Good advice, but i was serious about the phone phobia. My method testing hasnt broken down in 18 months plus, from 8-10 different starts and a couple of dozen worst case scenario breakdowns, compounding at an absurd rate. (congrats to grob, for pointing out you should be getting these kind of results, testing or otherwise with extensive experience) Ive even posted a few calls here, just to prove im not imagining things. But can i back my judgement, and make a phone call? noooo, thats just to difficult.
good comment nononsense... when I first began many years ago - Chiacgo trader friends would ask me why I was so "fearless" in holding such large positions overnight; a former MM buddy who now trades very successfully off-floor used to say he was always respecting (i.e. had a healthy rational fear) of the markets This was a guy making 100-150K each year, year in-year out trading only ES and SPX mostly in the a.m. from his home office and he was totally in awe of the market's power to ruin him . In my case, the truth was --- it wasn't that I was "fearless" - but rather a naive newbie who had just started trading-- and didn't have the requisite respect for the power of the markets. So the title of this thread should rightly be changed as follows: HOW DO I RETAIN A HEALTHY RESPECT FOR THE MARKETS YET STILL ENTER MY POSITIONS IN A TIMELY MANNER IN ACCORDANCE WITH PLANS? Ice
good comment nononsense... when I first began many years ago - Chiacgo trader friends would ask me why I was to "fearless" in holding huge such large positions; a former MM buddy who now trades very successfully off-floor used to say he was always respecting (i.e. had a healthy rational fear) of the markets This was a guy making 100-150K each year, year in- year out trading only ES and SPX mostly in the a.m. from his home office and he was totally in awe of the market's power to ruin him . In my case, the truth I wasn't that I "fearless" - but rather a naive newbie who had just started trading-- and didn't have the requisite respect for the power of the markets. So the title of this thread should rightly be changed as follows: HOW DO I KEEP A RETAIN A HEALTHY RESPECT FOR THE MARKETS YET STILL ENTER MY POSITIONS IN A TIMELY MANNER IN ACCORDANCE WITH PLANS? Ice
================ SBN ; 3 questions/''position trading'' 1] You are making progress, more so than some thinking ''nothing to fear but fear itself-''President Roosevelt Bullspit on that, there is danger on Interstate highway & danger of blowing account up. Fear that, stupid if don't!!!!!!!!!!!!!!!!!!!!. Trade very small till fear turns into caution, like more experience helps driving on interstate highway @ rush hour. 2]You don't [do NOT ] '' know ''; you may with experience, have a plan with good probabilities. Stops are necessary cause you[me, all] don't know for sure. 3]Wisdom is profitable to direct;until you have traded much more your feelings don't mean much, in a business sense. Years of 72 hour work weeks help remove fear , feel better trading. Agree with Sachel/hans turtle beats hare ; but need market makers/specialists trading like like rabbits also . Fibo nunbers came from rabbit mating study
practice Perfect execution of your entry edge, this is your job. continually execute this to the second, great trades by definition are born from great entries, your stop is likely to be very tight due to this your edge, the trade should profit within a few ticks, if you have an edge. stop wise, tight, but you need to allow for the completion of your entry bar, you want a disaster stop under that as its forming, be alert if the bar starts trading 2,3 times the spread below your entry. your edge may need more work if regular event. be very aware of people who advocate wider stop use, this means they have no real edge, so by definition, are still on their journey , just coming out of the womb. Once you get the edge, you will not fear the market , because you are it, and so move likewise. Becoming a trader is a process of evolution, of being born and giving birth to yourself. and seeing who you are, knowing your self, purpose and walking your path, accepting the challenges of life, good and unpleasant experiences, because to not know one is not to know the other, not truly, absolutley, totally. Forgive yourself and others for any negatives in the past realising that we are just evolving ,maturing and truly deserve to be the very best that we want to be for ourselves. You will then be able to step up to the mark, see the field, observe the battle and do trade. You have been given the gift of life and free will . its yours with no expectations required, only what you expect of yourself. Enjoy.
Fxmarkets.us, This is an interesting post for me. As a complete newbee I thought I was getting screwed up by stops too tight . But with experience I got to the conclusion that it was probably matter of entries since vast majority of time market doesn' go far against my positions any more. Even better, I am begining to be able to identify situations where I am almost 100% sure what will happen next. Now I have a dilema whether I am kidding myself or not. The thing is I never had problem not taking the loss, it was stop too tight. I would appreciate if you can elaborate.Thanks
Its a question of belief and relief, evolving and reaching the point that you have arrived , you are on the line stepping over it to illumination of yourself with trading. Emotions of the past struggle to reach this point can leave us with mixed emotions. Rejoice of recognising our progress through persistance and belief in ourselves and rememberance of emotions and of the pain we suffered and perhaps suffering of close ones in our life who also may of seen us go through self and market immersion to reach this point. Acknowledge them if they surface, see them as a life experience map of your journey to this point. And move on. Back to present and now. Keep being the market, practice perfect trading thats all we need do. Its yours , be professional, stay focused, the next challenge is consistency. be consistent. The only result you need to grade is have I traded this well according to what I expect of myself. Thats all we should ask. The rest will be what it is.