Thanks for the solid advice everyone. I have to hold myself accountable and stick the plan! Also working on getting it automated, but that will probably take some time due to my lack of experience, but that's alright. In the beginning it will probably be more of an automated signals/alerts for entry instead of auto trading, since there is one part i think i am going to struggle with to get automated. But getting the signals as audio and visual on the chart it will probably make it much less likely that i will miss trades that i then get frustrated over.
you posted your problem in the appropriate session which is psychology. As expected, you decided to focus on automation things to overcome the psychology problems. And as expected, and unfortunately, your action plan includes ZERO things about psychology. You posted the tilting problem in the correct psychology session but you decided to do totally nothing about psychology. You don't want to do anything to neutralise those negative emotions like revenge, anger, frustration, disappointment, fear, anxiousness, impatience etc etc etc In fact, if you through this ET forum, there are thousands of members with mind management problems attempting to fix them with automation things. There were thousands of ET members with tilting problems and they decided to fix it with automation things. They decided to do nothing about psychology even though they posted the tilting problem in the psychology session. You have to get all the 3 Ms working together. All the jigsaw pieces ( 3 pieces ) must fit together nicely. Anyway, it is your life. You decide what you want to do with your life. All the best mister.
You must have missed the part that said hold myself accountable? The first part of holding myself accountable is recognising there is an issue, which i have done. The second part of holding myself accountable for my actions will be the psychological part, since the method and money management are already, if i stick to my system and the psychological part doesn't intervene, so the whole reason it doesn't work is the psychological part. Now please tell me exactly where in my post I have said I won't do anything to improve on that part? I have never said such thing? Anyway, fact is that automating would fully eliminate those factors from my trading system but that doesn't have to mean I can't still work on those. I have received some good tips in this thread from fellow traders, which I certainly will put to action. As some have said it's a thing that I probably just will have to overcome and once I have made the click to fully trust the statistics of my system and detach myself from the money gained or lost, those negative feelings will be much less likely to impact me. Seems like you are very easy to jump to (wrong) conclusions ... Maybe you should work on that .
Hi, I would suggest you do two things: 1. Decrease position size. If you are so emotionally attached to the trades, your position is probably too big for you. Also, how much are you risking per trade? Decrease that as well. Once you see consistency, you will be happy you did it. 2. Set profit limits. Once you make for example 1% a day, be happy with it and close the screen. Once you make 5% in a week, your trading week is done. 10% in a month for example, your month is over. Just my two cents.
I would replace the word ‘make’ with ‘lose’. Time is somewhat irrelevant. My approach is after a 5% drawdown, stop for 2 days. If the drawdown subsequently becomes 10%, pause for a week. 15%—another two weeks…etc. Absence allows my mind to recalibrate and refocus. If I’m on a heater, the last thing I want to do is stop. Something is clearly working so continue as is.
Different things work for different traders I guess. I rarely watch the charts more than 2,3 hours a day. Patiently wait for a trade, make 1% and I happily close the platform. 5 % DD in a day? Apologize if I am wrong, but are you trading a relatively smaller account? How many hours per day do you trade?
No. 5% DD relative to the high-water mark. A 5% DD in a day would be a very bad day. Account size is relative, but here is my journal. I don't sit in front of my computer all day if that's what you mean by trading. I don't consider myself a day trader.