't golf, is a putting condition where you get so anxious over where the ball is going to go that you jank up before you hit it. It's typically from a fear of blowing it past the hole. I get it solely from futures. I don't "yip" when trading forex or stocks; I have no idea why this is. You have to tell yourself the same thing a golf instructor would say: swing smoothly and keep your head down. A mechanical system would probably help aleviate the yipps, but you may still be tempted to second-guess your entries from time to time. I only yip my entries, never my stops.
I get that way sometimes. I am almost exclusively a discretionary trader. I have a few setups that I like to enter and sometimes I get the "yips" pretty bad. The only way that I overcome it is to finally say f**k it and put the trade on. The ironic thing is that usually the harder it is to pull the trigger the better the trade is. Of course I always use a stop and proper position sizing so just in case I don't wipe out.
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% Key-ser; Do You have a well researched written business plan for years ; If for example you are trading to big, even an 80% rate could put you out of business ????? I have had trouble in the past hitting my trailing stops in a timely manner even with plan ; writing mental stop down part of my business plan can include daily checklist of scale in /out, depending & requires a check mark to work my plan. Also my written plan for YEARS requires me catching part of the move; also would practice including making moves practice practice practice practice till i got it right including speaking the result. DO NOT KEEP repeating the problem verbaly; keep speaking the desired result and i work closer to 80 hours per week for YEARS -NOT 20 hours a week. I am assuming your 80% hit rate targets runs long enough to cover slippage & commissions which may or may not be true. Chinese laundry say no ticket no laundry; no plan , no proft. The plans of the diligent tend only to advantage- Solomon, trader-king
I use to have that problem occassionally I still have this problem but not much lately at least for this year I have manage to pull all the trigger. The first thing I tell myself when I have a setup is "this is going to be a losing trade I am going to get stop out on this" I EXPECT to lose on this trade but I don't HOPE to. There is a different between expectation and hoping. I HOPE to win on this trade but I don't expect too. When I lose I am ok as I expect and prepare for it. When I do win I give myself a pat on my shoulder today is a bonus day for me since I expect to lose. Tomorrow I will start all over again expect to lose but hope to win
Feel the fear ... and ... do it anyway! Just kidding! There's a good reason why you're experiencing FEAR right before pulling the trigger. I don't know what that specific reason is, but I bet YOU do!