How about somebody trying to help me with my problems instead of threatening me with a permanent ban. Accused something I am not.
Since coming back to trading after a break of 2 years I am finding myself unable to trade. I have no confidence in my judgement even though it right. I have a fear I never used to have every trade will go wrong. I am trading in small amounts of money £1 a pip, I want to get back to my normal trading amount £20 to £40 a pip. If I can't work this out I will have to give up trading because I am wasting my time everyday. I am missing out on some nice weely profits with just a £1 a pip.
pot
Since coming back to trading after a break of 2 years I am finding myself unable to trade. I have no confidence in my judgement even though it right. I have a fear I never used to have every trade will go wrong. I am trading in small amounts of money £1 a pip, I want to get back to my normal trading amount £20 to £40 a pip. If I can't work this out I will have to give up trading because I am wasting my time everyday. I am missing out on some nice weely profits with just a £1 a pip.
pot
Mr Potshot,
Your behaviour is very strange and suggestive of a spammer. Please avoid that appearance or you will attract a permanent ban
Nine
Glenn
Experienced member
- Messages
- 1,040
- Likes
- 118
Sounds like you need 'Trading in the Zone by Mark Douglas - that should sort you out imho.
Glenn
Lee Shepherd
Senior member
- Messages
- 2,164
- Likes
- 573
Potshot,
If you genuinly require help then I am willing to assist you in the best way I can, if I cannot then I will steer you in the right direction.
As nine has stated, your behaviour is a tad suspicious, however, I will you give you the benefit of the doubt.
O.K, your having problems like you say, what areas?
If you genuinly require help then I am willing to assist you in the best way I can, if I cannot then I will steer you in the right direction.
As nine has stated, your behaviour is a tad suspicious, however, I will you give you the benefit of the doubt.
O.K, your having problems like you say, what areas?
Albert Carey
Member
- Messages
- 88
- Likes
- 3
I understand you problem and I feel sympathy for you. I had the same problem. I traded in the past large amounts with no risk management, made a lot of money and finally lost everything on a single trade (FOREX). When I started trading again last year I would just sit and watch my computer screen unable to do anything from fear of losing money.
There is a solution my friend: risk management. I finally decided last September that I will never again risk more than 3% of my current bankroll on any single trade. This provides psychological comfort and you know what? I'm not making large sums like before but I'm making money, slowly, little by little, this is the way it's supposed to be.
Albert
Glenn
Experienced member
- Messages
- 1,040
- Likes
- 118
True enough GJ - as one senior hedge-fund manager admitted after the event, the quants lacked what he called Adult Supervision.
Fact is that markets are not technical all of the time, which is why the quants failed.
However I don't really see what this has to do with a trading block.
Personally I found the book very useful and would recommend it to anyone who has found an edge and has problems exploiting it.
Glenn
0007
Senior member
- Messages
- 2,377
- Likes
- 664
Agree above. IMHO The bigger they are the harder they fall. "But this time it's different"
Human nature doesn't ever change - good job too otherwise there might not be a market !
Hi all
Started reading trading in the zone and it has identified what my problems are and helped me understand the problems and how they affect my trading. I feel its going to be easier from now on.
On the above LTCM the book does say the being highly educated does not mean you will be a good trader and say some of the biggest losers are highly educated. I am not reading the book to learn how to trade and it doesn't tell you how to trade, well not upto where I am now. I reading the reading the book to identify what problems I have and how to overcome them. I am very good at reading the markets. Friday in the morning I knew the ftse was going 20 to 30 points over the 6100 level but because of my problems I didn't take advantage of it.
As Glenn says if you have found the edge the book is all about helping you to exploint the edge and do the trades. Thanks for recommending book Glenn.
I have only read a small part of the book and I am already thinking differently about the markets.
Mike
Started reading trading in the zone and it has identified what my problems are and helped me understand the problems and how they affect my trading. I feel its going to be easier from now on.
On the above LTCM the book does say the being highly educated does not mean you will be a good trader and say some of the biggest losers are highly educated. I am not reading the book to learn how to trade and it doesn't tell you how to trade, well not upto where I am now. I reading the reading the book to identify what problems I have and how to overcome them. I am very good at reading the markets. Friday in the morning I knew the ftse was going 20 to 30 points over the 6100 level but because of my problems I didn't take advantage of it.
