thanks,
the hours are killing me, I think I will look for something else which takes up less time
Im sure my work life balance could be better if I looked hard enough
my challenge is to try and manage the impulse to go back in.
thanks,
the hours are killing me, I think I will look for something else which takes up less time
Im sure my work life balance could be better if I looked hard enough
my challenge is to try and manage the impulse to go back in.
thanks for vote of confidence. not sure what succesful means though.
anyway nerves THE TRADING MIND.if you remember what we spoke about?
you can have the best system in the world but if your mind set is not right you will lose.
when you trade emotions step in. its the ability to manage the emotions that will make you succesful, and whatever succsfull means to you not to anyone else. for some it will be just to finsh the day in a posative situatio. others to have + 30 day + 50 etc. it may that in the early days it is just to be able to pull the trigger and place a trade win or lose.
once you have a base point you can build on it. maanaging your emotions is s tepepd process. we move forward we move backwards, we move forwards again
the most powerful emotion we encounter is fear. fear of losing and belive it or not fear of winning.
you have to control fear. then relief, the anger. there are more of course but these will do for now i will give a clue (confidence and over confidence can be in there)
fear ultimatley stops you trading. you don't pull the triggger
relief makes you lose, by cutting trades early.
anger makes you lose buy making bad decisions. you entry at the wrong time either early or late.
manage these and you have a better chance of success. so how do you over come these. Well it is one of the harest journeys you will be one a true voyage of self discovery.
1. your fear is derived from not just losing but losing real hard earned money. no matter what we tell ourselves at the endof it it is real money. if you trade ina demo account you do not feel the fear right? why because you do not have a financial stake in it.
as an aside, on my demo account at the moment i have a trade on the go. it is currently dom £23k yes £23k, am i bothered no why no pain. IT IS NOT real money. i have nothing to lose except for an i told you so and learn something from it.
so lets think about this, where trading live accounts. every decision we make will either make us some money or lose some money, but we know our mind set is not quite right?
so how can we improve it.
generally fear does not kick in untill you enter a trade. only then and after you have experianced loses can fear kick in before you pull the trigger. currently you are trading so can still pull the trigger so what has to improve is the fear once you are in.
there area couple of things.
1. trade a demo account, but we know it's not real. OK so how about this
trade a demo account and do your best to trade making the same decisions you would in live as we have established you can pull the trigger, now here is the difference.
let's say your trade at £2 per pt every time you lose you have to give me the money. NO only kidding.
every time you lose you have pay a forfeit.
every time you exit early you have to pay a forfeit.
now I am not able to tell you what the forfeit has to be, but it needs to be something that you cannot stand to do. it does not have to be monetry, just where you experiance some sort of pain which makes it more real.
I remember Steve Davis used to deprive himself of his favourite meal, past time if he did perform on the snooker table due to his emotions. after while he got fed up with having to miss out on his favourite treats so slowly improved the mental side of his game.
2. you know have a trading manager. the trading manager has to ok your decisions to exit the trade. the decsiosn to enter is still yours we know this is not the problem. but the exit is
so once you are in a trade and you feel the urge to exit which will be your emotion kicking in you have to explain the exit strategy. if your trading manager does not agree gues what you pay a forfeit.
either can help but I make no promises. i was going to add something esle but can't remember what it was. the brain is going.
let me have your thoughts
poisonivy0
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Nice write up! will consider punishing myself, might help (no sex for a week lol). I think anyone would learn fast then.
Just realised what page were posting on 666 ;-( lol
Just realised what page were posting on 666 ;-( lol
sidelights
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I think there may a group of about 20 people around town today that could do with more sensible talk, Keith- feel free to pop down:
Address: 10 Downing St.
Address: 10 Downing St.
would they listen???????[EUROPEAN STOCKS PRIMED FOR LARGE RALLY] European shares are primed for a large rally after extended gains on Wall St & stellar gains in Asia. Index financial futures and spread firms indicate the FTSE 100 to open more than 3% up taking the blue chip well above 4000 (first time since Feb 19), whilst the Dax, CAC 40 & Eurostoxx50 futs suggest a mark up of between 2.9%~3.3%. This follows the DJIA closing +2% and the Nikkei surging +4.4% - to a 3-mth closing high. The Hang Seng has soared 5.3%, whilst DJIA futs are 100+ ticks up. Investor sentiment has been clearly boosted by G20 optimism that a broad-based agreement will be forth-coming to tackle the global economic crisis. Other positives are gains in U.S auto-makers after smaller than f/c fall in sales, a 0.9% mom rise in UK house prices and hopes the US Financial Accounting Standards Board may sanction flexibility in accounting rules. ECB should lower refi rate 50bp. 06:16 GMT - [THOSE UK GREEN SHOOTS AGAIN] Cable has just spiked to a five day best of 1.4585. An already bid market has been further buoyed by surprising much firmer than forecast UK Mar Nationwide HPI. The numbers were 0.9% m/m and -15.7% y/y vs -1.5% and -18.1% medians. See page .
look for a long once it settles down
Gains across the board overnight in Asia and bullishness in the air, but its a large gap from yesterdays close, around 80+ points.
Just tested R1 on my pivots here - will see what way it moves, but I can't help feeling there will be some appreciation of that gap before any significant rises. Can't see 3980 breaking if it does fall back though.
Just tested R1 on my pivots here - will see what way it moves, but I can't help feeling there will be some appreciation of that gap before any significant rises. Can't see 3980 breaking if it does fall back though.
4040 ish looks like a point at the mo
What do you mean 'looks like a point?'
poisonivy0
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Good point to enter long
job done, but looking ofr abit more on this one
stop @ 4063 to be safe
This is what happens when I haven't had sleep - of course point to enter long, duh.
Also missed my entry, would have been 4040...
********.
My R1, automatically calculated though, is 4051.7
Nice entry Keithh...ride that puppy!
never mind ther will be another op once this has pulled back to resume.
intersting is your R1 calculation from a mathmatical formula you have created?
just stopped out @ 4063 for the usual score
I am fuming I missed this, had a wrong timeframe on and was trying to shave my brothers head at the same time.... This is what happens with no sleep and family staying round - sitting out for a while.
Nice work Keithh, moving stop is good idea, make the most of it.
Its from a pivot calculator I downloaded - all calculations are standard, so the market is seeing those r/l levels also - google for it, its everywhere online to use on websites or download as I have to sit on desktop.
don't get angry you will make a poor decision based on emotion. take it a pos.
1. make sure you have enogh sleep
2. check and check agaon that all of your tools are correct before starting you day.
i entered the other day similar to you not looking at my chart properly and cost me 7 pts.
wait for the right op dismiss any negativity on what has happened
good idea ot sit out and regroup
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