Again and again I fail at discipline. Bigger problem then taking losses is I think acting (trading) when I don't have full conviction that I should take a trade. I trade for sake of trading or from idea that if I don't trade I can't make money. So I take marginal trades, don't wait for real setups and market situations that suits me, probably because out of fear of missing out. When things don't work emotions kick in, from there bending rules and finally blow up.
What are situation that I should trade? When I think that price will move in my direction immediately. Fast market, runaway market. Then if it's not going that way but other I take loss pretty much quickly as I should. That's the only kind of market that I believe that I maybe have a chance. Other stuff just don't work for me in long term, I don't work for it. There are no such situations all the time but chances for trading are there. So I trade from day to day this setup or another and slowly get complacent in doing wrong thing for me. So fast markets, quick trades or ironclad discipline. I fail at discipline of taking stops over and over again, so I really don't have conviction that it's solution for me. Maybe it's easier to wait for right market, that's hard but maybe a bit less.
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Sorry to hear that FX. It just happened to me too. Discipline discipline.. How do we get that fixed...
Make us three,
Discipline to cut losses is essential. BUt another trapped is comin, overtrade. Yesterday I was down almost $1000. Should stop trading but one last trade gave me $1200. If I stopped trading I may down $1000 that day. But next time it may extend to -$2000.
Guys thanks for comments and support.
More I think more I realize I don't have will to trade. When I say trade by that I mean doing everything around trading, trading different setups, taking stops, trailing profits, taking profits, analyzing, everything.
Only thing for what I have will to do it is taking trades in fast, directional market. Just the thing that I say that I should only do. It's a matter of abandoning everything else (that I don't have will to do but I do it anyway). And for that fast market and trades in it I don't even have prerequisite to be profitable. I could do it just because I like it. Until that time when I'll leave all unnecessary baggage behind me I can just lick my wounds.
If u want fast market, u can visit my blog 200ticks.blogspot.com
I used ticks chart to identify sudden fast movement. Maybe with the setup u can have instant profit. The downside is u never know when the move comin. So u still have to wait. Difference is u no need to trade if the moved didn't come.
I already follow your other blog. I know when there is fast market, I mean I can recognize it. The trick is to wait until then and sit on my hands.
If u know it already, then patience is the only ingredients left. Good luck :)
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