The URGE to Make More $$$

Discussion in 'Psychology' started by Flashboy, Dec 3, 2003.

  1. Still trying to master my emotions in this game.

    I find when I make a good trade early in the day and am up a decent amount ( like today.. went long NQ @ 1440.50)..

    I have an urge to make more $$$$...and quickly..

    The oppositte happens when I start out with a loss. The urge to get it back causes me to see trades that aren't really there..

    Yesterday I was having a good day.. made 4 trades.. all positive.. and was up nicely for the day.. only to give it back in the last 30 minutes of trading..

    6 hours of good hard work wiped out in a matter of 30 minutes.. Those mediocre trades are killers ... and its easy to get wrapped up in the moment and trade on emotions..

    I find a lose my focus/discipline as the day goes on.. Later in the day I'm more susceptible to making emotional trades.. therefore I will make every effort possible to pay extra attention when putting on trades late in the day..

    I feel like I am so close.. As soon as I get these emotions under control I think I'm going to be a decent trader.. and I'm getting closer everyday..

    Hope everyone is having a good day..
  2. funky


    sounds great flash.....keep it up, never give up!!!!!
  3. Perhaps you should cut down size by half later in the day?



    I've been down that road years ago. I can remember making $1000 in the first hour and giving some, or all of it back by the end of the day. Our office manager made a good comment to me. He said that if I'd met my daily profit objective that maybe I should call it a day and head home to enjoy it, whether it be 11:00 am or 3:00 pm. So that's what I do each day. If I hit my daily financial goal then I quit trading. It's easy to want to get greedy when you're up some money. Conversely, when you've taken a loss it's easy to want to get the money back quickly which often leads to less disciplined trading. And depending on how long you've been at it (trading) set some profit goals that are reasonable. Achieve those and then set the bar higher.
  5. GSCO


    Maybe try looking at the game a different way. Don't let a loser, (and just as important), a winner affect the way you think. Each trade is just one in a pool of thousands. some are losers some are winners either way you're strategy will make money in the long term. You have to think long term and don't get caught up in the emotions of every single trade.

    This all assumes you have figured out a repeatable strategy, something you do the exact same way everytime you enter and exit a trade. If you don't have this then it's no wonder you get emotional. If you don't have this you're still very new in the learning curve.

    good luck
  6. smknbul


    Hi , I can Identify with your temporary dilemma. On a particular day last week I was up nicely and gave back two thirds by 4:00 pm. Just the fact that you can see your area of need demonstrates your personal trend reversal is at hand, with a decent trade pal you just might get a few reminders that could save you from red face syndrome. (Last week when a particular issue nearly turned over it's it's entire float!) Anyhow have a good Christmas!:)
  7. oten


    What you need is a winning system that you have complete trust in. Then no matter what; starting with gains ort losses, just adhere to the system and put your feelings and thought aside.

    Just keep reminding yourself, "my system makes money as long as I stay with it. It always wins in the end!!".

    Best of luck in doing it.

    Happy holiday
  8. Turn off your P/L column and trade the way you should. If you should be out, get out. If you should be in, get in! Profit results from doing the "right" thing, regardless of where you stand before, during or after a particular trade. One trade does not a trader make.

    I know a few traders that will not risk a 3 point loss on a trade they believe in, that results in a profit, but will take ten-1/2 point or 3/4 point losses (presumably to "cut their losses") and think nothing of it.

    Fear and greed... Plain and simple, will make you broke.
  9. Mecro



    Most people can't do that which is just another reason most traders will fail.
    An even better strategy is to raise your risk tolerance once you meet your goal. Cut size and require earlier entries, thats what I do.