What pyschology do you have to get in your mind to hold trades like this as the spike

Discussion in 'Psychology' started by spanish89, Mar 6, 2009.

  1. What exactly do you even mean ''get out the market''?? :confused:
    You dont talk englishs or something mate??

    The only price that you can cash a trade in at is whatever the current market price is at that precise moment,
    and the price is constantly changing.

    So yor post you doenst even mean anything... lol
    :confused: :D
    #11     Mar 6, 2009

  2. lol

    Why does everyone seem to have this idea that when i make profit i just leave it sitting there in my trading account and pile it up,
    not withdraw it every few days and spend it to pay my rent each month and for food n bills during the weeks. :eek: :confused:

    From when i made the the switch from amateur trading to fulltime doing it for a career n to ean a living on 1st July 08 - when i ended for xmas on 18th December,
    i generated a total of just under £30,000 profit, from the starting capital of £759. :)

    I didnt however just have the option of just letting the money all piled-up in my account as i needed it on a weekly basis, and so withdrew a few hundred quid every few days continuously for those 5months.

    The maximum i ever had in my account at any 1 time was 13k, and that was only there for a few hours as i withdrew it back under 10k that evening. :)

    I made £30,000 tax free profit in the 5months, till the end of the year.
    Restarted the year in 2nd week of january having withdrawn my account down to £8,009.

    So the max i had there to potentially be lost was 8k.

    Over the following 2months out of that 8k i- withdrew 2k, and lost 5k.

    Not £30,000, not blowing my whole account out in 1 big bang,
    merely lost 5k over the space of 2months by taking losses due to impatience. :)
    #12     Mar 6, 2009
  3. Im not sure why every single thread that i start always manages to get a load of newbie saps coming onto it and dragging me into petite pointless dicussions and debates about the amount of money i made, the style and method that i used to make it, the amount im currently using as capital to make more, what my current upto the hour p/l stats are... :confused: :D

    *Seriously guys, if you want my life story read my journal.

    *If you want to see my trading method expalined in detail read the thread called spanish89s trading method..

    *If you want to interrogate me about anything in paprticular just private message me.

    But when you come in a thread like this that i have started to ask about what other traders do in reagrds to a ''specific aspect of profit taking'',
    then please just simply ONLY answer that question with the answer explaining about what YOU PERSONALLY do when you are in a trade and you see it spike into profit in the way that the dow did today (screenshot).

    #13     Mar 6, 2009
  4. So are you saying that you were a successful trader for 8 months and then just got bored or something? To me it sounds like you traded for 8 months and ended up getting washed out. 8 months of successful trading is a very good TRY.

    I use to be in your position Spanish a long time ago. I had around 3-5K making aggressive news trades and technical trades that were always mixed with fear, euphoria and overall excitement. I would leverage it up like it was my job once a trade went with me, I would consistently take money out of the account to pay for rent and I would make fundamental trades because I thought I was an all-star trader sent from god. The only problem is that I had to keep trading even during bad weeks and months. I had no choice but to trade even if I was mentally disturbed and losing money hand over fist.

    Soon that trading way of life failed because of so many factors going against you.

    What I did and what you need to do is get a job and build some capital. I knew how to trade conservatively and only trade based on the best opportunities but I never implemented that trading because I always needed to make as much money as possible instead of making the most responsible trades.

    You have the same problem as so many other traders. A small picture mentality. You can't appreciate the fact that if you trade responsibly you can make larger amounts of money over the years especially when your not a big spender.

    The question is whether you want to become a responsible trader compounding much larger sums of money than you do now or whether you just want to keep the same irresponsible, childish and dangerous method of trading that will only lead to disappointment after disappointment. Who knows maybe you live and thrive on the imaginary hope of riches while the whole time being in denial of your situation.

    Look at the big picture buddy.
    #14     Mar 6, 2009

  5. Aloha mate..

    I didnt get ''washed out''. :) lol

    (The phrase makes me laugh though as i didnt really shower much since i started traidng due to lack of time)

    The reason why i lost the 5k since this year started was because teh market changed completely (i trade crude oil), and the volatility died instantly when the year started.

    Last year every move of 6% or move was met you a counter move of 4% t 8% in a few seconds t minutes.

    And there were dozens n dozens of those big fast moves each day.

    However since this year theres only 1directional movement per day, often 3% t 10%, but instead of pulling back and reversing it just keeps going and going really really slowly,
    so you have to wait for a few days sometimes beofre you can trade the reversal.

    I have now adapted my trading method to use this.

    But for the 1st 5weeks of the year i didnt as i thought this was just a temporary blip in the normal oil volatility n movement.

    And if you look in my journal i have repeatedly said there that i would like a 2nd normal job, and just trade partime / spare time.

    Since i dont even like trading. I actually really strongly hate it. :/
    (hate having to rely on it for a living)

    Ive applied for well over 1,000 low level basics jobs in the last 3weeks, but not even got 1 interview.
    Since there seriously is a huge oversupply ratio of jobseekers:vacancies.

    The only reason i still trade fulltime for my living is cos im good at it.

    I hate it, it totally screws up my day everyday due to the pyschological stress of it,
    but when you need money you just gta to whatever you can do to make the money. :(
    #15     Mar 7, 2009
  6. Do you sincerely believe that you can't build up capital?

    Get an associate degree or find a job where there is a high demand for young workers such as truck driving or electricians.

    Just because you can't find a job now doesn't mean you never can. You just haven't looked in the right spots.

    Spanish you will not learn to be a responsible trader when you have to make trades that are irresponsible because of living expenses. I've been there! It doesn't work!

    I would say around 99% of traders who have to get funds from their account almost every week trade irresponsibly. Even if you are in the 1% of responsible traders you still have no room for bad weeks and months!

    Wake up, slow down and realize that your potential is unlimited when you allow yourself to conduct business in the correct environment and situation.
    #16     Mar 7, 2009
  7. (Spanish to English dictionary) :D
    #17     Mar 7, 2009
  8. 1) Have you considered enrolling in an ESL or ETL class?
    2) "The only price that you can cash in at is whatever the current market price is at that precise moment, and the price is constantly changing".......dude, amigo,..... that's more commonly known as "getting out at the market". :cool:
    #18     Mar 7, 2009