Positive Attitude = Win at Trading ?

[Bloodhound]

Having a PMA about your trading plan, rather than just your trading will stop you moving your stops back and make you stick to the plan. Only way to get that is to keep doing it and testing it with small amounts of money so you know it works.
Over-confidence and complacency are just as much a killer as lack of confidence, I found.

After this morning's shennanigans with cable I think my PMA for my trading plan had largely disappeared by lunchtime

 

[Dinos]

After this morning's shennanigans with cable I think my PMA for my trading plan had largely disappeared by lunchtime

Sorry to hear that, what went wrong or shouldn't I ask, I took a short cable from 6:20

 

[Bloodhound]

Sorry to hear that, what went wrong or shouldn't I ask, I took a short cable from 6:20

I shorted it at 7am but got stopped out by 2 points at around 8am, then got caught up in the mid-morning spikes and then missed the reversal at lunchtime. It happens and I'm used to it!!

Overall problem I have is a psychological one caused by my desire to be able to run before I can walk and be 'better' than I possibly should expect to be after 8 months..... I'm sure it's a path well-trodden by others where I spend hours staring at a chart and I know it's telling me something very simple, and sometimes I can see it, but most of the tme I can't. Slightly difficult to explain and a bit off-topic but revolves around a firm belief I have in support and resistance and the law of probabilities.....

 

[Hotch]

"If a pretty poster and a cute saying are all it takes to motivate you, you probably have a very easy job. The kind robots will be doing soon."

 

[arabianights]

or greedy

[youtube]GQnCFdjLJAM[/youtube]

 

[Hotch]

Also

"When you earnestly believe you can compensate for a lack of skill by doubling your efforts, there's no end to what you can't do."

 

[poborsky]

Also

"When you earnestly believe you can compensate for a lack of skill by doubling your efforts, there's no end to what you can't do."

There are people on this site proving this to be wrong on a daily basis.

 

[advfn2828]

Interesting thread. For me PMA does have a place, but so does a grounded and disciplined approach to your plan and trading almost to the point of detachment and automation.

I have heard it said that the best traders act almost in a robotic way only taking trades that precisely fit their methodology to the point of making trading boring.

Personally I dont ever want trading to get boring, but I do want to get to the point where I can act in a reasonably detached way and my PMA gives me the strength to take the knocks along the way.

Graeme

 

[rwb]

Possibly more important than PMA is well-founded belief in what you're doing.
If you've done all the ground work, testing, monitoring etc etc and proved to yourself that the strategy/method/system you are using is consistently profitable overall then you don't deviate from your trading plan.
If your plan is showing a legitimate trading opportunity then you are duty bound to take it. I'd rather be in a signalled losing trade than be out of a profitable trade. The latter really hurts and creates doubt, no room for this.
Get your belief in your trading and the PMA that follows is a mere side benefit.
Enjoy.

Interesting thread. For me PMA does have a place, but so does a grounded and disciplined approach to your plan and trading almost to the point of detachment and automation.

I have heard it said that the best traders act almost in a robotic way only taking trades that precisely fit their methodology to the point of making trading boring.

Personally I dont ever want trading to get boring, but I do want to get to the point where I can act in a reasonably detached way and my PMA gives me the strength to take the knocks along the way.

Graeme

 

[tony_snowball]

I make RWB right...

I think "pma" can often be used as an excuse for not putting the hard graft in....and shouldn't be confused with the confidence that comes from doing reserach, having a plan and good money management ....how many people buy a lottery ticket with a "PMA" knowing the odds are against them ....

having said that it if you have done your homework and know your sytems is sound then a pma is required to get you through periods of drawdown in order not to switch methodolgy or tinker with set ups etc.....

It's like the people who go on diets that start of with a pma - they hit their target weight but maybe plateuax and then resort back to bad habits and start hoovering up mars bars and fondant fancies.....


As for trading being boring - bring it on! I'd rather my trading be boring but my equity curve was smoothly going up than "interesting" with whip saws in my p&l.....although I realise that is not exactly what you are saying ADVFN2828.....if my trading is boring I can devote time, finances and emotional effort into other areas of my life....

 

[jiggly]

just look for the right things in the right places, if you know what to look for, trading is simple, easy, predictable and absolutely boring.

if you look for the wrong things in the wrong places, well, it will be all of those but you wont be making any money.

 

[jewelthief63]

some days when i see huge swings in the market that affect my portfolio for no apparent reason,I sometimes wonder if i made the right decision or should i have done things differently.My emotions can sometimes pop up and and a little devil says to me "you fool" but i know that on the positive side there will always be sunshine to win out the day and over rule my emotions. As long as I am willing to let go of my emotions and let reason rule

 

[mrhighbrow]

Hi all,

You would really have to be a lunatic to wake up and think that, but that's only an example of an extreme state of a negative attitude. You may wake up and think 'yeah, i'm gonna make loads today' but if in the back of your mind you have the tiniest, niggling 'no i'm not, i'm gonna lose loads' then you're more likely to fail.

Let's face it, we're all going to get that niggle at some point, or rather with every trade. I think you need a PMA mixed with the confidence just to do it - kind of like having the blinkers on. If it all goes belly up, you've put your stops in place, right? So just move on

 

[Ph1lly]

Hi,

Hmmm ! It sounds like you have all read or Eaten "The Secret" Rhonda Byrne.

Cheers


Phil


A Grand a day keeps the Bailiffs away.

 

[advfn2828]

As for trading being boring - bring it on! I'd rather my trading be boring but my equity curve was smoothly going up than "interesting" with whip saws in my p&l.....although I realise that is not exactly what you are saying ADVFN2828.....if my trading is boring I can devote time, finances and emotional effort into other areas of my life....

Totally with you on that Tony.

I look forward to the day were I am so consistently profitable that trading itself gets "boring" and then I can truely devote the time spending the earned profits in other areas of my life.

My only problem right now is that trading is my life outside of my day job!!

Roll on the day!

Graeme

 

[advfntrader]

trading will only be boring on higher timeframes surely ? theres more noise at lower timeframes and you have to act faster, I find this very stressful and not boring at all.

 

[tony_snowball]

depends on your attitude - I place trades intraday - but I am not looking to job the market - which I personally found was a waste of energy....but if you have a tested plan, decent stops and disclipline you should be able to scalp for pips without it becoming stressful...back to the confidence and PMA again and that old favourite - good money management ...or am I sounding glib?

 

[j m]

Having a positive mental attitude is a must however it is not always possible. It is inevitable that you will have good runs, sideways runs and really **** runs where it is almost impossible to stay positive.

The longer you do it the better you get at realising where you are at mentally and you can adjust the style in which you trade to prolong the positives and success of your trading. You also get better at breaking those losing streaks and turning around your performance.

All comes with time in front of the screen lads

 

[HaloTrader]

I find trading fun.

People say it should be boring.

I have money management, strict entry and exit rules, trade long hours, a massive daily plan, lots of analysis and i just find the whole thing highly enjoyable.

I'm profitable, so losses or not, i just feel good when i trade. Makes me feel good + I'm extremely positive about my ability as a trader, if my strategy stopped working - I'm very confident i could make a new one fast that works.

 

[advfn2828]

but if you have a tested plan, decent stops and disclipline you should be able to scalp for pips without it becoming stressful...back to the confidence and PMA again and that old favourite - good money management ...or am I sounding glib?

Not glib at all - good money management is they cornerstone for any successful trader.

That coupled with time in front of the screesnas one other poster put it builds the confidence which in turn builds self belief, and PMA.

Graeme