Anyone need any help?

Lee Shepherd

Senior member
2,164 570
Hi Lee

I have a problem.How do I solve it .This is a serious question.

Every time I go shopping I will impulsively buy bargains , fill up with a box of shaving creams , buy one get one free (I will load up ) and generally extravagant on ordering buying.

That is a nice trait to have , if you use all these goodies.This extravagance carries on subconsciously on live accounts , within minutes all the emotions and stress responses start , as larger position sizes are put on.

If I am sitting for the next entry , in front of the screens and waiting , I might impulsively enter a trade of 5 times normal risk allowed.

This is my only flaw in trading .How do I overcome this?
Afternoon mate,

Buying the bargains and stocking up on usable items is a fantastic trait to have. I also do the same and is a savvy move. However, there is a huge difference between a savvy investment and impulsive buying. That would be your negative link to trading.

It's easier said than done but sit on your hands.

Take this with you. If you see a good trade, take it and see it through. Ignor all the other trades you did not have valid reasons at that time to take. Do not follow these ones. The reason being is that just like a gambler, we'll remember the trades we should have taken but didn't and forget the ones we didn't take and shouldn't have. In these cases, ignorance is bliss. It also keeps you sane and limits change/alteration to your attitude.

Regards,
Lee
 

brewski1984

Senior member
2,025 343
What do you do to be able to sit on your hands and not trade? Do you do something else to distract yourself or are you able to watch and not do anything?

I'm terrible for binge trading, I'll have absolutely no interest in markets for a few weeks then end up going mental on it for a month or so.
 

cbrads

Experienced member
1,188 264
From what I can gather, your psychology needs work. It gets in way of your every decision. You are unable to take a leak without doing an elaborate psycho-analyses before hand. This could lead to wetting your pants at the most inconvenient moments.
You've summed the guy up perfectly in a few sentences there, absolutely spot on (y)
 
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Lee Shepherd

Senior member
2,164 570
What do you do to be able to sit on your hands and not trade? Do you do something else to distract yourself or are you able to watch and not do anything?

I'm terrible for binge trading, I'll have absolutely no interest in markets for a few weeks then end up going mental on it for a month or so.

That's an excellent question and to be honest, a very challenging one for me to answer.

The short of it is I actually don't know. Maybe it's just my make up (I don't mean lipstick either).

On the flip side of that, I don't understand those that trade for the sake of trading. Or binge drinking for that matter. I just don't get it. If you see something you like, go for it or walk away and never look back. If the party is good, stay and drink all night but don't go to the party simply to tell others you went.

Lee
 

EnlightenedJoe

Experienced member
1,950 95
What do you do to be able to sit on your hands and not trade? Do you do something else to distract yourself or are you able to watch and not do anything?

I'm terrible for binge trading, I'll have absolutely no interest in markets for a few weeks then end up going mental on it for a month or so.
The no interest comes from losing. If you win more, you will want to trade more.
 

Lee Shepherd

Senior member
2,164 570
For the sake of this thread can we please not bash people.

I'm here to offer genuine help for those that ask.
 

Lee Shepherd

Senior member
2,164 570
The no interest comes from losing. If you win more, you will want to trade more.

This is sadly true for the majority of people. However if you hang around traders you'll quickly learn that regardless of the history of the last trade, will not affect the ability for the next trade.

Lee
 

brewski1984

Senior member
2,025 343
This is sadly true for the majority of people. However if you hang around traders you'll quickly learn that regardless of the history of the last trade, will not affect the ability for the next trade.

Lee
Are you always in at least 1 trade at all times or are there days/weeks when you're completely out of the market?

The no interest comes from losing. If you win more, you will want to trade more.
Maybe some truth to that but I guess stopping trading after losing is better than revenge trading trying to win it all back?
 

EnlightenedJoe

Experienced member
1,950 95
This is sadly true for the majority of people. However if you hang around traders you'll quickly learn that regardless of the history of the last trade, will not affect the ability for the next trade.

Lee
I don't hang around "traders".

I aim to win 100% so trading is always very interesting. Even when I don't win in the mean time, I get paid still. It's so interesting, I am having trouble not looking at the screen 24/7/365 even though in 50% of that the bucketshops/markets are effectively closed. No news on mondays, these might as well be weekend. fridays can only be counted as half a day. It's tough for the bucketshops/banks to make money with only 3.5 days to work with per week.
 

EnlightenedJoe

Experienced member
1,950 95
Maybe some truth to that but I guess stopping trading after losing is better than revenge trading trying to win it all back?
Makes no difference if you stop or not stop after losing. Losing is normal. Losing after losing is still normal. Until you can accept that fact, it is not possible to escape losing.

Trading should be based on opportunity and not on whether you have lost or won previously or how long ago.
 

brewski1984

Senior member
2,025 343
Makes no difference if you stop or not stop after losing. Losing is normal. Losing after losing is still normal. Until you can accept that fact, it is not possible to escape losing.

Trading should be based on opportunity and not on whether you have lost or won previously or how long ago.
How are you running 100% win rate?

Yes, the time in between trades does not increase the chance of the next one being a winner but maybe it helps to stop "impulse gambling".
 

EnlightenedJoe

Experienced member
1,950 95
How are you running 100% win rate?
Running very well, thank you.

You should ask the OP if you want to win. He said he wins and here to help. I am only here for lulz and throw in an occasional nugget. But here's a tip anyway. If you trade 1 penny, you will have so much in reserve that you can use that to correct any mistake you make. So 100% is not hard.
 

peakoil

Well-known member
257 38
Hi Lee, nice thread. I too can vouch for IG and for similar reasons as in your earlier post :)
BTW, If you're ever planning on passing through or near west central London, in the coming weeks and months, then please feel most welcome to PM me, if you're ever interested in meeting up for a 'chin wag' over a coffee or pint. Cheers for now.
 

brewski1984

Senior member
2,025 343
Running very well, thank you.

You should ask the OP if you want to win. He said he wins and here to help. I am only here for lulz and throw in an occasional nugget. But here's a tip anyway. If you trade 1 penny, you will have so much in reserve that you can use that to correct any mistake you make. So 100% is not hard.
I do win actually, I started trading in 2010 and genuinely my overall P/L shows a profit (not loads but still).

So you're basically trading peanuts with no stop and waiting for the trade to be a winner?