Thursday, April 5, 2012

Same old

-42 pips
Nothing has changed from the start of this blog. Same behavior. I can't say same mistakes because something that you do for years isn't a mistake. It's what I do, nature, habit.
I just continued my yesterday's day. Trading eur/jpy against the trend looking for some reversal for the sake of the idea. Like I'm a winner if reversal come's no matter how much I lose in the meantime. I know very early in the trading day that it's not good at all. Bu I don't stop. I literally enjoy in excitement. It's same excitement that you get ridding roller-coaster. I tried that for the first time few months ago in Las Vegas. You are scared and it's extremely uncomfortable but at the same time exciting. I took the ride eight or nine times in a row. You don't get that with good profitable trades. Being scared is missing. So I'm just thrill seeker pretending that I want to earn money, but instead I want first of all a thrill. I need to stay in denial and telling myself that I'm here because of the money, it wouldn't work otherwise. It's not untrue that I want money, who doesn't. But I can't resist my urges, I'm just following strong emotions.
After so many year I don't mind it that much. I'm used to it. I would also really like to progress beyond this. That's why I stay at trading. It's a challenge to change myself. Or I'm saying that to myself just to have my cheep thrill.

I have to add now after hour and a half when emotions are cooled off. Do you have thoughts after day like this I will not do it again, this is my last time, form now on I will do it differently? They are just part of the same equation.
I believe that's how they portray addicts. 


Sith-Trader said...

considered Robot Trading, after all these years, you semm not capable to trade manually. Embrace the fact and move on. I trade with robotic and never turning back.

You also must grasp fundamental of the market. Pure technical is not enough.

Gump said...

What is your goal?

FX said...

Sith I don't accept that I'm not capable to trade manually, maybe that is fact right now. I don't argue that, results speak for itself. But I want to learn it because that is what I like in trading. I chose to follow the path of my passion. I like to stalk good trades, jumping in with momentum, stealing scalps. I do it all because I like it. I'm not capable of doing something that I don't like.

Gump thanks for the question it made me think. My goal is to develop skill of profitable, consistent trading that is free of interference from heightened emotions that bring trades out of plan.

Sith-Trader said...

Well maybe we have different goal fx.My goal is to make money with the easiest and reliable method.How many time your emotion interfered your trade?lost count eh?robot may eliminate those problems.Sorry for being rude. Just try same method manually vs robotic and then compare the result. You can use demo trading. I am like you before and just wanna help.

Gump said...

FX, your actions expose your goal. Your actions right now are, "to follow the path of my passion. I like to stalk good trades, jumping in with momentum, stealing scalps." And you're achieving that goal, it's just not profitable.

Everyone achieves their goals.
When your goal changes your results will.

Sith-Trader said...

Gump, last year my goal is making $2k per month from trading and it's working. Now my goal is making $10k and still working. You have good points :)

Playeur said...

If what you are doing now doesn't work, time to change the method. If you are convinced your method works then refine it. If after refining it doesn't work...

FX said...

Nicely said.
I want to win in battle with my emotions. I want to start trading within boundaries that I set to myself be it profitable or not. Then we can talk about other things like profitability.

Anonymous said...

Everyone feels emotions when they trade. We are not robots. The only way to trade without emotion affecting you is to have a well tested, robust system, with a good % of winners. Big draw down systems usually take their toll emotionally. I like your tenacity and your willing to share on your blog. Let me share 1 component that you are missing from your method. You are not looking at volatility. All trends are not equal in strength. Volatility will give you a clue if you should be riding the trend or fading it.

TST said...

FX, ok you dont like robots :)...a simple question that I provide no trick q here :)

Say when you ENTRY short, normally you use...
A) sell button (at market)
B) stop order (let market come to you)

If your answer is A, chance that your short will lose is HIGHER as your entry MAY based on emotion at that moment

If your answer is B and you still lose, you need to check back your criteria to enter and exit. And yes, volatily may disrupt the plan, so factor in the V.Entry and eXit should be independent.

EXit by pulling your target near the market, not pulling your stop loss to the market. So chances that your exit with a profit is better even though it is thin

I use these strategy to slowly improve my trading, breakeven now after years of losses. By offering this 'advice' , it meant I'm NOT an expert :)

FX said...

I don't mind emotions in my trading they are crucial part of understanding market. I want to cut down revenge trading and trading beyond my daily stop. Those kind emotion driven trading is problem. On this particular day my daily stop was -15 pips and I ended more then double that.

Anonymous said...

Consider stop trading now and take time to start from scratch. Write a trading plan. Really, write a trading plan.

Have a look:

Good luck.