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  1. #1
    Junior Member

    Do you guys have targets? If so what are they? !!!

    So, I want to tell you about this bad habit of mine, that I keep on repeating, and really want to get rid of it for good. This bad habit is my overconfidence and cockiness that always pumps in within me whenever I score 2 ITMS in a row.

    It happened to me in this last week, when I started my live trading journey.

    I consider myself a pretty "serious" trader even though I'm still a newbie and have yet much to learn.
    Why did I say that I consider myself serious?
    Because I like to do my homework and trade "by the book" , well at least that's my opinion, you can check this by peeking an eye onto my trading diary.

    My experience tends to repeat itself in the following way:

    I wake up in the morning which is around 6:00 AM GMT
    I check my mt4, news, and scatter all the info I can get about the pairs that I follow.
    I then analyze the price movements, draw my trend lines, and follow the price. I'm doing this for hours, and when I finally consider that the price is showing a strong signal that it will move around where I want it to move I enter my trade.
    And it works! I become happy, and proud. I tell myself that my hard work pays off.

    And then, around 1:00 PM GMT I "finish" my session with 2 ITMS.

    After that, I become cocky and overconfident. I stop taking my trading seriously and instead of paying the attention I did before, I still pretend that I'm trading but in the meantime I also play videogames, watch youtube, browse the internet and so on.
    I don't pay that much attention to the signals and I say "I'm so good, 2 ITMS in a row" nothing can stop me" and of course the next trades that I take are OTM.

    Should I stop trading if I reach 2 ITMS in a row during a day?

    Do you have a "Stop plan"?
    If so, what plan do you have?
    Last edited by Ciprian; 01-07-2017 at 12:14 PM.

  2. #2
    Legendry Member milos's Avatar
    My targets. One lost trade I stop trading. Three consecutive winning trades I stop trading.

  3. #3
    Junior Member
    Quote Originally Posted by milos View Post
    My targets. One lost trade I stop trading. Three consecutive winning trades I stop trading.
    For how long do you stop trading?

  4. #4
    Legendry Member milos's Avatar
    Quote Originally Posted by Ciprian View Post
    For how long do you stop trading?
    I stop trading only that day. When I lost one trade or 3 consecutive winning trade. By the away I avoid Monday and Friday to trade. They are not goof day for trading for me.

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  6. #5
    Junior Member
    Thanks for the reply. Btw do you have specific timeframes when you think that are better for your trading or not necessarily?

    And about Monday and Friday, do you mean that you never trade Monday and Friday or in these days you are super cautious and trade only a little if the markets look promising?
    Last edited by Ciprian; 01-07-2017 at 03:29 PM.

  7. #6
    Legendry Member Okane's Avatar
    First lets analyze what you said:

    Trading is not like drinking alcohol or gambling.
    You can't say "should I stop after 2 big bottles of vodka because I know I will get alcohol poisoning".
    I mean, I can't say today that come Monday I will only make two good trades. Who knows? Well, I have to rely
    on my analysis and my interpretations. When trading becomes a skill, an art, then you have a routine and you follow that
    based on your experience. So one day you might see 4 good opportunities, another day you might see just one because you missed the others
    cause you were away or you didn't pay attention or were too tired to focus. But that's not the only deciding factor, there is volatility, special occasions
    such as big holidays, fundamental effects like Brexit that can also affect your trading.
    Overall, you trading depends on many things. What you are talking about is the psychological part and it seems that
    your approach to trading is gambling-like after you already done good.
    What you need to do is to remove the gambling part, don't behave like a gambler. You either trade like a trader using your skills
    or don't trade at all. That's my opinion. I don't think stopping after 2 or 3 is gonna help you.
    Why? Because face it, let's say next time you gamble like this, you end up winning just by chance. So, does this mean
    that it's good and you should continue the behavior? NO. And there you go, that's why my "diagnosis" is that you
    are first trading and then you gamble and this has nothing to do with the number of your trades!

    In general: the number of trades should not be FORCED. You either see good opportunities or you don't - that's up to
    the market and your skills and finally your preferences and money management.

    For me personally, besides all of the above, I usually have a time-limited period during the day during which I trade, after that I don't.
    Because volatility gets lower and I know from experience that I do better during the set times rather than before or after.
    Last edited by Okane; 01-07-2017 at 04:58 PM.
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  9. #7
    Junior Member
    Thanks Okane!

    One theory of mine is that I have the tendency to trade good during my morning routine, maybe due to the fact that I'm well rested and the market usually showed better signals. (at least on this week). After like 5-6 hours of focus I become tired and that's when my gambler side emerges and takes its toll on me

  10. #8
    Legendry Member Okane's Avatar
    Quote Originally Posted by Ciprian View Post
    Thanks Okane!

    One theory of mine is that I have the tendency to trade good during my morning routine, maybe due to the fact that I'm well rested and the market usually showed better signals. (at least on this week). After like 5-6 hours of focus I become tired and that's when my gambler side emerges and takes its toll on me
    Well, in that case you already know better than anyone else how to solve your problem . Keep us posted on how it goes.
    A trading diary helps too!
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  11. #9
    Moderator Kolyo's Avatar
    Quote Originally Posted by Okane View Post
    First lets analyze what you said:

    Trading is not like drinking alcohol or gambling.
    You can't say "should I stop after 2 big bottles of vodka because I know I will get alcohol poisoning".
    I mean, I can't say today that come Monday I will only make two good trades. Who knows? Well, I have to rely
    on my analysis and my interpretations. When trading becomes a skill, an art, then you have a routine and you follow that
    based on your experience. So one day you might see 4 good opportunities, another day you might see just one because you missed the others
    cause you were away or you didn't pay attention or were too tired to focus. But that's not the only deciding factor, there is volatility, special occasions
    such as big holidays, fundamental effects like Brexit that can also affect your trading.
    Overall, you trading depends on many things. What you are talking about is the psychological part and it seems that
    your approach to trading is gambling-like after you already done good.
    What you need to do is to remove the gambling part, don't behave like a gambler. You either trade like a trader using your skills
    or don't trade at all. That's my opinion. I don't think stopping after 2 or 3 is gonna help you.
    Why? Because face it, let's say next time you gamble like this, you end up winning just by chance. So, does this mean
    that it's good and you should continue the behavior? NO. And there you go, that's why my "diagnosis" is that you
    are first trading and then you gamble and this has nothing to do with the number of your trades!

    In general: the number of trades should not be FORCED. You either see good opportunities or you don't - that's up to
    the market and your skills and finally your preferences and money management.

    For me personally, besides all of the above, I usually have a time-limited period during the day during which I trade, after that I don't.
    Because volatility gets lower and I know from experience that I do better during the set times rather than before or after.

    Hahaha,Best said Okane! Trading is not like drinking "I'll drink only one more bottle and than will stop" :")
    Everybody have different rules for trading but stopping on a small number of positive/negative trades is way too conservative and can prevent you from making more profits. If you are long term trader you can trade for example only on mondays, but if you are day trader the best is to know exactly which time of the day works best for you and trade only during this time! For example I trade no more than 3-4 hours per day, only during European session. I am not limiting trading on wining streaks, only after 2-3 consecutive lost trades. However the most important is to be very very selective in your setups not just take 2-3 random trades and than stop for the day. It don't work that way, at leas for me
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  12. #10
    Legendry Member Michael Hodges's Avatar
    yeah, it is kinda hard to say . It depends on the signals, the day, how things are going etc. in the end it shouldn't really matter so long as in total you are keeping track of your win/loss rate and that it is profitable... right?

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