Knowing when to get out

Discussion in 'Psychology' started by gluebunny, Dec 13, 2007.

  1. IWELEE is correct. Throw your charts out the window today and yesterday. Look at a Euro chart in december from today and yesterday..... Thats roll baby.
    #21     Dec 14, 2007
  2. I am trying to cure myself of the reverge trading disease.. It's the hardest thing to get over...
    #22     Dec 14, 2007
  3. xxxskier

    xxxskier Guest

    i've seen great traders get caught up in revenge trading. its very hard to to completley get away from.

    when i'm tempted to trade after a large loss or series of losses i try and tell myself that, 'the market doesn't care about me or my trade at all, and the market didn't cause me to lose money, i did it if i take another trade its not to get back at the market'.

    this sounds good in theory....but it doesn't always work so well in practice.

    i also try and slow myself down so i have to think more before i put on the next trade....and tell myself that missing an opportunity is okay, it will happen all the time and is not a big problem because the market is really just a series of endless opportunites if you allow yourself to see it that way and not close off your perception to where you are only seeing what you want to see or what you want to have confirmed.
    #23     Dec 14, 2007
  4. bathrobe


    You must sit on the sidelines of choppy markets. If you do not see a trade do not make one just for the sake of trading. also, keep a max amount you will lose for the day before you quit. If you hit that number be disciplined do not re-enter, go do something else. Also you may want to look into different futures. If the index you are trading is choppy look at others and currency futures when you feel comfortable.
    Best of luck to you
    #24     Dec 14, 2007
  5. sumosam


    I can certainly identify with alot of the comments. What I'm finally learning to do, is to only take the best of the best trades. Ofcourse, I don't make as much money since I'm not always trading, but I'm not experiencing the drawdowns, mentally and financially either.

    I read along time ago that the best traders don't concern themselves with the money when they are trading...they focus on the trading. Well, right now I'm focusing on just getting a small, consistent amount from each trade. Eventually, I'll ride them out longer.
    #25     Dec 18, 2007
  6. ==================
    Good point ,Matt, on trying to get healed of revenge trading disease. If i had to do it over again , would learn with 1 share;
    glad i didnt try futures before profitable-why leverage ignorance??????????????????????????????????????????????.

    But not really hard to get over that, not if you have a written business plan, which limits losses per day.

    Trading can be as difficult /time consuming as learning to be a medical DR to learn.And after med school, then comes low pay/long hours as intern.:cool:
    #26     Dec 21, 2007
  7. ak15


    How about those who are daytrading stocks - high volume 200,000 - 450,000 shares/day. Are their risk parameters much tighter? Do they even allow stocks to move against them?
    #27     Dec 23, 2007
  8. I have a problem revenge trading which has cost me dearly. I like to always keep an extra keyboard around because I tend to throw one at the wall once a month. I know this sounds serious but it helps me get my anger out when I throw stuff during a bad trade. Try it.
    #28     Dec 23, 2007
  9. In that case, you lose some money AND a key board. I wonder if a prop firm has a large supply of keyboards. Some keyboards will fly around each day. I think I'll wear a helmet if I trade in a prop firm.
    #29     Dec 23, 2007
  10. It's either the keyboard or the girlfriend. I have to beat the shit out of one if I blow a trade.
    #30     Dec 23, 2007