What do they do when faced with a red screen ?LeTiss 4pm wrote:
I have said this countless of times on this forum, but the difference between a successful trader and a bankrupt one, is what they do when faced with a red screen
Appears simple but is devilishly difficult.
follow his rules/plan and not his emotionsArchangel wrote:What do they do when faced with a red screen ?LeTiss 4pm wrote:
I have said this countless of times on this forum, but the difference between a successful trader and a bankrupt one, is what they do when faced with a red screen
will power instinct
https://www.youtube.com/watch?v=V5BXuZL1HAg
https://www.youtube.com/watch?v=V5BXuZL1HAg
I have worked hard on discipline and not letting trades go in play. There really is no excuse for letting a trade go in play other than you fell asleep or lost your connection. The hardest part is letting go of the gambler mentality when I realised I would never make it with that mindset of chasing losses
I do find though that I am typically racking up a lot of small losses becasue I am liable to cut out a trade perhaps too early rather than risk letting a small red grow into a big one. I have been burned too many times though hoping a losing trade comes back to green
I think there may be problems with my entry points or even that I am overtrading , getting involved where I should not be. Hopefully I can work this out
I do find though that I am typically racking up a lot of small losses becasue I am liable to cut out a trade perhaps too early rather than risk letting a small red grow into a big one. I have been burned too many times though hoping a losing trade comes back to green
I think there may be problems with my entry points or even that I am overtrading , getting involved where I should not be. Hopefully I can work this out
Archangel wrote:I have worked hard on discipline and not letting trades go in play. There really is no excuse for letting a trade go in play other than you fell asleep or lost your connection. The hardest part is letting go of the gambler mentality when I realised I would never make it with that mindset of chasing losses
I do find though that I am typically racking up a lot of small losses becasue I am liable to cut out a trade perhaps too early rather than risk letting a small red grow into a big one. I have been burned too many times though hoping a losing trade comes back to green
I think there may be problems with my entry points or even that I am overtrading , getting involved where I should not be. Hopefully I can work this out
Was in the same postion of being burned to many times and that inturn made me cut out of a trade to early, most of the time i'l let a trade go against me 4 ticks while i work out if it's going against me then decide if i get out.
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MrAmitAnand
- Posts: 1
- Joined: Fri Aug 07, 2015 11:27 am
After working on a dealing desk for over 10 years I know how frustrating is can be trading. If you want to have a free no obligation chat to see if you qualify for a Sales Trader account which a value added service please get in touch. Thanks
Hi Guys,
I'm back on the scene.....
I just re-read this thread to remind me of what a prat I'd been previously and thank you all for chipping in.
I basically got no-where as you know and started dabbling in football, trading the draw (with success) and then using that as a tool to win back horse trading losses so nothing changed, I still chased losses just on football.
When the two Madrid teams played in CL, the first leg was 0-0 and Hernandez (sp) scored in the 88th minute in the 2nd leg to make it 1-0. I was within 2 minutes of losing £1200 on the draw
I was watching Game of Thrones and couldn't let on why I was so obsessed with this game on my Ipad - It scared the s*** out of me and after that I withdrew my money and called it a day.
I then sorted my life out and have lost 6st 3lb since January 20th, I feel like a different person so that's a positive. I have waited until Sep with a view of putting another £100 in the bank and try again, this time no in-play or chasing losses. I've already lost my bank twice and have lost £230 but I come on here to come clean to you all. I don't want anyone to be under any illusion about me, I don't put enough effort in and always try and take the easy route or the quick buck which is why I repeatedly lose.
Anyway putting the £230 to oneside, I started with £100, I've now got £116 and I'm going to see how I go over the next few weeks.
I joined a forum with my weight loss and posted daily (and still do) that really helped me and I'd like to think if I put the effort in, this forum will help me as well.
I'll keep you posted.........
I'm back on the scene.....
I just re-read this thread to remind me of what a prat I'd been previously and thank you all for chipping in.
I basically got no-where as you know and started dabbling in football, trading the draw (with success) and then using that as a tool to win back horse trading losses so nothing changed, I still chased losses just on football.
When the two Madrid teams played in CL, the first leg was 0-0 and Hernandez (sp) scored in the 88th minute in the 2nd leg to make it 1-0. I was within 2 minutes of losing £1200 on the draw
I was watching Game of Thrones and couldn't let on why I was so obsessed with this game on my Ipad - It scared the s*** out of me and after that I withdrew my money and called it a day.I then sorted my life out and have lost 6st 3lb since January 20th, I feel like a different person so that's a positive. I have waited until Sep with a view of putting another £100 in the bank and try again, this time no in-play or chasing losses. I've already lost my bank twice and have lost £230 but I come on here to come clean to you all. I don't want anyone to be under any illusion about me, I don't put enough effort in and always try and take the easy route or the quick buck which is why I repeatedly lose.
