I'm a masochist & it's hurting my trading :(

[Masquerade]

It might have been elsewhere and a while back but I am quite the contrarian at times. I've never really been one to call out exact trades as i'm now a little superstitious about that.

I was trend trading eur/usd and just kept buying it when it kept above some key level. I admittedly had a lot of success with it and doubled my account within a few months and life was good. I was preparing to hit the big time until sadly I had my first big hit and after buying a big dip it kept dropping and I took what was then my biggest FX trading loss and that one hurt and took a bit of time to find my nerve again.

It is better to trade with the trend, but lately with everything that's happening in the euro-zone it feels like things have become a LOT more challenging to trade. There's been lots of lingering issues which have crept up over the last year or so and at times they've made me question if the euro bull run has come to an end. But then it rallies back and makes me second guess myself.

In these times, I feel that counter-trend has become a more profitable proposition than it used to be and there is sizeable moves to be taken. Couple that with actually being aware of what's going and I think it's a viable strategy I can consider.

I feel it's time to wake up and make some changes before I cheat variance and end up losing a 5 figure sum somewhere down the line. So from monday onward (I don't trade fridays and won't do anything tonight) the below measures will be implemented.

1) No averaging of trades - I don't think averaging is bad and I don't agree with the common knowledge that it is a big no-no. However, I can't ignore the fact that averaging has compounded my losses and made a mountain much more difficult to scale.

2) A physical stop loss - I will be using a physical stop loss on my trades, just to prevent me from having the lack of discipline moments where I run trades to see how they develop. I don't really agree with the arbitrary stop loss proposition as it doesn't make a lot of sense but I have found in general most of my good trades do not go offside more than about 20-30 points. So if i'm a bit more generous I should give it ample room to move and i'm usually hitting the market close to key levels so I shouldn't need too big of a stop. I'll review it on an ongoing basis, but if I can't be brutal enough and hit the close trade button then i'll need something to intervene for me and aside from getting someone to do it for me, it's my best solution currently

It was suggested I do a trading journal just to keep me on the straight & narrow, but i'll contemplate that.

 

[6am]

Try this http://www.gamcare.org.uk/forum/index.php?f=23

 

[BeginnerJoe]

Try this http://www.gamcare.org.uk/forum/index.php?f=23

That's brutal.

OP: I believe in averaging down too. But I suffer from lack of b@lls in going down 7 sessions in a row. 6 I can handle. 7 is just over the limit.

 

[Black Swan]

Stops;

you have to develop a system whereby when it's breached (or about to be breached) it's near to where you're ready to swing in the opposite direction and you know the trade has deffo. failed on your chosen TF..I've developed 3 or 4 match hardened strats that do this. Unless I get a spike most of my failed trades then lead me to reverse, very rare for me to be in 'dead space' unless the trade has reached a take profit limit..I always trade with stops placed on or near the HH or LL of the session or previous trading day. They're auto filled on the ticket at 85 pips (off a 2HR TF) then I 'fine tune' if nec.

 

[Masquerade]

Try this http://www.gamcare.org.uk/forum/index.php?f=23

It's fair enough, not the first time someone's called me that. I think I have an edge rather than wildly punting and i'm not a quitter. There are plenty of traders who lost greater sums of money for periods at the beginning of their careers that may have been called gamblers - but they stuck with it and turned into highly profitable traders. So in the short run I don't mind if you think that of me. I have no intention of stopping so long as I feel i'm not betting on randomness.

Winners never quit and quitters never win

 

[rc450]

masq, going back to what kimo said is there anyone you could get to look over your trades for the day/week and perhaps answer to them when you get out of control, just an idea.

 

[shadowninja]

If you are bored and you start taking trades that aren't there just to have something to do... not good. Some folks want a little action (gambling), best not to do it in your trading account. An afternoon at the track, a beer and a sandwich won't set you back much even on a looser of a trip.

Depends how much you bet at the track. Besides, I'd rather do something else than take a punt on a horse. And I'd rather not ruin my Betfair account with wild punts either.

