Just wondering what techniques some of my fellow 'elite' traders use to take the emotion out of their trading? Is automation the answer? Trailing stops? I'm having a heck of a time staying in winning trades and it's really upsetting to see them rip after getting out -Guru
Simple put: Happens often to all traders; I'm active on derivatives, therefore entry/exit are very often of the mark. I rarely enter on a bottom and exit at the top. Smart money follow the trend and exit before the crest. I always say: Regardless, profit is profit. To many times greed can be ones downfall..... Good profits to all
dont put any value to money; any value whatsoever....and trade ur plan, oblivious to your money line........yeah right
Whenever you get the feeling it is going higher but you become nervous, simply place a stop, then walk away from your terminal for a while (how long depends on your timeframe). When you come back, if you are still in the trade, raise the stop loss and walk away again. Repeat until you get stopped out.
The way I look at it is that there are good trades and bad trades. Good ones follow your trading plan and bad ones don't. Whether they make money or not does not determine whether they are good or bad. Think of it another way, a basketball coach is trying to teach his point guard to pass to the open man rather than trying to force a shot. THe guard does make the pass but the shooter misses a wide open shot. Is this a good play or bad? IMO, it is good, the guard gave the shooter the opportunity to make a high percentage shot but he missed. More often than not, you win games by taking the high percentage shot even though many will miss. Ds
Emotion, anger specifically has been the hardest obstacle for me to overcome. I still have an occasional problem but I have made great strides in controlling it not by reading any psychology books but by playing lots of poker. I know, beyond any doubt, that I am going to win over the long run playing poker (as long as I limit myself to certain games) so I started making a concious effort to play without getting angry at bad beats hoping it would transfer to my trading and it has.