On my first trade I was so in the rules that I cut the trade -8 at the spike. So in next trade I had to recover that and make more. I was so mad when it reversed from 65 the first time. I was positive that it will broke down. Well it didn't for the whole day.
Marked with yellow is where I slipped. I didn't cut the trade at -10 and I let it go -25. When you brake one rule you will break them all. So I let it past -20 which is second violation and finally I averaged in that trade. It got to train myself to follow rules. It will not happen over night. I made exceptions and I got rewarded for those bad decisions.
-8+17-6+6+2-7+16 = 20
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I am feeling you bro, it is so aggravating to be in this position. at least you made money though. I know that is a weird statement coming from me, but hey, it would have sucked even more to break your rules and lose money. Because in general losing money hasn't helped you reinforce following the rules either.
Did you trade NFP today? I actually did ok today...
Looks like we're both breaking the rules! (You can see I averaged in on my 2nd to last trade today).
Everytime I do this though, I see Paul T Jones in front of his computer with a giant sign "Losers Average Losers".
LT
Hi guys, yeah at least I made money.
I've been thinking about emotions and rules. It's something like getting drunk. There is no point in trying to think that next time when you drink ten shots you will not be drunk. When I have few trades and experience oscillation in my emotions with swinging of p&l in whichever direction it's same end result as drinking. It should be expected. I will not drive after ten shots, but here I open more trades. It never get me anywhere but in trouble. After few trades emotions quickly jump in gambling mode. I don't want to lose and want only to win and win big and it's never enough. Like profits get me intoxicated. Well emotional reaction to p&l swings get me intoxicated.
Well easy enough solution could be rule that I somehow had before. I call it shut down. When I have some profit in a day on trade or two, just close it all. Like I'm not the same after this few trades and my quality is not on good enough level any more.
When I start to trade early in a day on my first trade I really can follow all the rules and trade sober. As far as I'm going more in a day I'm putting myself under of risk of emotional decisions, gambling and everything.
Well it looks that I will again implement shut down in my rule book.
that is the one rule that I just don't have pinned down yet, when to just shut it down. nice analogy with drinking, I have not considered it that way before.
LT- I read your post today... bro, you are spot on, I feel the same way guys. it is hard to take that signal after getting scared.
I really like the way you mentioned "I am a good person, I DESERVE to trade" I have never thought about it like that, but its so true. thanks for that.
I've never either think about intoxication with emotions but it's so similar to drinking that it's better to put that in consideration then ignore it.
This Post is for you FX.
http://highprobability.blogspot.com/2009/03/traders-most-difficult-problem-trading.html
Thanks HPT. It's first post "for me". Well let's put joke aside, I want to express my gratitude for it.
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