 

[BeginnerJoe]

If you want a manager, I am available for a 5% cut. As FX trading is where all the excitement is, I will gladly look over your shoulder for some tips.

 

[Masquerade]

masq, going back to what kimo said is there anyone you could get to look over your trades for the day/week and perhaps answer to them when you get out of control, just an idea.

Someone has suggested I give them my account name/password. I have no issues of trust, just i'd rather feel that these issues are something I can get over rather than rely on other people to do it for me.

If you want a manager, I am available for a 5% cut. As FX trading is where all the excitement is, I will gladly look over your shoulder for some tips.

What's 5% of a -ve number? I guess you'll be owing me money

 

[Shikamaroo]

u should move back to Jamaica so i can have a caribbean buddy again. lol :cheesy:

Sorry to hear bout ur problems, but I taught all the legendary members on here stopped damaging their trading by reading some of the entertainment on here at trade2win.

Ne how here's my advice, if u're talking to yourself (out loud) while trading stop! I find it gets me excited so I start looking to put on a position. Be as silent as possible and u'll get real relaxed and calm so you wont even feel like trading especially when a position goes against u so u can let it lose or win easily.

hmm, that said, it occurs to me that I might be as mad as a hatter:-0 in which case, said advice wont work for you.
So, "TRADE BETTER NOW!!!

 

[kimo'sabby]

View attachment untitled.bmp

Jezza says:


"Masquerade, don't come on this stage and start giving me the sob story. You are not a trader! You don't even take care of your own kids properly! Your wife is scared of you when you drink...what kind of a man are you!?

Look at you, sat there like a pathetic little boy! You've not worked for nearly three years, you're a scrounger.

I can't help you if you are not prepared to help yourself. You need to work with me and my backstage team, and hopefully we can turn you into a normal functioning human being.

Ladies and gentlemen, Masquerade!" (audience boos)

 

[brettus]

View attachment 116106

Jezza says:


"Masquerade, don't come on this stage and start giving me the sob story. You are not a trader! You don't even take care of your own kids properly! Your wife is scared of you when you drink...what kind of a man are you!?

Look at you, sat there like a pathetic little boy! You've not worked for nearly three years, you're a scrounger.

I can't help you if you are not prepared to help yourself. You need to work with me and my backstage team, and hopefully we can turn you into a normal functioning human being.

Ladies and gentlemen, Masquerade!" (audience boos)

haha!

 

[Doomberg]

I have similar issues, today i got 80+ pts from 7 trades and a trading friend said "turn your computer off, go out" etc... and i thought "will just make it a round number" Anyway this afternoons indices crash claimed the 80pts back... but we learn every day, this happens in the trading world

 

[jpennybags]

View attachment 116106

Jezza says:


"Masquerade, don't come on this stage and start giving me the sob story. You are not a trader! You don't even take care of your own kids properly! Your wife is scared of you when you drink...what kind of a man are you!?

Look at you, sat there like a pathetic little boy! You've not worked for nearly three years, you're a scrounger.

I can't help you if you are not prepared to help yourself. You need to work with me and my backstage team, and hopefully we can turn you into a normal functioning human being.

Ladies and gentlemen, Masquerade!" (audience boos)

I smell sulfur and ash

 

[Masquerade]

I have similar issues, today i got 80+ pts from 7 trades and a trading friend said "turn your computer off, go out" etc... and i thought "will just make it a round number" Anyway this afternoons indices crash claimed the 80pts back... but we learn every day, this happens in the trading world

The funny thing is on Wednesday I was bored as hell. I told my friend it online and I was thinking of going out. So I looked out my window and it looked miserable and about to rain. (Had the weather been sunny i'd probably not have created this thread) so I figured i'd just trade a bit smaller and maybe take a 20 pt hit. Well that didn't work out as planned... To decide to not trade in a day is one thing, but finding something to fill the void is quite tough for me.

