Thank you for your support . I have tried CBT. It did not work. Going public on a forum like this seemed easy in the beginning when it seemed that I cannot lose but then when the 2 losing days came I was ready to disappear but that would go against what I believe in (it would be dishonest). For now, I am in a competition with myself and I want to win, and the only way to win is to get my equity curve to go up with small hick-ups. Since the biggest problem in trading is believing in our system, I have no choice but to follow my rules and modify them if there is a problem. I have tried to prove to myself programmatically (back testing with software) that I have an edge but I am not such a good programmer so I did it visually and with the aid of some statistics in Excel. Gabe
From your posts here, nearly all the beliefs you expressed (as noted by others here) are detrimental to a trader's mindset. Reprogramming isn't outright impossible, but you also have a mindset that makes behavioral changes difficult as well, and you have to act your way into right thinking; you can't think your way into right action. If you want an objective opinion of whether or not you have an edge, PM me the rules of your trading method and I'll let you know.
I don't think so. I am just realistic and I say whatever is on my mind. These were observations and assessments. I am not talking down to my self. Other people call themselves names - like making references as to their intelligence. I don't see the point in that. People in general express hope. (I do that too on occasion) but most of the time, with me, it is just a question of time. When NOT If. Thank you.
Ok, Some advice: 1) 1 min charts are just noise. 2) MA crossovers have no proven statistical edge plus they lag. 3) As you probably realize yourself, you are revenge / over trading. Determine how many trades on average you do on a winning day. Do not exceed that average on a day you are taking some losing trades. 4) The market is sometimes random and or does not behavior in a technical manner, there is no reason to give all of your profit back on these types of days. You need to be able to take a losing day which does not go past your max loss. 5) Set max loss for day plan. For example, if on an average winning day you make $ 200, on a losing day you don't want to take a $ 1,000 loss. After each trade, check your account balance. The only reason to be taking for example 10 trades in a single day is that balance is increasing in a positive manner.
I trade of 3min and higher (mostly 5 min) Rashid is my friend and he was just joking. During certain periods of the day, price will stay on 1 side of a moving average for a fairly long time and trading against it would be foolish. Agreed but not completely. I know for a fact that on days that I exceed a certain number of trades it is a losing day. I think that trading should be stopped not because of the number of trades taken but b/c of the outcome. Agreed. I have set my daily loss limit to the maximum $ loss on 3 trades. So if I lose in 5 trades but the daily loss has not been reached I will continue if I see a valid setup. Some people suggest to stop trading after a certain profit level has been reached. I think that one can continue trading as long as there are valid setups and focus is maintained. To stop trading just b/c a certain profit level has been reached is the same as getting out of a trade for no other reason then that a price (random) has been reached. Gabe
These are two trades I took yesterday. Made only $800 and risk was less than a couple $100 with 1 contract. A better trader could have made several thousand. If you have a plan and rules and know how to get out fast vs when to stay in 1 min charts are no different than any other chart.
I have to add that I don't solely rely on 1 min charts. I had looked over many time frames before taking both of those trades.