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Updated: 2016-08-14T03:34:09.589-05:00

 



I agree with your premise 100%... In the market, ...

2009-07-27T12:34:15.396-05:00

I agree with your premise 100%...

In the market, besides our "psychology of winning", however, nothing replaces skills.

Beyond that, nothing repalces the ability to accept a stop loss as part of the game.

The book "Sway" teaches us the importance of CRM, and avoiding the pain of small losses inevitably forces us into much deeper losses.

Bright people like Doctors and Lawyers often forget that simple fact and greatly contribute to the Boyz retiremtent fund because they are stubborn...

Maxwell Maltz and T Harv Eker are great reading... for those in need of changing their mindsets...

TY for nice article.



Hi FW,Thanks for your comment. By starting with s...

2007-01-15T04:50:00.000-06:00

Hi FW,

Thanks for your comment. By starting with small size, mentally rehearsing taking your calls while you're in a highly relaxed state of high concentration, and then entering that state of calm concentration while you're trading, I suspect you can create positive habit patterns. Best of luck!

Brett



Dr. Steenbarger:You said: "so many traders fail is...

2007-01-14T22:27:00.000-06:00

Dr. Steenbarger:

You said: "so many traders fail is that they create repeated, negative emotional experiences for themselves." , well count me as one of those traders. I have been following your posts much more closely than before, because I come to realize that while I have finally worked out a good trading system, I will never become a truly consistent winner until I can overcome my psychological hurdles. The single biggest problem I have right now is to follow my trading calls: my daily trading calls have a 3:1 win/lose ratio, but I routinely act on only 1 out of 10 of the calls, and what's even worse is that I always exit from winning positions way too early. The problem? I cannot overcome the "fear" factor. Your posts have often stroked on the roots of many trading psychological problems, and they help me not only to analyze the problems, but more importantly to find effective ways to deal with them. For that, I want to say: thanks a lot!

FW



Hi Simple Trader,Thanks for the comment and the ex...

2007-01-14T17:50:00.000-06:00

Hi Simple Trader,

Thanks for the comment and the excellent observations. I think the idea of using the simulations to make the disciplined trading into a habit before risking too much capital makes a lot of sense. By turning those primary goals into automatic habit patterns, you'll be ready to handle risk. Best of luck--

Brett



Very interesting article as always.I had been watc...

2007-01-14T16:55:00.000-06:00

Very interesting article as always.

I had been watching the screen recordings of the ER2 contract for several months after hours and developing high probability strategies based on that data using Tradestation, so last month I decided to trade full-time with a max position size of 1. My primary goals were:

1. Only take High Probability setups (that I have back tested)
2. Stick to my Daily Limits of Losses/Gains, Losing/Winning Trades
3. Walk away if I feel drawn into the game by making impulse trades.

So far I have consistently broken all these rules. Here is what I have found so far:

1. Being too eager to enter trades and ending up chasing trades when the market starts moving. Many times this has worked for me, but in few cases I have gotten really bad fills leading to big losing trades.

2. Not accepting that I made a wrong call, doubling up and canceling stops. Interestingly I have only doubled up to 2 contracts and then used a stop to exit if the position continues against me. In most cases the price then has moved in my favor for a profit.

3. If I get 3 to 5 losing trades in a row, I get very impulsive and all my rules go out the window. The same happens when the market is not moving and I feel I need to make at least some trades. It has been hard for me to walk away. Lately I have been able to control the impulse of making more trades beyond my daily limits.

Fortunately I am still at breakeven after a month of this so I consider this to be as a very good learning experience. During this time I had also started reading your book "Enhancing Trader Performance" and realized that I need to step back and work on improving my skills before I jump into the fryer. To do this, I have signed up for the free simulation edition of Ninja Trader. The software allows me to record market activity, replay it and enter simulated trades over and over again.

I like the idea of this article that I need to make trading almost an automated response and have been practicing various scenarios in the simulation account and using visualization techniques where I am accepting stops being hit as part of the game. It has all definitely started to help and I plan to continue this for another week before I try my hands again at live trading.

Thanks again for your wonderful insights. Keep them coming.