As for your case: should you stop because you're up 80+ on the day? Of course not, if you're doing something that works then keep doing it regardless of how much you're up. If mentally you start worrying about losing the money then it's something you have to work on and if you're trying to round it up to certain numbers that's also something you need to address.

I tend to be someone who has my eye on account balance and it's going to be something i'm going to try ignore in future. It's quite easy now on my current platform, but on other platforms I have stuck post-it notes over the screen to block the numbers out. Bottom line is: if you don't keep track of balances/how much you're up for the day and just focus on making the best decisions it'd be far more productive - especially in your case if you were trading just to get to 100pts rather than taking good trades.

 

[jwla80]

I fight the same demons, im just in on a practice account at the mo & I made a few damn good trades 2day & lot of ****w1t losses. As 1 rule I'll offer this:

Its harder to stay out of a bad trade trade than in a good one

Keep yourself in check & its all good lose control of you & you're fooked brother. I might get burned for saying this but you can see when a bet's good & when its bad but you need to try to avoid the gamble.

Keep plugging & if it keeps going tits up join me on the practice accounts. We'll get there!!

Safe Trading

 

[DashRiprock]

rite this might sound like new age hippy b0ll0cks but, like, self-sabotage and stuff are real.

wat im sayin is, for periods of time you said you trade proper well rite? so I mean, the reason for the c0ck dropping losses is in yourself, not like you are writing deep OTM puts or sumthin.

dont trade your P&L, thats why lot of people lose.

 

[Masquerade]

I fight the same demons, im just in on a practice account at the mo & I made a few damn good trades 2day & lot of ****w1t losses. As 1 rule I'll offer this:

Its harder to stay out of a bad trade trade than in a good one

Keep yourself in check & its all good lose control of you & you're fooked brother. I might get burned for saying this but you can see when a bet's good & when its bad but you need to try to avoid the gamble.

Keep plugging & if it keeps going tits up join me on the practice accounts. We'll get there!!

Safe Trading

The good trades are usually the ones that go onside pretty fast, the bad ones either go offside very fast or hover around my entry point i've found. I have made the bad ones turn into good ones but it's not really for the faint of heart and it's something i'm going to avoid.

Practise accounts are good if you want to learn the platform and want to see how the markets move and try figure some stuff out. Once you have an idea and something you think will work that's half the battle won. You won't win the battle trading for demo money as the live & demo aren't comparable and if you feel you have something, you should take it live ASAP.

 

[Masquerade]

rite this might sound like new age hippy b0ll0cks but, like, self-sabotage and stuff are real.

wat im sayin is, for periods of time you said you trade proper well rite? so I mean, the reason for the c0ck dropping losses is in yourself, not like you are writing deep OTM puts or sumthin.

dont trade your P&L, thats why lot of people lose.

Yes, it's absolutely right. I can spot the good trades and have a fairly good idea of general direction for a day/what's going on. Just the occasional loss becomes a sizeable loss wiping out the good work previously.

Most of my losses have come out of trades I took out of frustration/boredom/impatience and then averaged and ran with no form of a stop loss. The only reason I closed the trades was not because I believed they were no longer valid positions to hold but more the fact that losing much more would put my account in jeopardy. Although, I don't know if it's just a co-incidence that when I start to feel better about trading - I do stupid stuff to lose it back. The masochistic masquerade? Or is it really just me developing an ego and feeling invincible? I'm not sure which, it's a sub-conscious thing i'm sure.

I'm going to pay less attention to the P&L now and just know that if keep doing what I do well i'll be able to make some very decent returns fast if I just avoid losing 20%+ of my account every month or so. :whistling

 

[DashRiprock]

on that thread i done about books, i think the "golf is not a game of perfect" and the "zen in the art of archery" one might be of interest to you.

one of the key messages in both is the idea of... sort of... focus on the process, not where you want the ball to land or the arrow to go... but in the same time dont think about it at all, just let it all happen.

this sounds like total balls , but wtf who cares. really i am quite introspective person and these ideas helped me make inroads on the trading problems that were because of me.