Psyhcological help NEEDED.

This is a discussion on Psyhcological help NEEDED. within the Psychology, Risk & Money Management forums, part of the Methods category; First off I posted this here, because I value the opinions of this group, and didn't really want a bunch ...

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Old Jul 11, 2013, 9:50pm   #1
Joined Dec 2012
Psyhcological help NEEDED.

First off I posted this here, because I value the opinions of this group, and didn't really want a bunch of responses from the masses.

So I spent the last couple of months learning to read the price action on the DOM and have been making trades, now I am at the point that I am consistently hitting winners, and I am up 10% in the last month, on 20 trades.

However I see a lot more trades than I take... I don't know why I don't pull the trigger. Today I had the hand on the mouse when the E-Mini was hovering around 61, I didn't see it going much lower as the buying was absorbing all the selling, but did I take the trade? NO.

I could understand maybe being gun shy if I was on a losing streak, but that is not the case.

Any advice you guys could offer to help me overcome this?

Thanks
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Old Jul 11, 2013, 10:53pm   #2
 
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Re: Psyhcological help NEEDED.

Quote:
Originally Posted by wino59 View Post
First off I posted this here, because I value the opinions of this group, and didn't really want a bunch of responses from the masses.

So I spent the last couple of months learning to read the price action on the DOM and have been making trades, now I am at the point that I am consistently hitting winners, and I am up 10% in the last month, on 20 trades.

However I see a lot more trades than I take... I don't know why I don't pull the trigger. Today I had the hand on the mouse when the E-Mini was hovering around 61, I didn't see it going much lower as the buying was absorbing all the selling, but did I take the trade? NO.

I could understand maybe being gun shy if I was on a losing streak, but that is not the case.

Any advice you guys could offer to help me overcome this?

Thanks
Hi Wino, I can only ask a few questions and give what little I know
I used to fear entering, as I never knew what the expected outcome was. After I entered I exited as I was afraid of losing what little profit I had, again because I didn't know the expected outcome..
Of course none of us know with certainty, but my past results were my indicator for future probability, as long as the conditions were the same.
So I concentrated on making sure my condtions were always the same (I even have stats based on combinations of conditions)
so my questions would be..
can you know whether your conditions for entering now are the same as yesterday? If its more a hunch thing, then I might look for something more rigid.
Now when I enter, I am confident and I never exit unless its met my target or the exit sign is there.
I still have room for discretion but im still able to calculate those stats and they have only gone to prove the original backtest results. Now I trade my plan to use that old cliche, and it has changed all my bad habits.
Hopefully you can find something in this because I used to really beat myself up
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Old Jul 12, 2013, 1:49am   #3
Joined Dec 2012
Re: Psyhcological help NEEDED.

wino59 started this thread Malaguti,

I used to trade on technical analysis and would be in trade for a month to three, depending on the trade.

Now I day trade futures based on the orderbook, I don't always do the same thing in same set of criteria, because it could go either way, so I sit a watch at those points, and I know it is going to go 4 to 8 ticks, however I hesitate waiting on confirmation then the next thing I know the trade has already went in the direction I thought, but it is too late, as it moved 4 ticks and I missed it.

I guess it is just a different animal, and I am just going to have to get a pair, and start firing as soon as I see a setup. It is just not that easy for me.
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Old Jul 12, 2013, 7:16am   #4
 
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Re: Psyhcological help NEEDED.

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Originally Posted by wino59 View Post
I guess it is just a different animal,
I understand, sorry I can't help, but do wish you luck
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Old Jul 12, 2013, 10:21am   #5
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Re: Psyhcological help NEEDED.

Quote:
Originally Posted by wino59 View Post
First off I posted this here, because I value the opinions of this group, and didn't really want a bunch of responses from the masses.

So I spent the last couple of months learning to read the price action on the DOM and have been making trades, now I am at the point that I am consistently hitting winners, and I am up 10% in the last month, on 20 trades.

However I see a lot more trades than I take... I don't know why I don't pull the trigger. Today I had the hand on the mouse when the E-Mini was hovering around 61, I didn't see it going much lower as the buying was absorbing all the selling, but did I take the trade? NO.

I could understand maybe being gun shy if I was on a losing streak, but that is not the case.

Any advice you guys could offer to help me overcome this?

Thanks
so review your system to ensure nothing subconcious is providing doubt - and then follow it to the letter ..........something is still telling you its not 100% comfortable with you - yet

also losing is part of the game .......you cannot remove losses so you have to wear it

N
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Old Jul 12, 2013, 6:40pm   #6
 
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Re: Psyhcological help NEEDED.

Quote:
Originally Posted by wino59 View Post
I could understand maybe being gun shy if I was on a losing streak, but that is not the case.
I think you are being gun shy because you don't want to start losing and you haven't quite reconciled taking a loss.

Pull the trigger and normalise losing.

The reason I know is because this used to happen to me too. Runs of 8/9/10 winners on the bounce and then I would take a loser and my trading would fall apart for a little while.

The other advice proffered about knowing when to and when not to trade by malagutti and just pulling the trigger also occurs in discretionary trading - you probably don't have enough screen time to realise this yet otherwise you probably wouldn't have disagreed with what he said.

Start pulling the trigger and taking the losers. The screen time will build up on its own.
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Old Jul 12, 2013, 6:54pm   #7
Joined Nov 2007
Re: Psyhcological help NEEDED.

Keep a journal and stats.

When you see it in the numbers that you have an edge then you know that the more you pull the trigger the better.
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Old Sep 10, 2013, 11:54pm   #8
 
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I have seen in forums that you should get a mentor to follow when learning daytrading. To me that is cr@p. I have been improving my daytrading skills and finally actually being able to trust my system enough to trade it. Scalping a couple ticks here and there allows me to get a feel for the different movements the ES can make and I have only learned from my losses. I am overly excited when I trade and can make mistakes based on my nervousness but trading time is helping- that is what it takes I guess.

Best of luck because I'm in the same boat here.

Cheers
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