Anyway putting the £230 to oneside, I started with £100, I've now got £116 and I'm going to see how I go over the next few weeks.
I joined a forum with my weight loss and posted daily (and still do) that really helped me and I'd like to think if I put the effort in, this forum will help me as well.
I'll keep you posted.........
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bennyboy351
- Posts: 332
- Joined: Sat Jun 07, 2014 6:01 pm
- Location: West Midlands, England.
[quote="Lammtarra"]Hi Guys,
I then sorted my life out and have lost 6st 3lb since January 20th, I feel like a different person so that's a positive. I have waited until Sep with a view of putting another £100 in the bank and try again, this time no in-play or chasing losses. I've already lost my bank twice and have lost £230 but I come on here to come clean to you all. I don't want anyone to be under any illusion about me, I don't put enough effort in and always try and take the easy route or the quick buck which is why I repeatedly lose.
/quote]
Blimey - sounds like an A A Meeting! LOL Welcome back - and all the best.
I then sorted my life out and have lost 6st 3lb since January 20th, I feel like a different person so that's a positive. I have waited until Sep with a view of putting another £100 in the bank and try again, this time no in-play or chasing losses. I've already lost my bank twice and have lost £230 but I come on here to come clean to you all. I don't want anyone to be under any illusion about me, I don't put enough effort in and always try and take the easy route or the quick buck which is why I repeatedly lose.
/quote]
Blimey - sounds like an A A Meeting! LOL Welcome back - and all the best.
Thanks Bennyboy.
So.......f***ed it up on Sat but got away with it but thats it now, enough is enough.
I have decided that I am going to post every day on here about my previous days trading and hopefully, that'll keep me on the straight and narrow.
My objectives are to:
1 - Not go in play
2 - Not chase losses
3 - Trade with 5% units of my bank
What would often happen is that I'd resist going in play all day, small losses would be accepted, 5% units would be employed, everything would be under control until just once, I don't trade out when I should or I let a trade carry on while I'm away from my computer just for a minute or so - stupid things....Then I'll quickly try and get that back etc etc etc - you know the rest.
So.....it's Monday 28th September and by Bank is £129.30 and my stakes are £6.47.
If I went all week and didn't win a penny but stuck rigidly to my 3 objectives, that would be a considerable improvement on my last 3 weeks of playing at it because it doesn't matter how much I win, the crash always comes in the end.
It's my job to protect myself against this.
So.......f***ed it up on Sat but got away with it but thats it now, enough is enough.
I have decided that I am going to post every day on here about my previous days trading and hopefully, that'll keep me on the straight and narrow.
My objectives are to:
1 - Not go in play
2 - Not chase losses
3 - Trade with 5% units of my bank
What would often happen is that I'd resist going in play all day, small losses would be accepted, 5% units would be employed, everything would be under control until just once, I don't trade out when I should or I let a trade carry on while I'm away from my computer just for a minute or so - stupid things....Then I'll quickly try and get that back etc etc etc - you know the rest.
So.....it's Monday 28th September and by Bank is £129.30 and my stakes are £6.47.
If I went all week and didn't win a penny but stuck rigidly to my 3 objectives, that would be a considerable improvement on my last 3 weeks of playing at it because it doesn't matter how much I win, the crash always comes in the end.
It's my job to protect myself against this.
What style of trading are you doing?
From reading your posts it seems like your jumping from race to race trying to trade each one the same way as the last.
Unless you have a bag of different strategy's and approaches you need to identify specific race types that suit the trading style your doing.
From reading your posts it seems like your jumping from race to race trying to trade each one the same way as the last.
Unless you have a bag of different strategy's and approaches you need to identify specific race types that suit the trading style your doing.
I've read your posts and I sympathise with your struggle, most traders go through a similar process so you are not alone. I know it's extremely difficult but this is actually a perfectly "normal" process that most people absolutely need to get through in order to trade normally.
You already know that in order to find success in trading you need profitable strategies, smart money management and a strong mindset, it all needs to be in sync and aligned with each other. From what I gathered from your posts, this inner struggle that you are experiencing is because your current mindset is sadly nowhere near a trader's mindset, the further away it is the more difficult the struggle. But again, this is normal, we all have to do a lot of mental work to acquire that mindset. Profitable strategies and methods are useless to us if we don't possess the necessary mental skills in order to profit from those methods.
You seem like an extremely emotional person, this does not help your cause. Perhaps you should cut yourself some slack, if you get angry when you make a mistake then you risk losing what little emotional control you had in the first place. Everyone makes mistakes, regardless of skill level, the main difference is how we deal with those mistakes, the attitude towards mistakes alone can make all the difference in the world. You need to accept that you will make a lot of mistakes and you need both to learn from those mistakes and to learn how to let it go and carry on.
