General discussion : Help for new traders - Focussing on Now Part 1

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JollyGreen
Posts: 2011
Joined: Sat Mar 21, 2009 10:06 am

Thu Sep 05, 2013 12:58 pm

So we have learned that too much emotion in trading is a bad thing. We also know you need some level of emotion or else you won’t function. That is why my first advice was to enjoy it! We also know that despite the brain being a powerful thing it can be easily distracted; we’re not great at multitasking!

So why does this affect out trading? Well, too much emotion will shut down higher brain function and you will not be able to think straight. You’ll be totally reliant on conscious competence and a reduced level of thought. That is not good if you’re a new or novice trader and that is where mistakes kick in and hurt you. Once you get past your emotional threshold then you are in trouble as it is almost impossible to function at that stage.

So what do we do? Well first you have to be honest with yourself and identify your issue. Then you need separation i.e. counting deep breaths to bring your emotion levels down enough so you can stop crossing the threshold. You may want to go for a walk or grab a drink of tea.

Then you need to inject some logic, perhaps have a motivational quote pinned to your monitor? It should be something which works for you. You could consider a picture of a loved one or a favourite place that helps you to refocus on the task.

The most important thing in all of this is you must try and concentrate on the now! Forget what has happened, do not think about what might happen as both of these will distract you and eat up brain power. You cannot change the past and you cannot affect the future so do not waste energy on it.

We know the brain can easily be overwhelmed by thoughts – positive and negative so we must solely concentrate on what we are doing without introducing any other thought. That is why having your phone on or answering emails is a big no-no!! I want to share a funny story with you to help explain how negative thoughts can take over. This is a true story and I learned a lot from what happened.

About 25 years ago a member of my family was rushed into hospital. She was in danger of losing her baby with 9 weeks still remaining on the pregnancy. It was 23:00 and I had just returned from the pub. I was asked by my uncle if I would go with him for moral support and naturally I said yes. We had to drive to Bristol, well he did, as I had been drinking! I then sat in a waiting room for hours. There was one other person in there with me, a lady in her 60s at a guess. I had been trying to talk to her and get some form of conversation going for hours and she just kept ignoring me. I was cursing her ignorance and getting really angry with her. Then at about 03:00 we were both stood by the vending machine and she accidentally bumped into me. I was already angry and was about to let rip when she said “I’m sorry love for not speaking, I am totally deaf and unless I can see your lips moving I cannot make out what you’re saying!” I felt such an idiot, all those hours of anger and hatred directed towards her and all the time she couldn’t hear me anyway!

The mind can run away with you if you’re not careful so stay in the now and don’t make judgements as they often let you down or make you look like a fool.

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kelpie
Posts: 341
Joined: Sun Dec 30, 2012 12:40 am

Thu Sep 05, 2013 4:39 pm

Another good post, JG. You're on a roll.

Agree you should be focused on the present. A wiser trader than me once told me the better you get the more clerical trading becomes. By which he meant, you have your approach, an edge it has to be if you are sustainable, and you end up doing the same clerical and bureaucractic tasks again and again. And the more clerical it is the calmer you should be.

Iron
Posts: 6793
Joined: Fri Dec 11, 2009 10:51 pm

Thu Sep 05, 2013 7:13 pm

A financials trader I know recently wrote the following in a forum:

'How to test if a system of trading is right? Just check if at the end of any trade you end up hoping and expecting. When the factor of hope is totally eliminated from your system and mind, then you have truly arrived.'

Jeff
kelpie wrote:you have your approach, an edge it has to be if you are sustainable, and you end up doing the same clerical and bureaucractic tasks again and again. And the more clerical it is the calmer you should be.

prynnebet
Posts: 1
Joined: Mon Sep 30, 2013 2:31 pm

Mon Sep 30, 2013 2:33 pm

these guides are great...going through the serious during a quiet afternoon at work!

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doncht
Posts: 74
Joined: Mon May 05, 2014 3:57 pm

Tue Sep 30, 2014 2:39 pm

Same here. Absorbing as much information as I can for a newbie. Thanks again.

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JollyGreen
Posts: 2011
Joined: Sat Mar 21, 2009 10:06 am

Wed Oct 01, 2014 9:10 am

prynnebet wrote:these guides are great...going through the serious during a quiet afternoon at work!
Thank you for your kind words I do appreciate them. Please free to ask questions.

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JollyGreen
Posts: 2011
Joined: Sat Mar 21, 2009 10:06 am

Wed Oct 01, 2014 9:10 am

doncht wrote:Same here. Absorbing as much information as I can for a newbie. Thanks again.
Thank you too. As I said please feel free to ask questions.

janice62
Posts: 43
Joined: Thu Oct 02, 2014 11:48 am

Thu Oct 02, 2014 11:59 am

Hi new to all this on trial practice. So PLEASE be patient with me!! I have watched all videos and read manuals etc, however confused over one thing:if I use the offset and back a bet and wait for bet angel to fill it, if it doesnt, how do i cover the bet thats been placed. I thought it wold cancel the WHOLE bet if it wasnt matched. So, if this doesnt happen, how do I get out of the bet with as little loss as possible

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JollyGreen
Posts: 2011
Joined: Sat Mar 21, 2009 10:06 am

Fri Oct 03, 2014 8:57 am

janice62 wrote:Hi new to all this on trial practice. So PLEASE be patient with me!! I have watched all videos and read manuals etc, however confused over one thing:if I use the offset and back a bet and wait for bet angel to fill it, if it doesnt, how do i cover the bet thats been placed. I thought it wold cancel the WHOLE bet if it wasnt matched. So, if this doesnt happen, how do I get out of the bet with as little loss as possible
Hi Janice

You need to post this in the Bet Angel newbies section but I will try and answer here.

How have you setup the fill/kill setting? (see image where I have set 10s and offset with Greening for 1 tick)
fill-kill.png
You need to ensure it is ticked and you have set a time i.e. 10 seconds. If you don't do this the first bet will match and you will be left with the un-matched one. The basic idea is to get one filled within the time you set, 10 seconds in my example, or it is killed by the software. This means no liability and it should work this way. There is no guarantee of profit but with no tick set for fill/kill there is near certainty of loss.

I hope that helps?
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janice62
Posts: 43
Joined: Thu Oct 02, 2014 11:48 am

Fri Oct 03, 2014 9:40 pm

thank you very much

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