All comes down to the individual moment there is no right or wrong, if swing trading and you belive the price is about to go and go for some ticks then take the price at least your on and worst case if your wrong you will lose just one extra tick if it goes against you and you have to close out.
A way to view it is regardless if you take or offer a price and it goes against you you will of been matched and worst case 1 extra tick out of pocket - If it shoots off as you thought by holding out asking for 1 extra tick you could miss several ticks profit as it goes.
Appears simple but is devilishly difficult.
Yeah that's pretty much what I suspected and I suppose it was a bit daft of me expecting a right or wrong, black or white kind of answer, trading isn't that simple. I had assumed that it depends on the market and individual circumstances but didn't actually know, now I do. Thanks Dallas.
Another day down, no major problems to report.
I must remember to keep it tight.....I know I might miss some profit opportunities along the way but I sure as hell am going to miss the big losses as well.
There were a couple of times yesterday that could have led to a wipeout. Starts off as a small red, then a bigger red, then in-play, then BANG, lost. I didn't get out at the first chance (maybe I should have) but I had a marker or a stop loss where I would have got out with no questions or doubts. As it happened I lost about £2 which believe it or not is proprtionately too high bearing in mind I'm trying to win 1% of circa £130. I stayed calm and continued and ended up winning that back plus another £2 so not a bad day considering.
I must remember to keep it tight.....I know I might miss some profit opportunities along the way but I sure as hell am going to miss the big losses as well.
There were a couple of times yesterday that could have led to a wipeout. Starts off as a small red, then a bigger red, then in-play, then BANG, lost. I didn't get out at the first chance (maybe I should have) but I had a marker or a stop loss where I would have got out with no questions or doubts. As it happened I lost about £2 which believe it or not is proprtionately too high bearing in mind I'm trying to win 1% of circa £130. I stayed calm and continued and ended up winning that back plus another £2 so not a bad day considering.
You might want to view this video from another thread it highlights the importance of keeping losses to a minimum and under control
https://www.youtube.com/watch?v=n5z3_XwqK3s
https://www.youtube.com/watch?v=n5z3_XwqK3s
Thanks for that Dallas, that's the beauty of coming on here I might get a "golden nugget" like that to watch/learn from.
It's amazing how something so basic, I have frequently overlooked. Pretty much in the same way that I have this flawed logic that something can't keep happening. If I let a trade go in-play and lose and do it again 9 times, I become more and more certain that the 10th will bail me out.
Such a flawed, stupid logic but I have to fight it and remind myself that I'm being a tit.
I will go into todays trades with a tighter more disciplined approach to losses after watching that.
It's amazing how something so basic, I have frequently overlooked. Pretty much in the same way that I have this flawed logic that something can't keep happening. If I let a trade go in-play and lose and do it again 9 times, I become more and more certain that the 10th will bail me out.
Such a flawed, stupid logic but I have to fight it and remind myself that I'm being a tit.
I will go into todays trades with a tighter more disciplined approach to losses after watching that.
- marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
Lammtarra, I think you will benefit from going to a tony robbins event. You'll go in there with the wish to never let your bets go in play again. When you walk out it will basically be impossible for you to let that happen again.
People often laugh about these things (I admit it looks funny from the outside) but the things you do and learn there are amazingly powerful. I believe Robbins still comes to London every year with his UPW event.
People often laugh about these things (I admit it looks funny from the outside) but the things you do and learn there are amazingly powerful. I believe Robbins still comes to London every year with his UPW event.
Won virtually nothing yesterday but didn't lose.
So, so difficult for me this is. I know I'm not alone and this is all part of learning to become profitable but even yesterday dealing in such small amounts, I could feel my temperature increasing and red mist falling at certain points during the day.
I never went in-play and I never lost on the day so that's a positive.
So, so difficult for me this is. I know I'm not alone and this is all part of learning to become profitable but even yesterday dealing in such small amounts, I could feel my temperature increasing and red mist falling at certain points during the day.
I never went in-play and I never lost on the day so that's a positive.
It becomes much easier to deal with mentally once you develop strong methods and start ending every day in profit no matter what. Until that happens the variance in results can drive a person insane, not many can objectively manage their money and manage risk on a daily basis.
The good news is that you don't really need to fully master your psychology, very few top traders actually do, it is often enough to obtain enough skill and knowledge and then it becomes much easier to iron out any remaining mental issues. Hope that makes sense.
The good news is that you don't really need to fully master your psychology, very few top traders actually do, it is often enough to obtain enough skill and knowledge and then it becomes much easier to iron out any remaining mental issues. Hope that makes sense.
One of the first steps to becoming succesful is simply not to lose, if you trade for 3 months and have nt lost anything then thats a hugh positive and your on the right track - only when losses can be controlled will the profits eventually follow.
Ps going to send you a PM
Ps going to send you a PM
Thanks Kai. I always have this lingering self doubt and it hinders me so I see what you mean about the difference of having a strong strategy and how it affects my actions.
Thanks Dallas for your wise words, I'd be just as well pinning that to my monitor because I should remind myself over and over again.
I got my pm thanks and I'm on with it......
Thanks Dallas for your wise words, I'd be just as well pinning that to my monitor because I should remind myself over and over again.
I got my pm thanks and I'm on with it......
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- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Keep in mind that everyone will lose, it is part of trading. Try to view it as a probability game. You will never be 100% correct all of the time.
If you read and watch people like Peter, he is a glass half full kind of person and not a glass half empty guy. This change in attitude will help you in all walks of life.
If you read and watch people like Peter, he is a glass half full kind of person and not a glass half empty guy. This change in attitude will help you in all walks of life.
- marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
Thanks gents,
I've been down at my parents over the weekend watching the Saints game (get in) because I'm too tight to pay for sky sports.....
I've not been on here since Saturday.
I wish I could change the title Marko because it is a stupid title, I can only put it down to a "moment of madness" when I originally posted it
Positive thinking is important but sometimes not natural and therefor requires effort although saying that, on Saturday I won 0.68 ALL DAY and that was my best day trading so far because........... there were 3 seperate incidents where I was chasing the price out and kept missing it and I was getting seriously F****** ANGRY. This would have been a text book "F*** it, I'll take whatever price and hope for the best" which in turn would probably have led to a "F*** it, I'll let it go in play and hope for the best" and when that went tits up, that would have lead to a "F*** it, I'll transfer another £100 but won't do it again" (until the next time)
On Saturday I got the race off my screen, went onto another and just left it for a while because I was going to do something stupid, except this time, I didn't. I felt better afterwards because I know I could have lost my bank but for once, showed restraint and made the right choice.
So my bank from £129.30 is now £141.11.
I've been down at my parents over the weekend watching the Saints game (get in) because I'm too tight to pay for sky sports.....
I've not been on here since Saturday.
I wish I could change the title Marko because it is a stupid title, I can only put it down to a "moment of madness" when I originally posted it
Positive thinking is important but sometimes not natural and therefor requires effort although saying that, on Saturday I won 0.68 ALL DAY and that was my best day trading so far because........... there were 3 seperate incidents where I was chasing the price out and kept missing it and I was getting seriously F****** ANGRY. This would have been a text book "F*** it, I'll take whatever price and hope for the best" which in turn would probably have led to a "F*** it, I'll let it go in play and hope for the best" and when that went tits up, that would have lead to a "F*** it, I'll transfer another £100 but won't do it again" (until the next time)
On Saturday I got the race off my screen, went onto another and just left it for a while because I was going to do something stupid, except this time, I didn't. I felt better afterwards because I know I could have lost my bank but for once, showed restraint and made the right choice.
So my bank from £129.30 is now £141.11.