I think everyone can overcome such obstacles, but not everyone is willing to go that extra mile to do that. Some profitable traders have never fully developed a proper trader's mindset, but they can at least recognize when they've lost control over their emotions, so they just simply close the ladder and step away from the markets. Restraint and self-awareness are important mental skills that you absolutely need as a trader.
That being said, from my personal experience I think it's MUCH easier to adjust your mindset when you've already developed strong profitable methods, because your mindset is not fully tested compared to someone who has a huge variance in their results and has to make several trips to hell and back before he sees any progress. In other words, if your results are able to cover the occasional loss of emotional control then you should be perfectly fine, eventually after you iron out the remaining mental issues. But if your results are directly dependant on your emotional state of being then that obstacle is so much harder to overcome, if that makes sense.
You already admitted that you're one of those who don't want to go that extra mile, but if you're going to give it another go then surely it would be best if you changed something in your approach this time, otherwise you risk getting the same outcome yet again. It's so much easier to work if you have a structured plan in place, you can find some useful pointers in this post and thread viewtopic.php?p=90165#p90165.
Also, this article should help you identify the root cause of your mental issues, I cannot recommend it enough. http://www.tradingmarkets.com/recent/th ... 41229.html
You already know that in order to find success in trading you need profitable strategies, smart money management and a strong mindset, it all needs to be in sync and aligned with each other. From what I gathered from your posts, this inner struggle that you are experiencing is because your current mindset is sadly nowhere near a trader's mindset, the further away it is the more difficult the struggle. But again, this is normal, we all have to do a lot of mental work to acquire that mindset. Profitable strategies and methods are useless to us if we don't possess the necessary mental skills in order to profit from those methods.
You seem like an extremely emotional person, this does not help your cause. Perhaps you should cut yourself some slack, if you get angry when you make a mistake then you risk losing what little emotional control you had in the first place. Everyone makes mistakes, regardless of skill level, the main difference is how we deal with those mistakes, the attitude towards mistakes alone can make all the difference in the world. You need to accept that you will make a lot of mistakes and you need both to learn from those mistakes and to learn how to let it go and carry on.
I think everyone can overcome such obstacles, but not everyone is willing to go that extra mile to do that. Some profitable traders have never fully developed a proper trader's mindset, but they can at least recognize when they've lost control over their emotions, so they just simply close the ladder and step away from the markets. Restraint and self-awareness are important mental skills that you absolutely need as a trader.
That being said, from my personal experience I think it's MUCH easier to adjust your mindset when you've already developed strong profitable methods, because your mindset is not fully tested compared to someone who has a huge variance in their results and has to make several trips to hell and back before he sees any progress. In other words, if your results are able to cover the occasional loss of emotional control then you should be perfectly fine, eventually after you iron out the remaining mental issues. But if your results are directly dependant on your emotional state of being then that obstacle is so much harder to overcome, if that makes sense.
You already admitted that you're one of those who don't want to go that extra mile, but if you're going to give it another go then surely it would be best if you changed something in your approach this time, otherwise you risk getting the same outcome yet again. It's so much easier to work if you have a structured plan in place, you can find some useful pointers in this post and thread viewtopic.php?p=90165#p90165.
Also, this article should help you identify the root cause of your mental issues, I cannot recommend it enough. http://www.tradingmarkets.com/recent/th ... 41229.html
A bit of automation can save you a lot of grief and force you to close all trades in a market.
The attached file will green/red up a market 5 seconds before the off - works for me when I fail to keep an eye on the clock and have no video
Load all the markets you are going to trade into Guardian and apply the attached rule to each market.
You might want to adjust the timings to close earlier - some markets go off early now and again.
Don't cheat and turn it off or try to win back a red trade in play
The attached file will green/red up a market 5 seconds before the off - works for me when I fail to keep an eye on the clock and have no video
Load all the markets you are going to trade into Guardian and apply the attached rule to each market.
You might want to adjust the timings to close earlier - some markets go off early now and again.
Don't cheat and turn it off or try to win back a red trade in play
You do not have the required permissions to view the files attached to this post.
Also, this article should help you identify the root cause of your mental issues, I cannot recommend it enough. http://www.tradingmarkets.com/recent/th ... 41229.html
Just read this article that Kia posted and as a newbie just starting up i can relate to at least 12 out of the 15 psychological trading issues, so got something to work on.
Thanks for sharing Kia.
Just read this article that Kia posted and as a newbie just starting up i can relate to at least 12 out of the 15 psychological trading issues, so got something to work on.
Thanks for sharing Kia.