In defence of seahorse he's only saying don't make your short term p&l the main focus of your trading as it can easily lead to the temptation of chasing after a few losses or bad start. Most of us will have a good idea of how we're trading during the day anyway, if anything we generally underestimate how little profits can add up and checking weekly can be a nice surprise.
But at the end of the day you have to play to your own strengths and weaknesses not someone else's, if that means checking every so often just do it, he's only saying what's helped him. I bot the markets so check my balance every morning to make sure things have gone expected from the end of the previous days racing, if I didn't check I could easily lose thousands if there's an error. Even my manual trading I'll look at the end of the day to see how much I've won but I've been trading a long time now so I rarely take no notice of the bottom line unless something obvious needs tweaking. If keeping a track on your p&l keeps you focussed do it , if it negatively affects your trading then you need to address the reasons why.
Question to the more experienced long term profitable traders
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SeaHorseRacing
- Posts: 2893
- Joined: Fri May 20, 2016 7:06 pm
I agree. I dont trade with any bots so have no need to check my balance but if I did I think looking at your balance once a week would not be a good idea.
When I was struggling with managing my account I was totaling up all my results ignoring the blank blows and It was showing I was a constant winner.
The constant small wins are bread and butter.
I used to sale telecoms years ago and i remember going out one day and found out 3 sales from previous week had cancelled so I was wondering the field feeling so shit that I need to make 800 before I even make money. So i just went home.
Its such a mental thing, for me anyway. With trading especially the winter months, a weeks worth of work can be undone with in 2/3 trades. For me that is so painful and the only way to overcome it is to ignore it.
When you get yourself in a position where your not reliant on the money. You just gone on with it and you know when your ready to withdraw you always have a chunk to take.
For me. It works and for anyone struggling work on it.
When I was struggling with managing my account I was totaling up all my results ignoring the blank blows and It was showing I was a constant winner.
The constant small wins are bread and butter.
I used to sale telecoms years ago and i remember going out one day and found out 3 sales from previous week had cancelled so I was wondering the field feeling so shit that I need to make 800 before I even make money. So i just went home.
Its such a mental thing, for me anyway. With trading especially the winter months, a weeks worth of work can be undone with in 2/3 trades. For me that is so painful and the only way to overcome it is to ignore it.
When you get yourself in a position where your not reliant on the money. You just gone on with it and you know when your ready to withdraw you always have a chunk to take.
For me. It works and for anyone struggling work on it.
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ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
True, I forgot about that, but it's still on the BF screen. Actually it's not a big deal for me. You know how you're doing anyway without seeing the balance in the same way you always know the time to within 5mins if you never wear a watch.SeaHorseRacing wrote: ↑Mon Nov 27, 2017 10:24 amGo into settings and remove the balance from being displayed.
It's not a question of what your losses should be, but what they are!SeaHorseRacing wrote: ↑Mon Nov 27, 2017 10:25 amYour loses should be minimal. Only now and again should be making a screw up of a big loss.
It's important to monitor your performance closely - that doesn't mean that you have to read too much into one day.
Can you imagine the CEO of Tesco being asked to explain their massive quarterly losses and replying "sorry, I only look at the accounts once every three months so I wasn't aware".
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ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
Looking at your P&L frequently is only an issue if it affects your psychology. If you can't look at yesterday's results without it bothering you then you're not going to cope very well with a bad result from 5 minutes ago.
Probably not the best example to provide. Didn't some of their top managers fiddle the profits of Tescos a few years ago, to make the company look a lot healthier than it really was? Not sure what happened to them, hopefully they got a prison sentence. I get what you mean though, I just thought using Tesco was a funny example.
I forgot all about that scandal. Big news at the time but faded into the background.Bluesky wrote: ↑Tue Nov 28, 2017 8:32 amProbably not the best example to provide. Didn't some of their top managers fiddle the profits of Tescos a few years ago, to make the company look a lot healthier than it really was? Not sure what happened to them, hopefully they got a prison sentence. I get what you mean though, I just thought using Tesco was a funny example.