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  1. #1
    Junior Member giveittomikeyk's Avatar

    Dealing with Emotions !!!

    still trading as a newbie, emotions play a big role in my trading.
    I don't know if it's bad luck, but i catch my self being fearful and miss winning trades
    and after suppressing the urge to trade for awhile, seeing the winning trades fly by,
    i get greedy and make irrational trades fueled by greed, and enter in to losing trades.

    i want to ask, is there anything you can do to balance this?
    some how being able to be cautious and optimistic at the right times?
    doesn't have to be 100% right every time, but at least better than my scenario?

    here's a little risk management plan i came up with:
    daily GOAL = be positive at end of day
    be more fearful, the more you win

    if...
    Losing scenarios
    day 1 - lose one, one more, STOP
    day 2 - one trade, STOP

    Winning scenarios
    2 wins, no loss, STOP

    day1 - win one, lose one, STOP
    day2 - one more, STOP

    what do u guys think? any suggestions?

  2. #2
    Legendry Member Okane's Avatar
    What I think:
    Just trade and stick to a low money management and yes if you lose
    2 or 3 in a row you really need to stop, go to your diary and write what you did
    and rethink your analysis, strategy and see what went wrong.
    Regardless, for emotions to wear off, you need to keep trading until you just don't feel
    anything anymore. It took me almost a year but now I don't care, it could be because I know that
    at the end of the month I almost always earn some money but regardless I have no emotions anymore for
    trading. And how I got there was just by keep trading until the "fear" and nervousness was gone.
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  4. #3
    Junior Member giveittomikeyk's Avatar
    thanks for your input okane. i actually just started a trading diary today and i think its a good idea to write that what i learned so that i do not make the same mistakes again. anyways, off topic, i read on the other thread about you, milos and willy offering skype trading coach sessions. i will be looking forward to the live interaction! thanks for providing such thing and big props to you guys for dedicating the time to. see you there!

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  6. #4
    Legendry Member Okane's Avatar
    Thanks! Good, hope to see you there! I'm sure we can help you improve your trading.
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  7. #5
    Legendry Member Michael Hodges's Avatar
    Yeah man, just stick to your trading rules, I mean for your strategy, if there is a good signal its a good signal. Keep trade size small like Okane says and focus on a long term win rate.... it takes time but eventually the fear and greed subsides.

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  9. #6
    Veteran Member randy1953's Avatar
    Good advice for all of us. I have found trading to be a lot like hunting. I use to be a very active hunter. I don't hunt anymore as the idea to kill something just is not there anymore not that I have anything against the sport. Bear hunting was always the most adventurous. My dad taught me how to hunt it was really the only thing we truly bonded with. Now with bear hunting you need to be careful a smart bear will show itself briefly and then may double back and stalk you. They are very tricky that way. I find trading to be similar you get a good signal so you feel you are getting close and then you are ready to take the shot and you pull the trigger but then anything can happen to your shot and there is only 2 outcomes you hit or you miss. If you miss with a bear shot what you don't want to do is to try and chase the bear and in trading it's called chasing the money. What you need to do is settle down and begin the hunt all over again. If you begin to chase that bear it may double back and bite you! Emotions do play a part as the fear of a bear coming after you after a missed shot is a very valid fear and the same can be said of trading. The fear of chasing the money and losing more is just as valid and needs to be listened to.

    Happy hunting
    Randy

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  11. #7
    Legendry Member milos's Avatar
    Trading rules must be respected the following:

    1. 2% risk management

    2. 1 lost trade per day STOP TRADING

    3. 3 consecutive winning trade per day STOP TRADING

    4. trade 10 trades per week more-less

    5. The best days for trading are: Tuesday, Wednesday and Thursday

    6. Cautions trade/avoid to trade on Monday and on Friday.

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  13. #8
    Active Member
    great advice as always Milos, I know the pros do not like or suggest short term trading but I have found Mondays to be a good day for short term trading? Perhaps less volatility , slow moving markets. I do best on (most) Mondays using one min charts with 2 to 5 min expiries.
    I am still pretty much a novice, but have noticed this over the last few months.

  14. #9
    Legendry Member willyw's Avatar
    Quote Originally Posted by shawn3179 View Post
    great advice as always Milos, I know the pros do not like or suggest short term trading but I have found Mondays to be a good day for short term trading? Perhaps less volatility , slow moving markets. I do best on (most) Mondays using one min charts with 2 to 5 min expiries.
    I am still pretty much a novice, but have noticed this over the last few months.
    Once you have found a strategy that suits and work for you; develope on it to further improve yourself. We give advise basr on our experience and might not suits all. Each trader's trading varies from another trader. Most important be flexible.

  15. #10
    Veteran Member randy1953's Avatar
    Quote Originally Posted by shawn3179 View Post
    great advice as always Milos, I know the pros do not like or suggest short term trading but I have found Mondays to be a good day for short term trading? Perhaps less volatility , slow moving markets. I do best on (most) Mondays using one min charts with 2 to 5 min expiries.
    I am still pretty much a novice, but have noticed this over the last few months.
    Interesting I'm a short term trader mostly 60 secs and I also found Mondays to be very good as well.
    Milos was giving very general advice as Mondays tends to be a confusing time for the markets as all the assets are trying to find a place to settle and move through the week. However it just may be this unsettled element that helps the short term trader.

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