Discussion in 'Psychology' started by eusdaiki, Sep 28, 2005.
Good luck. Let us know how it goes from time to time.
Who do you trade with?
dont get me wrong, I love trading, It makes me feel more alive than any job I ever dreamed of having.
Problem is I still got a lot to learn, so when the market changes, or when I changemy focus unconciously, I start losing money several days in a row and that gets to me. the worst losing beating that I took was a whole month getting my ass handle to me every day by XOM, PFE and GE. I didnt like it but I learned more that month than any other, and I learn to radically change my strategy to adapt to changing markets.
They are tough.
Imagined getting the fucked knocked out in the 8th round of a boxing match and then have to come back and win. I feel like I'm that person of late.
I consider myself very strong mentally but this period of my life has been very draining. My guess is it took about 5 years off of my life.
Been there done that.
One way to avoid that in the future is to cut your losses faster than cutting your profits!
Good luck you survived.
Not sure about that yet. If I'm still here in a year than I survived. If i stop posting in the next few months than you can check me off as MIA.
Peace and Good Luck
Greatly reduce your size and or exposure. Take a look at your trading from distance. Trade humble, trade defensively. You'll be surprised....your performance improves.
Don't dwell on wudda, shudda, couldda. It is the past and does not exist and drains energy from forward thinking.
Markets are bigger that all of us, think about that when you enter each trade.
I noticed the biggest problem I had was to not let winners run beyond my typical loss so that my R:R was always 1:1.
If you scalp and know what you are doing than that's ok, otherwise you should learn to leave your positions exposed to further gains: your failures will be more consistent than your successes for quite some time and when added up will surpass your gains if you get out too soon on your winners, and eat into your profits slowly bankrupting you.
My couple of cents
Just follow your system and you won't have to worry about losing streaks. As long as you're cutting losses, staying diversified, and not overleveraged there should'nt be any huge losing streaks. As for me I'm in one of my worst losing streaks in the past three days because of reckless overtrading. This shit happens at the end of every single month.
Just because you follow a system does not relieve you of worrying whether the drawdown it's currently in will be the one that sends your acct plummeting.
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