I'm Taking a Break

Discussion in 'Psychology' started by Flashboy, Aug 21, 2003.

  1. newtoet


    Jeff - there are a few books that you need to read, that will help with your "psychological" problems - and how deep inside you feel you can never be successful.

    This was written several years back, but is still applicable today. And, it is free on the net. Read it - it will change your life if you let it:


    I have a few others. But start there, it is probably all you need. Best of luck.

    #11     Aug 21, 2003
  2. I think everyone has problems following the rules. It's definitely a discipline issue, and only you can correct that. I also have problems sometimes where I take trades that don't meet my rules, just for the sake of being in a trade. Boredom leads to curiousity, which then takes over and all of a sudden I'm looking at my P/L column showing some negative number.

    Took a bad trade on AMZN earlier this week, and paid for it dearly. After that, I've really tried to follow my rules and have made money rest of the week. I still took one trade away from my rules today, but the rest followed my plan, and all were profitable.

    I wish I could help you, but I really feel you're the only one who can correct this. Do you have a written trading plan? It may help.

    #12     Aug 21, 2003
  3. kernan


    While most people here are talking to you about trading (and mean well), newtoet just posted the best advice you will ever get - not just related to trading, but to life.

    Great post newtoet. No doubt it is the answer.
    #13     Aug 21, 2003
  4. FPC, what instrument do you trade? And you do trade, right :D

    -FastTrader :p
    #14     Aug 21, 2003
  5. ok, seriously, i trade index futures, NAS, NYSE primarily.

    trading is trading, once you get it it becomes "easy". :)
    #15     Aug 21, 2003
  6. maxpi


    Couldn't agree more. Study betsizing mathematical work by Kelly. Maybe you are more analytical than a lot of traders and should study markets a lot? Just a guess. I left the plan today and it cost me a few bucks. My trading is done at such a slow pace that I CAN correct the behavior and with so little actual dollars that it's just for fun, maybe that would be good for you as well, for awhile?
    #16     Aug 21, 2003
  7. FlashBoy,

    I don't know what city your in...

    In my opinion...you need to re-read what dphoenix has said...

    it's a valuable piece of advice if your discipline problems is via your methodology and not another issue (none trading issue).


    Next...you need to find another trader that's succeeding in your city...to trade with in person...

    (avoid a trader that's not succeeding...you don't want the blind to be leading the blind)

    to help you implement what dphoenix has said.

    Simply...few traders are able to resolve chronic discipline problems on their own...

    they usually need in-person during actual trading intervention to resolve those types of deep seated problems.

    A trader with chronic discipline problems is like a trader with a drug or alcohol addiction...

    some truly want to quit...but cannot do it on their own unless they get personal intervention.

    My point is this...if you haven't figure it out on your own by now...

    you never will....

    no matter how many hang in there types of posts you may read at a message board.

    Once again...go to EliteTrader's hook up thread...find your city...start private messaging traders that live in your city...that seem to be doing ok with their trading via how they are posting here at ET...

    and see what type of realtime in person help you can get to instill what dphoenix has said.

    I know a few traders that have used the realtime in person method to help with their chronic discipline problems and have made a few good friendships with individuals that were willing to trade side by side...

    freely while offering advice and acting like a second voice when the other trader started to slip back into those old problems again.

    If that trader has to drive to your place...compensate them for the gas money (travel expenses) and pay for their lunch every trading day...

    this would seem like a fair compensation...bartering.

    Reminder: You have a discipline problem...don't do this to learn a new trading method.

    Do this to become an efficient trader with your current trade methodology...

    a trader without discipline problems.

    If there is a problem with your trade methodology...that other trader...the one that's succeeding...most likely will see it and either recommend something else...

    (this is where dphoenix advice has importance from step 1, 2 and 3)

    or the other trader will help with instilling step 4.

    With all that's said above...if its a none trading issue that's causing your chronic discipline problems...

    you may need professional help with that (psycho-analysis, psycho-therapy et cetera).

    Top professional athletes do this to remain at the top of their game...its something traders (if they can afford it) should consider although your obviously aren't at the top of your game.

    The key with everything above is that no matter what you do...you need in person...during actual trading type of guidance...

    without that...trading will remain a loser game for you.

    #17     Aug 21, 2003
  8. That's all I needed to know. I also trade the e-mini, Naz/Nyse stocks, and options.
    #18     Aug 21, 2003
  9. Today was a great day.seriously.ES&NQ rocked.
    #19     Aug 21, 2003
  10. Flashboy,

    Sounds like u know how to trade except that the money you are playing with is scared money. Its the same as when a trader loses big at the open and then tries to catch it all back with one trade. Take your time and get it back slowly.

    good luck
    #20     Aug 21, 2003