I have been trading at a NYC prop firm for about two months now. I know that many of you are probably thinking that I work in a shitty chop shop, etc, etc, but the reality is, I work for a good guy who trains all of us and acts as our mentor. That being said, my post has nothing to do any of that I just wanted to put that on the table so we are all on the same page. My post is regarding my head. I am in a serious slump right now and it is really messing with me. My confidence is at an all-time low and I looking for answers. I know that there probably isn't an "answer" but I would really appreciate any suggestions that you guys coukld give me to cope with this. I know that I have not been doing this for very long and that it takes time to get good, its just very frusterating walking away 80% of the time a loser (even if it isn;t my own money). Any advice you guys can give me would be much appreciated. Thanks
in that there are periods of time where no matter what you do , it will not work for you, unfortunately, when your new to trading these periods can last a while as you develop and learn the ropes. Think of it as a challenge and persist, it will pay off. when these slumps pop up for me, Ive learned not to push anything, just let it roll, take a step back and study some as these slumps can be dangerous to the long term health of your account sooner or later the golf ball will not find the sprinkler heads in the middle of the fairway and bounce OB.
100% in your head, and i mean 100% in your head.....The reason you see yourself as losing is because you are not making ( thats the only reason ) . In fact what you are making is a chance for yourself to make it in this business..think about it, if it were easy which many say it is everyone would do it.....keep your head up and follow your rules ( making or not making should not worry you in the least specially if it AINT YOUR FLOW )......at least for now.....
If you were do anything other than losing 80% of the time, that would be something to consider. However, it sounds to me as if you are right on track. Most new things we learn to do as adults are frustrating because we feel the bumps and bruises along the way, much more than we did as kids. Learn to snowski as an adult, you have farther to fall and it is harder to get up. Learn to play golf as an adult, you hate it because you suck. But when you were a kid, it didn't matter. The great thing is you are trading. You are going in, applying what you have been taught, and pulling the trigger. Each trade, win or lose, is bringing you closer to being profitable, as long as you are using a sound discipline. Diagnosis: Normal new trader syndrome Prognosis: Excellent Rx: Keep doin' what you're doin'
Extremely difficult to make suggestions out side them being simple philosphical statements without any detail info about your trading situation other than the fact that you say the following: 1. Your in a slump 2. Your trading at a NYC prop 3. You need advice Give us more info about what your trading...how your trading...how your mentor is trading...what your mentor is telling you about your slump...were you successful before prop...what's your definition of a slump...others using the same trade methodology as yours are they also in a slump...if not...what is it that they're doing different than you... identify as many facts as possible about your situation...leaving out as much emotion and "feelings" explanation... more info from you and the advice will be richer and deeper. If you can't do the above...you may have a problem with identifying problematic situations and such will cause problems with resolution. P.S. I'm very curious to learn more about your mentor and you to do a comparison to see if there's an internal conflict... see how deep this can get. NihabAshi
Thanks ElCubano... hopefully we can help knowledgebone and with such help...this thread should turn into something very useful for other traders having similar problems with the psychological aspects of trading. (Slumps or drawdowns truly suck...I usually take an emergency vacation from the market...rest and relaxation...prior to trying to resolve anything to make sure I have a fresh perspective) I truly believe when we can embrace and exploit ourselves... that's when struggling traders become good traders... good traders become great traders... NihabaAshi
The basic methodology we use is defined in our filters that bring up stocks based on technical info. At first I am only supposed to be trading these market inefficiencies. Obviously as we get better we are taught more stratregies/patterns but he wants to ease us into this game. Basically wehen stocks pop up on the filter (i.e. a gap down on large volume etc, etc) I either play it or don't It simple. I share my filters with about 20 other guys and most of them make money (except for us newbies). I KNOW that I am supposed to be losing money. I understand that it is part of learning this trade. My mentor says what I am going through is normal and I should expect to feel like this for a while. I do not think he is being a pessimist but rather a pragmatist As for prior trading experience, I have none. All of the other guys that started with me are down as well (as expected). I would also agree with you that I do have many internal conflicts going on. I am an intense guy with high expectations. I hope that I gave you some info to glean from. If there is anything else you need to help "diagnose" me, or whatever, please ask. Thanks a lot for your input guys.
Thanks knowledgebone for more info...hopefully some of us that put a lot of emphasis on the psychological aspects of trading can provide more insight. I'll be re-reading your two posts carefully before providing any more comments and/or questions. NihabaAshi