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  1. #1
    edo
    edo is offline
    Solid Member edo's Avatar

    Hot Traders behaviour !!!

    1. How do you behave after a losing trade? Do you call it a day,and get down to analyzing why did that loss occur,or do you chase more trades to gain that OTM trade?
    2. How many trades do you execute per day? Do you have predetermined number or do you trade depending on market conditions and number of opportunities?

    I myself have a problem.
    After a losing trade,i get mad and insanily start looking for another opportunity to trade and gain my loss(es). Which we all know is the way to go.
    I simply get irrational,and lose most of my focus,as well as forgeting most of the rules which i follow when trading.

    Generally,i take 3-4 trades per day. Anything above that is forcing,and i do not feel comfortable doing it.
    I like to take cca 15 minutes of technical analyzing per trade,so 3-4 of those is just enough for me.

    I am curently reading a book that Milos sent me..it is called Disciplined Trader,and i hope it will help me with my problem.

    I am eager to hear your thoughts on this matter,especially to see how pros are dealing with their losses.
    It would be really helpfull for newbies like me,as well as other newbies on this forum.

    Thank you all for your time.

  2. #2
    Legendry Member Okane's Avatar
    Hey.
    I usually do 1-3 a day. You either have a good setup or you don't take the trade.
    Besides there is a time interval per day when the market is good, once that time has passed
    it's time to quit.
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  3. #3
    edo
    edo is offline
    Solid Member edo's Avatar
    Quote Originally Posted by Okane View Post
    Hey.
    I usually do 1-3 a day. You either have a good setup or you don't take the trade.
    Besides there is a time interval per day when the market is good, once that time has passed
    it's time to quit.
    Thank you for your answer,Okane.

    What if you start with a losing trade?
    Does that changes your approach or do you continue normally as if you had won that first trade?

    Or,to go to more extreme,what would you do if first two of your trades expired OTM?

    I would like to know how a losing trade is effecting traders mindset.
    Does it make him to be extra carefull with his next trade (as if he isn´t carefull already),or should a trader carry on with his trading plan,regardless of the losses?

  4. #4
    Master Member SeasaltMcFish's Avatar
    A.t.m. I nearly don't trade, due to lack of time. I only want to trade when my concentration is good. When tired or 'unhappy', I don't trade, because it make me vulnerable to chasing losses and thus real losses.

    I learned this by falling, costing me about a third of my account in time. Else my account would be much higher now.

    Now I simply don't turn on my trade station when not feeling strong and good. It's a key to success and I nearly doubled my account since I started being disciplined about this.

    If I do lose a trade (happens 1 in 3, so can easily be 3 in a row) and there's no good opportunity anymore, I quit for the day. I also quit after going down three trades.

    Normally I would have 1-5 trades a day.

  5. #5
    edo
    edo is offline
    Solid Member edo's Avatar
    Quote Originally Posted by SeasaltMcFish View Post
    A.t.m. I nearly don't trade, due to lack of time. I only want to trade when my concentration is good. When tired or 'unhappy', I don't trade, because it make me vulnerable to chasing losses and thus real losses.

    I learned this by falling, costing me about a third of my account in time. Else my account would be much higher now.

    Now I simply don't turn on my trade station when not feeling strong and good. It's a key to success and I nearly doubled my account since I started being disciplined about this.

    If I do lose a trade (happens 1 in 3, so can easily be 3 in a row) and there's no good opportunity anymore, I quit for the day. I also quit after going down three trades.

    Normally I would have 1-5 trades a day.

    Thank you for yor answer,Seasalt.

    You must have a pretty big account and big trade ammounts,when you can afford it not to trade unless the conditions are perfect.

  6. #6
    Master Member SeasaltMcFish's Avatar
    ol

    No, I don't have a big account and still trade the minimum at my broker.

    I'm not depending on my trade winnings, just building up.

    Better think of your remark: "when you can afford it not to trade unless the conditions are perfect"

    This is the wrong approach! it should be: "you cannot afford it to trade unless the conditions are perfect when you don't have a big account
    Last edited by SeasaltMcFish; 10-31-2015 at 04:00 PM.

  7. #7
    edo
    edo is offline
    Solid Member edo's Avatar
    Quote Originally Posted by SeasaltMcFish View Post
    Lol

    No, I don't have a big account and still trade the minimum at my broker.

    I'm not depending on my trade winnings, just building up.

    Better think of your remark: "when you can afford it not to trade unless the conditions are perfect"

    This is the wrong approach! it should be: "you cannot afford it to trade unless the conditions are perfect when you don't have a big account"
    Yes,i agree with you.
    I am not in a comfortable situation,thus my approach to trading is somewhat wrong.
    But,as i am gaining knowledge and,more important,experience,i am begining to realize that this wrong approach can only do me damage ON THE LONG RUN.

    Thank you for pointing that out to me.

  8. #8
    Legendry Member Okane's Avatar
    Quote Originally Posted by edo View Post
    Thank you for your answer,Okane.

    What if you start with a losing trade?
    Does that changes your approach or do you continue normally as if you had won that first trade?

    Or,to go to more extreme,what would you do if first two of your trades expired OTM?

    I would like to know how a losing trade is effecting traders mindset.
    Does it make him to be extra carefull with his next trade (as if he isn´t carefull already),or should a trader carry on with his trading plan,regardless of the losses?
    Well, that was my answer. If you are pro you just do your think and you know
    losses are part of the game. Hence my answer, you trade the interval you have regardless.
    But as always, you must have a good setup with your rules applying.
    If you are a noob and keep losing 1-3 in a row then you should stop and see what you are doing wrong.
    I wrote an article about keeping a journal but I also talk about losing here.
    http://www.binaryoptionsthatsuck.com...ey-to-success/
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  9. #9
    Veteran Member Dan21's Avatar
    I know what you mean. This is exactly how I used to be in the beginning. After a while you realize that you can't get back an OTM trade by doing 10 other OTMs. Trading is all about analyzing. Clear deduction. Everything else is gambling.

  10. Thanks Okane, edo thanked this post
  11. #10
    Solid Member pak12345's Avatar
    I agree with the fact that we should first focus on strengthening our experience, making calculated trades as experience comes from experiencing bad experiences. So if the amount is small and risk is calculated, there are more chances that a trader sustains in the long run.

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