Why can't I stop myself from jumping in???

[BoilerRoom]

I have done it time and time again this week, jumping into a trade, just because I think I should be in the action, my only qualification being that it has been in a slight up or down trend, needless to say, I was stopped out each time, (after initially going into profit in the first place).

I cant seem to learn my lesson - is it greed, boredom, lack of motivation, lack of enthusiasm, all of these???

HELP!!

 

[tenbobtrader]

humans hunt on sight

platform - market - opportunity

you think you are seeing a kill in your sights

its an illusion created from deep within the brain, see what you want to see

could be caused by over exposure to market, modern platforms are very arcade like, its just a weakness you did not anticipate

Stop live trading today

look over results from a more stable period

re-write plan

re-write day plan activity

return to demo and re-programe your brain pan

return to live trading an opportunity at a time and ensure plan followed etc

 

[N Rothschild]

called greed

 

[counter_violent]

I have done it time and time again this week, jumping into a trade, just because I think I should be in the action, my only qualification being that it has been in a slight up or down trend, needless to say, I was stopped out each time, (after initially going into profit in the first place).

I cant seem to learn my lesson - is it greed, boredom, lack of motivation, lack of enthusiasm, all of these???

HELP!!

You answer your own question.....no plan...just random guesswork

Make a plan and try sticking to it....modify it when required and after serious thought as to the effects of any modifications.


http://www.trade2win.com/knowledge/articles/general_articles/trading-plan-template/?r

Written by Timsk...One of our members.

If all this seems too much like hard work...then I suggest you give up trading.

 

[shadowninja]

I wouldn't go so far as to say there's anything emotional at this stage. I'd say you have yet to learn how to trade.

 

[Jason101]

I have done it time and time again this week, jumping into a trade, just because I think I should be in the action, my only qualification being that it has been in a slight up or down trend, needless to say, I was stopped out each time, (after initially going into profit in the first place).

I cant seem to learn my lesson - is it greed, boredom, lack of motivation, lack of enthusiasm, all of these???

HELP!!

It sounds like are very new to trading and are experimenting. Maybe you are needing to loose money to see how you feel about risking.

When you first start trading my advise would be to spend 95-98% of your allocated trading time learning. Educating yourself by, reading books, this forum and reading charts. As you progress this balance can slowly shift. Traders who have been successfully trading for years are still learning. As you learn, re-write your plan until you can be consistently profitable (not everyone can), but carry on learning. Then at that point it is that old adage-
“Plan your Trade then Trade your Plan.”

 

[GCC]

Learn to punish yourself.

My trading teacher suggests that when you make a mistake, you will be punished by either yourself (stick to the plan and bow out) or the market (massive losses). He said that he used to do this: whenever he violated his rules, he took a full bottle of ammonia and take a big smell, and... imagine that. Do this EVERYTIME you make a mistake. You will improve soon.

 

[Black Swan]

my only qualification being that it has been in a slight up or down trend,HELP!!

Is that it, that's your edge? fook me..that's truly scary. Wise up or ship out.

 

[Black Swan]

Learn to punish yourself.

My trading teacher suggests that when you make a mistake, you will be punished by either yourself (stick to the plan and bow out) or the market (massive losses). He said that he used to do this: whenever he violated his rules, he took a full bottle of ammonia and take a big smell, and... imagine that. Do this EVERYTIME you make a mistake. You will improve soon.

did he then move on to a crack pipe?

 

[nile_croc]

I have done it time and time again this week, jumping into a trade, just because I think I should be in the action, my only qualification being that it has been in a slight up or down trend, needless to say, I was stopped out each time, (after initially going into profit in the first place).

I cant seem to learn my lesson - is it greed, boredom, lack of motivation, lack of enthusiasm, all of these???

HELP!!

Don't know it it'll help, but I can at least tell you what works for me. I trade both forex and stocks. With forex, I trade through OANDA. With OANDA, you can trade any lot size you want, even 1 dollar.

When I feel as though I absolutely need to get my "fix," I will get in to something and risk like 1 dollar or 50 cents. I know it sounds hokey, but it gets it "out of your system" without risking anything.

Here's another solution that's exactly the opposite: increase your size. If you're going to be risking lots more, then you'll be lots more careful when you trade.

Both are extremes, but they work. One gets it out of your system with little risk, one keeps you out until you're serious about it.

Happy trading!

 

[nile_croc]

Oh, and one more thing.....stop watching CNBC, and don't listen to the talking heads on TV, they don't know anything and will only sway your opinions, causing you to over-trade.

 

[tony_snowball]

I cant seem to learn my lesson - is it greed, boredom, lack of motivation, lack of enthusiasm, all of these???

Mate - I dunno - do you feel bored when you put a trade on?

do you feel like you are lacking in enthusiasm?

do you feel like you are lacking in motivation?

I dunno - is it all these?

Nor do I know where your car keys are.....

Go on - ask me one on sport - I might have have a chance with that.

Seriously - you need to have some sort of goal as to why you are trading, then a plan on how to acheive that including timeframes etc....then a daily plan for how to enter and manage trades with some money managment. You are going through what all new traders go through - but working through the above will help with discipline.

There will always be moves - you just have to make sure you are around long enough to make some money from them.

 

[Ph1lly]

Sounds like lack of a plan and dicipline

 

[tenbobtrader]

Oh, and one more thing.....stop watching CNBC, and don't listen to the talking heads on TV, they don't know anything and will only sway your opinions, causing you to over-trade.

or get you out when you should be in

good post, the news is written after the event

 

[ukdaytrader]

I must admit I've done this a few time's more than I would have liked. I do it because of boredom and cause I have no plan for the day. And around 80% of the time this type of nonsense looses me money.

The way I learnt to avoid it is to leave the room, don't have the screen on all the time depending on the type of trading you're doing. I also now force myself to write out a short trade slip before commencing a trade which on there says : rationale for trade, expected outcome, etc etc. It then uses up the 2 - 4 mins so the urge goes away (my trades are not that time critical).

It like a smoker with an urge to smoke !

 

[TAjammy]

I have done it time and time again this week, jumping into a trade, just because I think I should be in the action, my only qualification being that it has been in a slight up or down trend, needless to say, I was stopped out each time, (after initially going into profit in the first place).

I cant seem to learn my lesson - is it greed, boredom, lack of motivation, lack of enthusiasm, all of these???

HELP!!

what it is, you're playing thw rong time frame, day traders usually force trades as they feel the need to trade all day. become a swing trader

 

[SabreTT]

Sounds like gambling bug where you just place the trade for the thrill. Buy a squelch ball or something, see this guy has one and he is a winner

YouTube - 25th Hour Broker Scene

 

[dowletter]

“There seems to be some perverse human characteristic that likes to make easy things difficult.”

 

[GCC]

did he then move on to a crack pipe?

That will be the quickest solution to BoilerRoom's problem.