I've read many old posts using the search feature, and believe it or not, some of the most knowledgable traders IMO were pretty vulgar. Sadly many got banned, or no longer post. Don't take shit too personally.
Honestly, it's all about discipline. If you don't have discipline when it comes to trading, you're going to keep losing money. You need to learn to trust your set up. Set up a daily loss limit and profit target. If you keep scalping without any clue as to what you're doing, you're basically just handing your money away. Yes, you'll have your good days where deviating away from your strategy will be profitable but most of the time you'll lose or blow up your account.
This is partially correct. Discipline is easiest because anyone without it can eventually just do the opposite and follow rules after they get burned. Edge is critical because the vast majority will never find it, regardless if they get burned, or not.
I would agree finding an edge that fits your personality is most important. But there are many edges and different ways to make money
[delayed, partial QUOTE="Jones75, post: 4309371, member: 488088"]If you keep losing money , you'll eventually get the message. Good .....![/QUOTE] %% Good advice; reading may help.Jack Schwager books may help.Note Mr Jones 7 has a head slam into a wall, pic..... Put another way- wisdom + Rich turtle Dennis said when you are losing get your head [+ money LOL]out of the mixer,LOL.
You are not rewarding yourself adequately after successfully following your plan and are instead seeking pleasure from the dopamine rush of a winning trade. This is forcing you to pull the trigger since all you want is that rush, even if it comes after 5 losers. My suggestion, is that every time you follow your plan correctly and make money that you not make another trade until you have rewarded yourself in some other fashion. Go out and buy yourself a new shirt or something. Hire an escort or a take a hot girl off seekingarrangement on a date. Anything to rewire your mind from needing a winning trade to feel good.
Nothing personal. Just confused. At least the vulgar ones contributed something, rather than insulting the premise of the entire forum. Over it. Carry on.
I don't think tradecat qualifies as one of the most knowledgable traders on here. Frankly, I think he's vying for dumbest.
I found what helps me is having the hobby of listening to good music, I have a big list on Spotify which I update regularly ... I always was a music enthusiast, former drummer and synthplayer, even been DJ on occasions so music takes the edge of my mind ... you can listen to music while reading stuff that might influence the markets or just some funny things that interests you or while in chat so it's not a big interupter ... the biggest interuptions happen when I am in search of new music lol but that's a good way to relax for me too, it refrains me to do impulsive trading ... while still having to 'work' at something ...
Just fly to Vegas and put it all on red. Flush as much cash as you can but save enough for a cab ride back to McCarron. Should do it. i.e. don't trade. You don't have the right temperament.