you learn by failing.
when you are tired of failing you start doing things right.
I’m feeling great now. My last day loss is covered by today’s gain. So this month I’m +5%. I just read an article, that says we need a partner for trading, who can remind you about your system, cheer you up when you are down.
Having self control, that is such a monster hurdle for people, including myself. I have gotten better about trusting my stops and limits as well. Like said above, once you have put them in. Leave it alone even if you know you might make a little more money or lose a little less. The idea I believe is to train yourself to follow your rules and don’t deviate from them no matter what. Its been said a thousand times in here. You will never know if you have a good system if you don’t follow the rules of it.
I would have a guess many still do, or a variant of the system. The Turtle system was a breakout system which I’m sure alot of traders use as the base of their entries now.
Generally, many traders will try to identify a trend at the earliest stage, confirming the entry when it breakouts. Pretty much the Turtle system.
What is a turtle?
If your system is proven to work, just practice patience. Wait for the right set up and while your waiting you can listen to youtube or do something else. This is what I do. I was the same, jumping on trades because it looked good. Big mistake. Once you keep losing you eventually learn to stick to the rules!
Now I am doing much better. Good Luck
The Turtles were a group of non traders put together by legendary traders Richard Dennis and his partner William Eckhardt.
Eckhardt didnt believe trading could be taught, Dennis did so they put together a group aka The Turtles to see what would happen
Turns out trading could be taught and the Turtles were a highly successful trading group
Which ultimately proves a pathetic trader CAN be taught.
I sometimes have the same problem because I trade both divergences (hidden and regular) along with chart patterns (wait for price to retest and make bar formation on time frame under break) I tend not to trust one. What I do is I spend the weekend analyzing trades that were sometimes years away and finally my mind can feel at rest that the system does work. Part of the problem is that my divergence system is countertrend and gains say 2% loses 4% and then makes 12% by the end of the trend. This was very hard to learn how to trade at first but after weeks and months of backtesting I have just enough confidence to pull the trigger.
Bad week for me. I lose 0.20%. There were very little signal this week, and I was tempted to enter although there is no signal. This week will be interesting. VIX already at 20, up 20%. http://finance.yahoo.com/q/bc?s=^VIX+Basic+Chart&t=1y
So be careful guys.
Sorry to hear about that. It has certainly been a little choppy this month, some of the technicals have not played out as reliably as they do some months, but there is still enough good opportunity overall. It is a long year, with a solid system you will be fine overall and 0.2% is not too bad.
0.2% loss isn’t too bad dude.
It means you’re pretty close to break even. When you reach break even, consistently, you’re half way there.
I spent many years achieving mediocre gains.
Once I came to the conclusion that trusting my growing experience was more profitable than technical patterns and rules/filters things started to change in a big way.
It is scary to think that you could just “know” what to do without knowing exactly what you are looking for, but your mind records more (changing) variables than can ever be coded.
Trading a supercomputer for a piece of paper with rules scribbled on it is -EV
My system identifies trend at the earliest time possible within the context of a daily chart, not on intraday charts. However, during ranging period like we have from early May to September, I have lossing trades, but measurable loss as I put a stop loss every time I put a trade. When the trend continues, I easily get back from losses and more.
For most new traders, when they incurred back to back lossers, they will close their winning trades immediately and not let it run because of the pyschology of lossing again is too much to handle.
Follow my thread:
http://forums.babypips.com/forextown/41473-emotional-aid.html
I Give some clues for that purpose, time to time.