I've lost (capital) way more than that in the past Let me guess. Your strategy is based mostly on "gut feel" for triggers? There's no other reason you'd say: "I still have work to do on my psychology". Bottom line. It's the strategy, not the psychology. "Trading psychology" is a great marketing tool for trading educators and learners always fall for that. I know a guy who single handedly makes about 50k+ trades (yes, 50k, not 50!) per DAY across every asset class, has practically non-existent portfolio std, and knows & models pretty much everything. And man, IF you start to win and your broker gets tired of taking the other side of you then they will sell your flow to that guy. What are u gonna do then? Your every little breath is modelled and your future trading decisions, pain levels and profit targets are already known TODAY. But i admire your confidence and determination. I used to think like that, too. Good luck on your journey!
Dead on. Assuming you have the personality that's suitable for trading, "psychology" is largely either or both: a. Lack of method. b. Overleverage. With the OP we don't know much about a., but it seems evident he's overleveraged. When the risk per trade is large psychological issues will materialize. No wonder when the outcome of every single trade matters too much or you know that you'll have to crush it in order to just get by. Interesting. Did you give up?
Most traders underestimate the fact that alpha has an upside gap. If Goldman Sachs has an expectation of 10% per year and you have 100% which way do you think the market goes? If you have 5k account and go long 1 ES contract and GS has a 100M account and takes the other side of that trade, which way do you think the market goes eventually? Who of the two has a NEED to close that trade and who doesn't? It's just a simplified example but market always "favours" those who can't be stopped out. Yep, i gave up thinking the way OP does and went algo There's really no other way in modern markets. Plus you have to understand price AND time, while most traders focus on the former only.
Interesting. Could you elaborate a bit more on how you utilize TIME? I've spent a great deal looking into time. Both broadly and more specifically, i.e., turning points in time during the day.
In your example, you're still looking at price not time. When i talk about time, i'm talking about the "value of time" through options - dynamic delta, dte, gamma, imps&realized prices/volatilities, convexity...and so on.
EOD JULY 8 Too many ongoing connectivity issues with Rithmic - too risky to get caught in a position that I can't close - going to call it an early trading session Have a great weekend y'all
After 20 years of smoking about a pack a day, one day I decided I was gonna get so fucked up drunk and puke and shit simultaneously. I did. And I did. Within 1 week, I essentially grew anathema to cigs, cig smoke, cig smell.....anything that reeked of cigarettes. I think I'm close to that edge with my trading losses. Let's see what the new POV yields in the coming weeks. Because at a minimum a habit must endure a few weeks to slowly become "muscle memory." I'm pretty damn close. And for that I am happy to have gone thru all my pains and struggles as a trader. I'm really fucking close.
This is the case for cfds and sometimes forex not futures, stocks or options. They may sell order flow but that is a different beast. Where do you get this idea?