Psyhcological help NEEDED.

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wino59

Active member
Dec 28, 2012
126
11
28
#1
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
 

malaguti

Well-known member
Nov 3, 2009
2,239
414
93
#2
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
 

wino59

Active member
Dec 28, 2012
126
11
28
#3
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.
 

NVP

Well-known member
Jun 21, 2004
35,571
1,706
223
fxcorrelator.com
#5
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 :cool:

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

N
 

robster970

Well-known member
Dec 26, 2008
4,566
1,389
173
#6
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.
 

rawrschach

Well-known member
Nov 14, 2007
1,223
277
93
#7
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.
 

numbertea

Active member
Mar 27, 2011
257
9
28
#8
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
 
Jan 24, 2017
15
1
13
#9
The forex is one of the most profitable investment models that exists, but to make money in it you have to familiarize yourself, learn new concepts and have patience, and above all, a great control of the emotions.
It is necessary to plan taking into account the objectives that have and the limits that can be reached.
 

Lúidín

Active member
May 31, 2015
818
61
38
#10
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
If you think that you can effectively daytrade the ES/NQ based on text book stuff..then you will be waiting a long long time.

For starters..you have no mention of Time of Day..as can be very important when trading the ES/NQ..if you do not know why then this in itself should tell you that you do not really know what you are doing.

Before you start jumping up and down..I am trying to help you..so..think before you reply!

You can not say that the ES/NQ will not go lower or higher from where it is..no person can..all you can do is trade it..so..make sure you learn how to place low risk trades..again..if you do not know what constitutes a low risk trade with the ES/NQ then you really should not be trading the ES/NQ

You will get sucked into the ES/NQ very quickly..and if you are not careful you might lose a good bit of money..and this could well be in just one day!
 
Apr 3, 2017
3,620
136
73
#11
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
Freezing is a stress related issue , try stress management techniques and read about the stress response .This will help you understand the mind freezing .

It could be analysis paralysis , keep your trading simple.
 
Jun 28, 2017
86
6
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#12
Do you keep a record of your missed trades?

The reason I ask is that it's easy to see the results of our actual trades, but unless you keep a record of your missed trades then our memories of those trades could be tainted. Even keeping track of missed trades can be tainted. It's easy to include the ones where we were just about to press the buy trigger and then saw it rally and not include the ones we were almost just about to press the buy trigger and see them tank.

Perhaps you should run a demo account alongside your actual account? This will throw up if there is a real problem with you missing trades, or just something you feel you're doing wrong.

Hope that helps.

For completeness I'm not currently 'winning' at trading so please take everything I say with a huge dollop of salt.
 
Likes: Lee Shepherd
Sep 8, 2015
77
6
18
#13
Many traders are constantly losing money simply because they don't keep their trade statistics. This is a very big mistake in my opinion, because it is impossible to make corrections of mistakes without statistics