Hi all
I could do with a bit of help, i will try to keep it short and explain what keeps happening. I have a method/system that i know works great (i know the problem is with me). I know 3 full-time traders on it who are having great success… I have been trading for 8 months or so with a fair few months of that demo trading and doing great at it,treating it as it was live. My problem is just letting the perfectly good trades go and not even entering (even at low stakes) and taking the ones that go against me and get stopped. but once that happens im often worried about getting in the next one as im certain that again will go against me (it often doesn’t) and of course im guilty of getting in trades and not staying in long enough to hit my target so i just exit with a small gain, these then go on to make my target, it happens time and time again. Im willing to take any advice or do anything to change my way of thinking. Im not to worried about money i think maybe it has something to do with the confidence within myself. I have just started reading psycho-cybernetics by maxwell maltz but as some one who only ever reads the newspaper i find it difficult to concentrate sometimes. I know deep down that i will make a full-time trader at some point in my life (im only 23) its just when. Any help is appreciated.
Hey man. You may want to look around and research “Fire and Forget” style trading and see if you can incorporate some of those philosophies into your trading strategy.
Essentially; you further refine your predetermined entries and exits so that you set the trade and then leave it alone until it hits TP, SL, or a Timed Stop.
So for example- I trade on the daily time frame. I aim to take 2:1 on every trade that I place but I realize that it simply may not be possible. When my signals get hit, I place SL and TP at appropriate levels and then I leave it alone to do what it’s going to do. When price moves in my direction the amount of the SL pips, I will advance the SL to break even.
Now if you don’t want to wait too long on it- you can institute a time stop. I’ve long kicked around closing out a trade if it hasn’t started to move in my direction after three days.
Your problem sounds like purely one of discipline. You can reduce your meddling with your trades by forcing yourself to take a more hands off approach. I spend about an hour a day, five days a week looking at charts after the NY close. I don’t massively short-term trade because I know I’ll do the same thing you find yourself doing- meddling with your own trades and derailing your success.
But it is something you can overcome and accommodate.
I have a disability that affects my short term memory, consequently, I have a problem reading and retaining the info. So what I did was use recordings to learn I found it was easier to learn and retain the info with recordings. Just google for confidence boosting recordings.
Just be confident of things which you are capable of, do not over think and confuse your mind this will only develop weak mindset.