As Glenn says if you have found the edge the book is all about helping you to exploint the edge and do the trades. Thanks for recommending book Glenn.
I have only read a small part of the book and I am already thinking differently about the markets.
Mike
Last edited:
Mike,
Good to see T2W is helping you.
While many recommend certain books regarding trading I thinks it's important to look beyond trading per se to appreciate fundamentals common to the whole arena of investing/trading. You’ve started this with the LTCM book; may I suggest:
Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein (£4.00 second-hand on Amazon:
Amazon.co.uk: Used and New: Against the Gods: The Remarkable Story of Risk
The Poker Face of Wall Street by Aaron Brown at £4.75 (second-hand):
Amazon.co.uk: Used and New: The Poker Face of Wall Street
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation by Richard Bookstaber at £9.16 (second-hand):
Amazon.co.uk: Used and New: A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
All authors are respected professionals/household names.
All prices are for UK booksellers (US ignored).
That’s your reading list for the beach.I'll be asking questions later.
Grant.
Good to see T2W is helping you.
While many recommend certain books regarding trading I thinks it's important to look beyond trading per se to appreciate fundamentals common to the whole arena of investing/trading. You’ve started this with the LTCM book; may I suggest:
Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein (£4.00 second-hand on Amazon:
Amazon.co.uk: Used and New: Against the Gods: The Remarkable Story of Risk
The Poker Face of Wall Street by Aaron Brown at £4.75 (second-hand):
Amazon.co.uk: Used and New: The Poker Face of Wall Street
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation by Richard Bookstaber at £9.16 (second-hand):
Amazon.co.uk: Used and New: A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
All authors are respected professionals/household names.
All prices are for UK booksellers (US ignored).
That’s your reading list for the beach.I'll be asking questions later.
Grant.
Grant thanks for the book tips, after reading trading the zone, I will onto another.
I was surprised how easily trading in the zone explained my problems and the problems seem to be quite common amongst many traders. Even though I have trading problems I have 8 out of 9 wins but the one which was a loss is, because I didn't let the trade run overnight, but that was apart of returning, I said to start with I will close trades at the end of the day. After only 3 weeks and my capital has increased by 30% but well below where it should be if I didn't have the problems. Even though I have had trades that have mostly won I do consider a number of the trades as bad trades, I traded at the wrong time becuase of frustration of not acting on opportunities which would of given me a good profit and because I was not diciplined. This is where the book will help me, it will help me over come my fear and let me take those opportunities.
Trading in the zone explains the adverse psycological conditions you expose yourself to when trading. I have never really thought about the psycological conditions I have been exposing myself to, I knew if your head is screwed up it will affect your ability to trade. The book tells you what all the different psycologial condition are and how to overcome them. I do believe once the book is finished I will be able to trade easier because I can accept the risk I am about to take which removes the fear. I will know if the book has helped tomorrow when I will be eager to spot a opportunity to exploit.
What I do like about the author he admitted he was a rubbish trader.
Grant I have made a list of the books and the links.
Mike
I was surprised how easily trading in the zone explained my problems and the problems seem to be quite common amongst many traders. Even though I have trading problems I have 8 out of 9 wins but the one which was a loss is, because I didn't let the trade run overnight, but that was apart of returning, I said to start with I will close trades at the end of the day. After only 3 weeks and my capital has increased by 30% but well below where it should be if I didn't have the problems. Even though I have had trades that have mostly won I do consider a number of the trades as bad trades, I traded at the wrong time becuase of frustration of not acting on opportunities which would of given me a good profit and because I was not diciplined. This is where the book will help me, it will help me over come my fear and let me take those opportunities.
Trading in the zone explains the adverse psycological conditions you expose yourself to when trading. I have never really thought about the psycological conditions I have been exposing myself to, I knew if your head is screwed up it will affect your ability to trade. The book tells you what all the different psycologial condition are and how to overcome them. I do believe once the book is finished I will be able to trade easier because I can accept the risk I am about to take which removes the fear. I will know if the book has helped tomorrow when I will be eager to spot a opportunity to exploit.
What I do like about the author he admitted he was a rubbish trader.
Grant I have made a list of the books and the links.
Mike
Similar threads
