Trader's Block

Agree...

Confidence comes from understanding, accepting, and acting on the system.

 

Confidence is important. Backtest and foreward test your system, then trade it in a simulated environment.

 

"Reduce the size of the trades until the fear is gone then gradually increase again as profit and confidence increase."

well put

 

I remember reading some of your other posts, I believe you use Don Millers trading system, which is somewhat discretionary? In the past I have also purchased many trading systems and sat through endless hours of videos trying to gleam the guru's trading strategy. I have found that unless I develop a trading system from scratch myself, I am just not able to develop the confidence necessary to trade it effectively.

Remember what Richard Dennis said that even if they published the rules of his system in a newspaper, still nobody would follow it. There was nothing magical about his system, it was the confidence that he instilled that made the Turtles so successful....

 

I have cut down my size to one contract.
I am PERFECT on paper trading.
But I STINK whenever money is involved lately.
I think I have a fear of failure.
And when money is involved all my rules go out the window.

I have had wonderful winning streaks in the past 3 years, but the losers make up for them. I learned several ways to make money in the markets. But do I follow them, no........

Now Bob sits with me all day to give me some confidence. I am trying to manage one trade a day. I taught him how to push the buttons on the computer for when I freeze up.

I really appreciate all the replies you have given to me.

 

fear of pulling the trigger usually means..

that you've been losing lately.

have you?

:-/

 

Yes, of course.

If I was making money I would have no fears.
Sometimes I can make 5 pts a day, and then give it back the next.

I usually am right on the trade, but I pull out too early on a wiggle and loose small amounts.......

I am not scared money either. That is the odd part. I have plenty of resources for now.

I just want very badly to be able to trade for a living so my living is nice and portable and I can cruise around in the boat.

 

"don't count your chips to the dealin's done"

 

Maybe you're not a trader or at least you don't have the mindset of a trader.

The market is impersonal and you are stuck on "I" can't, or "I" get out too early... You can't think like that as a trader.

 

Hmmm......
Guess I am taking the whole thing too personally.
Maybe should take some Zoloft and get a grip on myself?