Pressure getting to me

Trading is often about how to take the appropriate risk without exposing yourself to very human flaws.
eightbo
Posts: 2154
Joined: Sun May 17, 2015 8:19 pm
Location: Malta / Australia

I talk a lot about habits/behaviours, I came across this resource today with a good page illustrating things

Found it from searching up "long-term success not short-term perfection".
I love that phrase and I first came onto it from MMA fighter Michael Chandler talking about flow state and his successes/failures (v. good watch)

I had a couple hiccups today in the trading session but whereas before I was a super perfectionist and created all this resistance to my mistakes (typically only then making things worse), now I'm way more forgiving living by this new philosophy and find it really helps keep the bigger picture in mind.
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wearthefoxhat
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eightbo wrote:
Sat Jun 27, 2020 5:03 pm
I talk a lot about habits/behaviours, I came across this resource today with a good page illustrating things

Found it from searching up "long-term success not short-term perfection".
I love that phrase and I first came onto it from MMA fighter Michael Chandler talking about flow state and his successes/failures (v. good watch)

I had a couple hiccups today in the trading session but whereas before I was a super perfectionist and created all this resistance to my mistakes (typically only then making things worse), now I'm way more forgiving living by this new philosophy and find it really helps keep the bigger picture in mind.
Good watch.

That's why I post up some of my "better" trades. To create a mental highlight reel and get myself into the flow state and to do well.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

Nice video I agree.

Maybe there are some correlations with a professional MMA fighter and professional trader - it's a bit like do or die out there in either domain. ;)
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

Hi all,

Just thought I'd post an update for those interested in the specific challenge I have faced, and how this has gone. I'm sure could be relevant to many at some point in time.

Well, as you know I was depending on some trading income - overall, that issue did not go well. I think I found the added sudden pressure was too much. My trading performance did well for some time, but was gradually getting eroded by my poor decisions. Eventually I must admit I was starting to panic somewhat.

It was just at somewhat a crux point (where I would have needed money, but was not achieving it) that external forces intervened, in terms of external income. My trading did not suddenly have to be so precious any more.

So, I would say that to be truthful, my little 'experiment' failed - I did not cope sufficiently when 'having' to make a required trading income.

To add to this, since my overall finances have stabilised I have, perhaps not surprisingly, found my trading profits have once again started to become more consistent and generally healthy. The difference being I don't need to win those amounts (but that is when I do).

I'm sure there are lessons for me here (maybe others I don't know), but pressure sure is worth considering.

I'm back to my 'sideline' trading now, and likely to stay that way. I didn't work well enough with the need for income from trading, I can see that now. Though maybe there was also something about being forced into that (rather than planning it) too.

Cheers,
Stu.
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

Trading towards a set target is always going to be a nightmare scenario especially if you're thrown into it as it's almost akin to chasing. At least now the pressure's off you're back to a more relaxed way of winning and know those skills are still there.
trader44
Posts: 236
Joined: Wed Oct 29, 2014 1:28 pm

There is huge difference between trading for some pocket money and trading to pay your bills especially when your funds get low.The pressure can be overwhelming and totally affects your trading as you have just found out. :D
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

Agree with both of you above - from experience now!

But, isn't that exactly what faces all professional/full time traders - surely they have targets they have to meet income-wise? And how do they cope with that same issue?
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ShaunWhite
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stueytrader wrote:
Thu Aug 20, 2020 12:12 am
But, isn't that exactly what faces all professional/full time traders - surely they have targets they have to meet income-wise?
Not really, let's say you need 3 grand a month, that's tough if you average 3 grand a month but not so stressful if you regularly make 10. The problem comes when people try to go full-time without being comfortably able to make well in excess of what they need.

Tbh it's no different to any other self employment, at first you worry you won't see enough business but eventually your track record gives you the confidence to relax a little.... or hopefully a lot. The guys who've been doing it for 5 or 10yrs have a pretty good idea of what they'll make month on month and certainly aren't worried about paying the bills unless they've got a lavish lifestyle to support.
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Euler
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Location: Bet Angel HQ

I've never set a direct target as it tends to lead to making errors. I prefer to focus on what is in front of me.

You also have this problem in sports that it is seasonal from a number of perspectives. So you may have a blinder one month, but three months later the market will be nothing like the one you traded three months ago.

So it's better to have a frame work based around staking and max risk and trading to that, than a specific target.
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LeTiss
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Nice post Peter

May I make a suggestion for your forum......there is a facility to like someone's post, so users can quickly access posts with lots of likes

When I was more active on this forum, I often thought that would be useful for newbies, or those looking for some helpful info/tips

So many superb posts on BA forum simply get lost and forgotten in amongst all the threads
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Euler
Posts: 24701
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Location: Bet Angel HQ

This is something we are looking at on a longer-term basis. We are sort of hamstrung with an old architecture at the moment, so want to try and move forward without being too disruptive to existing content.
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Kai
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ShaunWhite wrote:
Thu Aug 20, 2020 1:39 pm
The problem comes when people try to go full-time without being comfortably able to make well in excess of what they need.
Fully agree with Mr. White on the above.

The nature of this business can be unpredictable and seasonal and we as traders can't live from paycheck to paycheck like the rest of the world? That was clear from day one I think, we need everything in excess despite it being a luxury, excess of profits and savings and knowledge and live market experience etc to make each new step as comfortable as possible.

If your electric bill hinges on a single particular trade then yeah, pressure can do its thing, even if you're a world-class performer like John Terry and Steven Gerrard who both literally slipped at the crucial moment when they were chasing that forever elusive target trophy.

Nothing wrong with Stuey rising to the challenge out of necessity, it's a proper test and I don't see that as a failure at all, just one more step towards success that needs to be made.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

Some very good points in this discussion area, pretty much agree with all.

I guess as Peter says it is right that we should not be, intentionally, aiming for specific targets - trading what appears before you is more optimal I agree. There is no forcing that way.

Thanks for commenting my attempt was not a failure Kai - though I'm not so sure I'd be as kind myself. I realise I was aiming without the comfort margin, as Shaun points out, although I was not aiming to make more than I am achieving right now really (when I trade as a sideline). I just thought differently about it, which always seems to knock on to trading performance.

I will keep all my trading as a side-business, at least for the foreseeable. I don't hate my job, and earning a little sideline is enough for my current lifestyle in terms of trading. I think you have to find your way, and I don't think I'd feel comfortable making it fulltime in any case (even with a margin for error).
Vaz0202
Posts: 158
Joined: Sat Jun 27, 2020 7:53 pm

Overcame a hurdle today: reinvesting gains.

My fear when I started trading was that I didn’t think I would have been able to stop the above.
I trade inplay so my exposure is very volatile.

Managed 3 figures for 3 consecutive days so decided to withdraw instead of continually increasing my trading stakes.

The pressure was getting to me but I had an epiphany when watching ‘Minder’.

I started last Tuesday with £20 so if I think I have an edge I should be able to replicate that again.

Still on furlough so the cash is nice to have but it was very satisfying earning more over the past few days than I would have been working.
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ShaunWhite
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Vaz0202 wrote:
Sun Aug 30, 2020 10:06 pm
The pressure was getting to me but I had an epiphany when watching ‘Minder’.
:) If you think you can just end that paragraph there you've got another thing coming. Vaz, Minder, was it something 'er indoors said or something you saw in the Winchester Club.? Not only is that mean cliffhanger I've got the bloody theme tune going round my head now.
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