Tips on the Mental Game

Discussion in 'Psychology' started by BobbiDigital, Feb 1, 2012.

  1. small traders lose, they just lose.

    no mental tips can help small traders. they just lose
     
    #21     Feb 17, 2012
  2. taq

    taq

    Planning is easy to do & hard to follow.

    If you have a tested system go with it.... accept trading is a probability business & losses are part of that. Follow your plan define your risk & probable target zone & be in the moment don't worry about the outcome.

    Every day i start my trading with this to stay focused & disciplined .

    http://www.imdb.com/title/tt0438315/quotes

    Regards
    TAQ
     
    #22     Feb 17, 2012
  3. Thanks!
    I see exactly what you are talking about, I have glimpses of it.
    It seems so close sometimes...
    So probably I am still not that close. :)
     
    #23     Feb 17, 2012
  4. RN - if you could indulge me, I have another question:

    How particular are you about entering trades - in theory, we don't know if it's going to be a small loser, small winner, or big winner. So, assuming there is adequate risk:reward, are you more likely to pull the trigger often taking small losers or wait for 'perfect' setups and risk missing out entirely (assuming chasing the market is always a bad idea).

    For me trading small size makes it easy to dabble in less than perfect setups, but once I start sizing up I imagine my mindset will change...

    Thank you as always sir
     
    #24     Mar 6, 2012
  5. Redneck

    Redneck



    BD

    Glad to indulge you Sir…, and You are Very Welcome


    ================================================

    Assuming there is adequate R:R…,

    Am I likely to pull the trigger, often taking small losers…

    or

    Do I wait on perfect setups, and risk missing out entirely

    Many ways to answer your question BD

    No…, Yes…., Maybe…, come to mind… :eek:

    =======================================================


    Do perfect setups exist – yes (and if you would like to discuss this further simply say so)

    Do less than perfect setups exist – yes…

    Do I trade each – yes, unfortunately…

    Do I miss out on moves – yes at times

    Are entries one way I grade myself as a trader – You Betcha

    ======================================

    Taking anything less than a perfect set up is…, by default…, assuming more risk

    So then the question is; Is assuming more risk appropriate?

    The only acceptable answer is – only if the reward is commensurate...

    Most times it aint…, and/ or often times we don’t know if it is - until it is too late.

    ======================================

    As a rule…, and the only advice I would share is…

    Only take perfect set ups

    Yup it takes patience…, and considerable tolerance for missing moves… but they also provide clear entries, targets, and most importantly, small risk


    Having said this…, truth is…, sometimes I do take less than perfect setups…. Because I get impatient…, opinionated…, susceptible… (I’m only human)

    But… NEVER would I make a habit out of it – nor a profitable career over the long haul


    I absolutely know…, taking only perfect setups is the right way to trade…

    I also absolutely know…, sometimes I screw up…

    =======================================

    Market is already tough enough…, no sense in helping – and/or – making it easier for – the market to take our money…

    ========================================

    Couple of additional thoughts

    Absolutely nothing stopping a trader from adding additional perfect setups to his/ her tool bag – thereby diminishing further the need to take less than perfect setups – It only takes a few criteria to make one

    Also..

    One big difference between gambling / guessing… and trading – is our setups, and our ability to wait till they’ve materialized - imo of course

    RN
     
    #25     Mar 6, 2012
  6. bone

    bone

    Patience can be a real asset with trading - a common mistake in terms of timing an entry is typically on the early side. Reacting "to" the market condition versus getting chopped up and whipped around in a premature entry can be preferable. Probably the best way to accomplish this would be to make a conscious decision to sacrifice some trading range / profit targeting in exchange for better entry signal confirmation.
     
    #26     Mar 7, 2012
  7. what is that they say? "Never wrong, often early"
     
    #27     Mar 7, 2012
  8. emg

    emg

    u should take martial art. If u made it to black belt, u achieved discipline


    <iframe width="420" height="315" src="http://www.youtube.com/embed/nDd3Z_L0PwU" frameborder="0" allowfullscreen></iframe>


    Bruce Lee's influence is felt far beyond his chosen discipline of martial arts as he remains an iconic figure to all those who value harnassing mental as well as physical capabilities, emotional discipline, and the pursuit of self knowledge. Lee turned combat into art, a show of strength into a discipline and showed the world what we are capable of when our thoughts, emotions and actions are in the power of our will.
     
    #28     Mar 7, 2012
  9. Very good. For me the Brooks book has helped me control my anticipation to enter a trade early. I've hit quit a few bottoms and tops on trades, and that has cost me dearly because I've lost much more on the times I didn't catch the top or bottom, trying to repeat perfection. Brooks is a tough but good read but it did help clarify waiting, for me at least.
     
    #29     Mar 7, 2012
  10. You are absolutely correct. Warren Buffett and Steven Cohen have a black belt.


    :D
     
    #30     Mar 7, 2012