Hello ET folks, I am sure others have faced this issue before. I have a good,1 symbol, day trading approach and during a pretty nasty 2 week chop/trendless/ drawdown period I got so rattled that I couldn't hang in there. Finally a great set-up triggered and I hesitated for an instant when my PC momentarily froze (less than a second) and I sort of used that as an excuse for, "oh no, here we go again" more BS, to hell with it, and of course, the set-up was monster winner, and of course there was a cascade of more very profitable trades for my method. The question is: How do you get back on your system, knowing that you missed the gravy train and concerned that you might go right back into drawdown without those profits that the system would have given you? Do you watch and wait for the system to drawdown again and then restart or do you just shake it off and restart right away ? do you wait x weeks or months for it all to "wash out" then restart ? Do you change to a different symbol so you are not "haunted" by the missed profits? I am sure others in this forum have faced this issue. I'd love to hear any wisdom/ insights from the group. My best answer so far is to wait x weeks, take that time to work on the psyche part intensely and restart.
That’s true. Usually after a losing streak … I embark on a sacred journey to the mountains, seeking solitude and communion with the divine. Stripped of all earthly bindings, I offer myself to the wilderness, bare and unadorned, a vessel for transformation. With Ayahuasca as my guide, I traverse the realms within, purging the shadows that cling to my soul and inviting the light of renewal. In reverence to the gods, I make an offering—a sacrifice of life—to honor their power and seek their mercy, tempering their wrath and aligning myself with the eternal flow of their will.
You do not have enough confidence in your system. Based on your description, you should NOT have confidence. Markets change, volatility changes and the system is not prepared for it. Make a better system or apply a trade-no trade filter based on daily conditions that make it suitable. Note the use of whitespace. If you can't format a post for whatever reason, the system probably suffers from a lot of holes that need to be patch, fixed, or the entire system should be redone (easiest) with more diligence to market conditions.
That's what I would do. You would be surprised how clearly you're able to see things after taking just 1 or 2 weeks off.
A one second crash on your computer kept you out of a trade? How do you seriously expect to compete with the algorithms? Lol. Maybe move away from the 1 second chart up to the 5 min or 30 minute chart at least?
Train yourself to not miss the profitable part As Master trader Miyagi said in his teachings: "It's ok to lose to market, must not lose to fear"
Thank you all for the excellent input/ideas, including Sekiyo's, which made me laugh heartily, and reflect a bit. Businessman, so true. the Miyagi thing. Only 1 opponent not 2. Schizo thanks for the suggestion. Onward.. bklyn
That's my favorite of all Miyagi's quotes and there's a lot of great ones. The 3rd movie was a bit of a let down but that one line put it up a couple notches.