How important is trading psychology to you? - Page 3
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  1. #21
    Join Date
    May 2012
    Posts
    143
    Quote Originally Posted by goldylox View Post
    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.
    Hi Goldylox
    You are a good trader, just keep going.

  2. #22
    Join Date
    Aug 2012
    Location
    Michigan
    Posts
    7
    I just wish I could do more robot like trades. It is my major battle at the moment, I tend to jump in to soon and dump them to soon. It is going to be a long fight before I can stay unemotional (I just love it when my plan comes together)

    ...Tom

  3. #23
    Join Date
    Oct 2010
    Posts
    2,814
    Tom, its a battle for sure..

    If I was to teach someone to trade, the very first thing is the mind preparation phase.. Even im lacking it still, not going to lie, its my biggest problem myself..

    Just make sure you have stops, and DONT MOVE THEM..

    Practice using Limit orders, write down your trades on paper, and have a set plan for the trade before you enter it..

    Just what ever you do, DONT MOVE YOUR STOPLOSS, UNLESSSSSSSS, you move it into profitable territory..

  4. #24
    Join Date
    Oct 2010
    Posts
    2,814
    See what I mean,

    Just dont touch the stops PERIOD.

    If your trade is thought out, and you have reasoning for profit, your stop shouldnt be an issue..

  5. #25
    Join Date
    Aug 2012
    Location
    Michigan
    Posts
    7
    Oh, I have gotten religon on stops. The worst loss I had on my demo was when I decided thing were not moving and took a nap --- and forgot to setup stop loss/take profit..... Came back and it had move 60 pips in the wrong direction..

    I now have a checklist and those set at the same time I setup the trade now... Can't forget them then ..

    And as you mentioned, I check them frequently and only move to protect my profit.

    .. Tom
    Last edited by trossbottom; 10-05-2012 at 10:36 PM.

  6. #26
    Join Date
    Oct 2010
    Posts
    2,814
    Quote Originally Posted by trossbottom View Post
    Oh, I have gotten religon on stops. The worst loss I had on my demo was when I decided thing were not moving and took a nap --- and forgot to setup stop loss/take profit..... Came back and it had move 60 pips in the wrong direction..

    My real account get those set at the same time I setup the trade now... Can't forget them then..

    .. Tom
    Good stuff, thats the game..

    As far as jumping to early, and getting out to early, well, think of it like this.. How do you know where the price is going? You have some sort of crytal ball? If we all knew where the price was going, we'de all be wealthy,no?

    You find out after the trade is over, that, you might have been able to get in a tad later, and hold it for a tad longer, but really, Tom, we Dont know that. its just evident after the fact, which inturn makes you think," why" did you react the way you did..

    We just dont know.. So I have found there is little use to beating yourself up over it, and just adapt your trading plan to how you react and the production in pips your pulling..

    We just dont know Bro, and if someone does, then they should be mega billionaires..

    My longest win streak is like 66 trades.. But they are for 1-5 pips, so I implement my plan to that.

  7. #27
    Join Date
    Jul 2012
    Location
    here and there
    Posts
    633
    Quote Originally Posted by trossbottom View Post
    Oh, I have gotten religon on stops. The worst loss I had on my demo was when I decided thing were not moving and took a nap --- and forgot to setup stop loss/take profit..... Came back and it had move 60 pips in the wrong direction..
    yeah, do not sleep and forget (your stop loss).
    it does not matter if the stop is tight or wide, the important thing is to have it setup when you are away from the monitor.

  8. #28
    Join Date
    Apr 2013
    Location
    Bhopal, India
    Posts
    7
    There is a popular saying in the market which says that trading is only 5% technicals and 95% psychology. A trader makes more mistakes with a tired mind and losing mind than anything else.

  9. #29
    Join Date
    Apr 2013
    Posts
    5
    Steve, you should have opened account with stifx.

  10. #30
    Very important, a professional trader friend confirmed to me trading is 95% psychology.

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