How important is trading psychology to you? - Page 2
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  1. #11
    Join Date
    Jul 2012
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    Auckland, New Zealand
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    2,258
    Psychology is key and you need to stick with your strategy. Trading is emotionless and you need to set your S/L and T/P BEFORE you enter the trade and just let it go form there, do not adjust them. Before you execute the trade figure out what you are willing to accept as a profit and loss, then enter them and forget about it. Should you be tempted to adjust, especially the S/L you are most likely to lose.

  2. #12
    Join Date
    Jun 2011
    Location
    Santa Cruz - Bolivia
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    1,965
    The one who blinks firt is the one who loses.

  3. #13
    Join Date
    Oct 2010
    Location
    Jacksonville, FL USA
    Posts
    3,100
    Well then you lost. If you would not have blinked you would and seen you missed the s in first. What do I win

  4. #14
    Join Date
    Jun 2011
    Location
    Santa Cruz - Bolivia
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    1,965
    Quote Originally Posted by Pipcrawler View Post
    "Trading in the Zone" is an excellent book I highly suggest it to any new trader. Not just to forex, but to any trading vehicle like stocks, options, and futures
    By the way, there is another book also called "Trading in The Zone" by Ari Kiev. It is much more complete, well it is for advanced traders.

    Regards.

  5. #15
    Join Date
    Jun 2012
    Posts
    24
    So far, in all my manual demo trading this year, it's been me breaking my own rules with new justifications that make up the bulk of the losses.

    The Robots I've tried have no ultimate stability. I see folks working commission rebates systems where the multitude of trades make for a small profit. It works. I see myself take $100s if not $1000s off the table only to give it all back.

    I'm working on a hybrid concept where the EA makes the trade each morning before I get up and then I kill the trade if the Mark 1 eyeball pattern sensor sees what the wide stop robot cannot. The EA may trade 50 days in a row for profit and then wipe the account when I can plainly see it's missed and the trade is possibly falling apart and needs a close stop. It's a Work in progress.

    It's much harder for me emotionally to get out of a trade than get in, alas. I probably do gamble too much. But, let's say I didn't place the trade, but the EA did, I somehow find it much easier to bail out. That's psychology, right?

    I do have to disagree slightly with the gambling idea, but not the professional mindset. In Forex the odds are not fixed or rigged , really, other than the spread. So, getting stopped out on a Sunday is my fault, however. Nor do we have to deal with bluff, except bluffing ourselves with overconfidence. We do have to ante up. And, we do need to know when to fold, or hold, and when not to play. So, it is just a bit above gambling, maybe.
    Last edited by almo1010; 08-09-2012 at 12:06 AM.

  6. #16
    Join Date
    Jun 2011
    Location
    Santa Cruz - Bolivia
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    1,965
    Quote Originally Posted by almo1010 View Post
    So far, in all my manual demo trading this year, it's been me breaking my own rules with new justifications that make up the bulk of the losses.

    The Robots I've tried have no ultimate stability. I see folks working commission rebates systems where the multitude of trades make for a small profit. It works. I see myself take $100s if not $1000s off the table only to give it all back.

    I'm working on a hybrid concept where the EA makes the trade each morning before I get up and then I kill the trade if the Mark 1 eyeball pattern sensor sees what the wide stop robot cannot. The EA may trade 50 days in a row for profit and then wipe the account when I can plainly it's heading south and just needs a close stop. It's a Work in progress.

    It's much harder for me emotionally to get out of a trade than get in, alas. I probably do gamble too much. But, let's say I didn't place the trade, but the EA did, I somehow find it much easier to bail out. That's psychology, right?

    I do have to disagree slightly with the gambling idea, but not the professional mindset. In Forex the odds are not fixed or rigged other than the spread. So, getting stopped out on a Sunday is my fault, however. Nor do we have to deal with bluff, except bluffing ourselves with overconfidence. We do have to ante up. And, we do need to know when to fold, or hold, and when not to play. So, it is just a bit above gambling, maybe.
    Try to make it less complicated.

  7. #17
    Join Date
    Jun 2012
    Posts
    24
    Could you be a little more helpful?

  8. #18
    Join Date
    Jun 2011
    Location
    Santa Cruz - Bolivia
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    Quote Originally Posted by almo1010 View Post
    Could you be a little more helpful?
    Yeah, make it more easier. Remember the KISS method.

  9. #19
    Join Date
    Jun 2012
    Posts
    24
    Easier on what? My psychology? I'm not sure what you are driving at? A trading system? What can I apply with these comments, do you think? What do you apply to get simplicity of profit?

  10. #20
    Join Date
    Aug 2011
    Posts
    289
    I only trade if I know I have a high probability of winning.
    Psychology does not come into my trading at all.
    If I alter my system based on my feelings that would be silly and would change a winning system into a loser.

    I am not saying I am perfect. I will close a trade based on it not fitting my system, news, etc. But it is not fear of losing, it is just common sense.

    I think if you are trading with fear you are probably risking too much and are not confident in your system and you will lose?
    Although if your system is flawed, you should have fear

    I think if you are emotional(fearful) you shouldn't trade until you are confident you can be profitable.
    I get confident in a system by demoing it for a long time.
    If you demo a system for 6 months and get a high return and a low Draw-Down and it all looks good, you should be fairly confident it will be a winner.

    I am not saying it is easy to find a winning system. Just that you have to know the system inside out and be confident in its performance and know what danger signs to look for in the market for that particular system.

    & I don't gamble. Gambling is for suckers.

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