Mmm. I have the same problem and find it hard to solve. You have to differentiate between getting the trading signal and when to enter (entry signal). Not every signal is tradable. It's is very hard to get a signal and not to enter right away because we're excited and have been waiting whole day long for that perfect setup... I have to force myself to wait, there usually is a better price. If I get this better price chances for a winning trade are increased very much. If I am not able to get the better price I should not enter. Easier said than done. Your indicators may tell you to buy, you know where to place your stop. Look at where the price is at that moment and wait for a good discount. There always is one and usually better than you think. You may even try to enter where you normally would place your stop. Or just the trading signal minus some ticks. If you don't get the trade forget about it and wait for the next setup. I noticed by the way that if my trading signal is triggered by a relatively large pricemove it's better to wait for price to fall back and not forget to watch how far it falls back. Sometimes it will even generate a signal opposite to the first one. Also large pricemoves usually come in waves so nothing may happen for a while after that, which is not what you want if you just entered a trade. Actually I think there's a certain average period when the average (=losing) trader becomes impatient. The smart traders wait longer. So far I have not been a very smart trader. regards, Ivo
I think that if you cannot concentrate you do not yet have a method that you know works. I really believe that if you have something you know works there is nothing in hell that is going to distract you.
The short answer is that you clearly do not know enough about the market you trade in and you are unwilling to devote the time, study and research to find out more. You will destroy yourself and you don't even deserve to wear pants in my presence. Turn off your computer or I will eat your face. --- Cheese Cheese, I think you should put this in your signature and just hit . then ::submit reply:: when you feel the inkling. Saves time typing.
Just my .02 FWIW...... I can't believe there are "traders" here that state they have a hard time paying attention and let the internet distract them. To me this is simply not taking your trading attitude to the next level, plain and simple. When you have a plan and are confident in the plan and your ability to execute said plan, then the I found the only natural thing to do was to approach trading as a business. Are you trading as a hobby or business. The attitude/mindset of this is critical and totally different with each. As many have already stated, maybe it's not so much your attention span, but the underlying methodology you are looking to employ. Maybe really not confident in your abilities or plan? I don't know, but only one person can answer these things, YOU. "To thy own self be true.", maybe you're finding something out about your true self and just misinterpreting it. Who knows? Good Luck!
If you can automate your entry system, then don't make any entries by hand. One of the things I've done recently because I don't have the time to stare at the screen (still working the day job) is to let TradeStation make my entry. When it does that I hear the "Order Filled" voice come over my speakers and I immediately turn to the trade machine. I had the exact same problems you have. I have never been more profitable than I have been using the above method. Not saying I am hugely profitable, but this has made me consistently profitable which is building confidence and making it easier for me to relax when a trade does get entered and also keeps me from making stupid entries.
I suggest you switch to swing trading. Just about everyone thinks that they want to be a day trade. Why? Cause it sounds sexy down at the local pub when you're trying to impress someone. Fact is, the vast majority of people aren't cut out for day trading and will lose money even with a profitable system. Why? For the exact reasons you have stated. When it comes to trading you're either a day trader, a swing trader, or an investor pretending to be a trader. Which one are you? Be honest with yourself. All three can be profitable given the right personality match. All three will be losers given the wrong match.
this could be lack of passion and determination...boy it is already hard if u dedicate uself to the max, imagine if u take it that easy how much of a chance u got at this.
It depends on how much your points/pips are worth. For example if an fx traders pips are worth only a few dollars each, then they are probably not going to focus as much as if there pips are worth say $100 each. When you know that the trade your going to put on is going to net you a few thousand dollars in a few hours, you are going to be very patient and vigilant at the same time.