I keep doing the wrong thing

Discussion in 'Psychology' started by Hamb-ltrd, Oct 24, 2003.

  1. cashonly

    cashonly Bright Trading, LLC

    Get a trading buddy.

    Find someone in the same boat as you with discipline problems and then help each other. Get something like paltalk, create yourselves a room and talk to each other all day long.

    when I say talk, I mean call your trades, tell why you're getting in, and why you're getting out. Then cover each other's backs. Explain to your buddy what your trading intentions are and have him give you a wakeup call when you're not doing what you said you would. You do the same for him.

    It'll take more of your time and his, but you'll build your discipline in two ways... 1. Having someone helping you do what you say you're going to do. 2. Helping someone else do the same thing.

    You're being an audible conceince(sp) for each other.

    #11     Oct 25, 2003
  2. Roscoe


    Develop and test your system thoroughly. Determine that it has positive expectation and then follow it religiously. That means NO deviation from the system - every trade must be taken, exactly as indicated. No discretion whatsoever.

    If you can do that then you stand a good chance that the odds (the probability) that you observed in your testing will also apply to your trading. In other words, the odds will be in your favor.

    OTOH If you can not do that then you really have no possibility of knowing what the odds are, let alone whether they might be in your favor.
    #12     Oct 25, 2003
  3. You might consider trading stocks vs. ETF's....much easier to watch a leading indicator than to trade them.

    Cash had a good point, look for a trading buddy (and hope they're busy trading and making money so they put you off until after the close)....go have a beer, talk about it, get back in the game the next day!!...... Good solid training can help most trading problems.....the the "psycho" within is a beast that must be ignored. Focus, focus, focus....no room for 'inner distractions" in the trading game ....(sounds good, but I know that we all have to deal with those same demons from time to time)....

    All the best...

    #13     Oct 25, 2003