Once Up for Day - I go into Protection Mode

Discussion in 'Psychology' started by Flashboy, Jan 28, 2009.

  1. Once I'm up for the day at least 1pt. in the ER I have trouble trading.

    I am so afraid of giving any of it back because it's happened so many times in the past.

    I have got to overcome this because I am leaving a lot of money on the table.
  2. Redneck



    You’re alright Sir – Nothing wrong with protecting money


    The next step along the pathway will be to get enough confidence to know – Well I made money with one trade, now time to go do it again


    If the next one is a loser, just know maybe the next one after that will be a winner, or the next one, or the one after that…..

    Just don’t rush it – the market will be here tomorrow, and right now you are protecting your profit

    The first trade I made today lost, I immediately exited it and reversed – covered my loss and then some

    It’s All Good:)
  3. Trade small until you get your confidence. Enter where the R is in your favor.
  4. Good point but I can't get any smaller. I only trade 1 contract.

    but my confidence has grown over the last few months so we'll see.
  5. fwiw, when I hear "protection mode" I instantly think this trader doesn't have a sound method and is getting lucky and, subconsciously, knows it. If the trader did, he would take his signals as they come, regardless of what he is up or down for the day.
  6. i have the opposite problem (not sure if it is actually a problem). if i start the day nicely up, i will swing big the rest of the day or until i lost a bundle.

    on the other hand, early loss makes me more conservative the rest of the day.
  7. You are trading your P&L rather than sticking with your plan. A very common practice of course, but if you think about it, the market has no idea what you are up or down for the day.

  8. My main issue is my signals work very well but they don't always go as fast as I would like. I may sit there for twice as long than normal and this makes me sweat a bit (after being in the trade). I like to be right and quickly :)
  9. Redneck


    I take it as he’s in the “building confidence stage”

    I been there, and I would venture to say so has every other trader
  10. perhaps you are right, hard to know with such little info. and, yes, we've all been there, that's for sure.

    #10     Jan 28, 2009