Day Trader Stress

This is a discussion on Day Trader Stress within the Discretionary Trading forums, part of the Methods category; Just wondered how other day traders deal with the inherent stress (good and bad) of putting on trades. I find ...

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Old Apr 7, 2004, 3:07pm   #1
Joined Jan 2004
Day Trader Stress

Just wondered how other day traders deal with the inherent stress (good and bad) of putting on trades.
I find that as soon as i put on a trade i am glued to the screen which is good and bad as some trades take time
If you are looking for a specific level often the tick to tick movements drive you mad but it is very difficult to relax and walk away even with limits and stops in place
I find myself nipping outside for too many fags, not because i want one but just because it is something else to do...........i'm not allowed to smoke in the house!
Perusing boards such as this help but the temptation is to flick back every few seconds

Anyone else experience this or am i going slowly mad

Splash
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Old Apr 7, 2004, 3:25pm   #2
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I don't day trade but I suffer the same problem.

I had a position trade open today on eur/usd and a couple of stop entry orders waiting to be executed.

My trades usually last a day to 3 days, and I have a fulltime job but often work from home.

Despite the longer term nature of my trades, I still sit glued to the screen, with 5 min charts up. I don't know why, because it usually makes no difference to the actual trades I take/ close out.
It does however, provide much more temptation to close out when I see the 5 min charts going against me, rather than holding out for my longer term targets.

Like you say, gives me much more stress also.

It is far less stressful for me to set me stops/ limits and walk away from the screen for a few hours. This is easiest when I have to go out to meetings etc. I am working from home today and have tried to keep away from the screen by working in a different room to my PC. However, you guessed it, this is one of my frequent trips back in to catch a glimpse of the 5 min charts and t2w!!! I just can't help myself!
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Old Apr 7, 2004, 3:30pm   #3
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PS, it's a great feeling when you see your limit order to take profits being triggered in front of your eyes on the trading screen.

Equally painfull, to see stop losses being triggered.

I think if I were day trading, I would feel it necessary to stay in front of the screen virtually all the time.

I'd probably be nipping out for cigarettes too, and I don't even smoke!!
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Old Apr 7, 2004, 3:34pm   #4
 
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It's not the stress that bothers me. It is the complete and utter boredom and loneliness which drives me to distraction and makes me miss nice trades.

Has anyone got a remedy for me ?
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Old Apr 7, 2004, 4:12pm   #5
 
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Luckily, I'm already mad Click the image to open in full size. , so stress doesn't bother me Click the image to open in full size.
Re the stops/limits forget 'em....................go down the pubClick the image to open in full size.
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Old Apr 7, 2004, 4:39pm   #6
 
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Stress is a sign that something is wrong with your trading.
You probably dont have a trading plan or system to control your
trading.

If boredom is a problem, only trade the first two and last two
hours of the day. Go out in the middle of the day find something
else to do, gym, tv, walk, go to pub (avoid alcohol ofcourse).

Lonelyness.. try to find a trading room with other day traders, will
also help with boredom problem.
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Old Apr 7, 2004, 4:48pm   #7
 
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Stress is goooood, greed is goooood, fags are baaaaad.

If you want an easy life go stack supermarket shelves. If you feel too much stress when placing trades, then you probably have a lack of confidence in your system, that's par for the course, with time and success, you'll be able to distance yourself emotionally. Too much emotion either way is baaaaaaad!

I absolutely bloody hate day trading, it's boring as hell, I stopped doing it a couple of years ago and swing/range trade longer time frames.

I am in complete agreement with Neil, stroking a pussy does wonders for my well being, ....if only she would stop biting me.
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Old Apr 7, 2004, 4:53pm   #8
 
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Quote:
Just wondered how other day traders deal with the inherent stress (good and bad) of putting on trades.
Splash, Stress and boredom are dangerous enemies of (day)traders. As for the stress, you should probably considering adopting/creating a clear plan when to take a trade with clearly defined stops and targets (possibly entered into market). By having defined the max risk, you will see that stress levels immediately drop. Also, some traders use not only price stops but also time stops. If original reason for taking trade is not working, perhaps best is to go flat and reconsider. Remember, good traders have a fear for losing as opposed to hoping to make a gain.

As for boredom, two observations people say that traders should stalk prey/trade like cheetah's, therefore if you can't lay still you might want to reconsider wether you are trading right timeframe and many experienced traders who trade US, take a 2+hour break during the "doldrums". Alternatively, so research, write your journal/T2W posts and/or diversify a bit into swing/position trading.
Good luck
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