Do you have a bad trading habit?

Mine is setting a stop loss and then removing it. OR, not setting it at all. Also not checking the news and then getting killed by something so basic like NFP or Fed news. :skull:

Hbu?

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You have adopted all the risky habits… :rofl:My bad habit is that at times I place trades in hurry without analysing a proper entry point… Just observe the trend and set my order at an approximate entry point… Though doesn’t harm much but yes I could earn a few more pips if I dont hurry.

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My bad habit is not journaling properly.

I have a lot of work to do, and I get overwhelmed going thru so many charts that I just put a do it half way and move on to the next trade.

Mark Douglas said “if you can’t journal your trades, you’re trading too much”

That’s me. It literally takes less than a minute to journal the trade, and I STILL have trouble with it.

The simple fix is to take 30 seconds after opening a position to journal the trade properly.

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getting lost to my emotions. Sometimes acting greedy, sometimes panic, sometimes ego. I am trying to mitigate that by using automated trading

I used to have a bad habit of not sticking to my own trading plan like exiting a trade too late when things go really wrong. But with time I have improved and now I stick to my trading plans no matter what!

YES same. Sometimes I just jump in at market price lol because I’m too afraid I’ll miss out. I believe this is called… greed hahaha.

I think it’s the THOUGHT that you have to write it down. And honestly I think this applies to anything. Cause then it feels more like a chore you know?

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Indeed… but its okay if we do that sometimes… We cannot be 100% perfect! Though we should work on eradicating this as much as possible.

I really do not mess up with my stop loss and also I keep a constant check on the news. But sometimes, I get lazy and drop the journaling off. Journaling in forex trading is super important I think and I am gonna work on this.

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This is my problem at the moment. I think Im gonna have to slow down on trading to catch up.

How much time does it take you to journal like on a per day / per week basis?

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To be honest, I enter:
Date (open and close)
Pair
Margin
Reason
Entry
Exit
Profit/loss
Notes (reason for loss, etc)

If I’m entering the trade at that moment, it shouldn’t take more than 3 minutes.
Yet, I’m trying to maximize my trades, so I’m thinking I’ll finish it later, and I don’t.

But at the end of the month, trying to untangle that mess is a pain.

So, for June, I skipped it. I decided to do better in July.

3 minutes can all add up v quickly. Also: I feel like it uses up all your discipline for the day. When I used to journal, I’d fail at other things that I needed to do: maybe working out or getting stuff done like errands. I feel like it really has to be a priority. Good luck this month! We’re almost halfway done!

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You have just 2 discipline tickets per day?

Choose wisely! Haha

Seriously, though…I think a goal should be developing discipline that doesn’t run out. When you start applying discipline to your core values, discipline will affect everything you do—not just one or two things at random.

You may be on to something.

“If ego depletion is essentially caused by self-defeating thoughts, one has to wonder about the harm done by this overturned hypothesis. Many people, particularly self-help gurus, still promote the idea of ego depletion, perhaps unaware of the contradictory evidence calling the theory into question. But if Dweck’s conclusions are correct, then perpetuating the idea of willpower as a finite resource is doing real harm.”

I was initially referring to the limited availability of willpower!

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Hahaha…had done these kinds of things in my early trading days. Nowadays I have changed myself a lot, like having a forex planner and regular time schedules. Mistakes make a man perfect, right?

Hahaha - my bad habit is not waking up for 8am(uk) open on DAX - today perfect example missed 67pts.
Good tip here from Al Brooks -
In first 90 minutes (I think this applies to all markets and UK and US open, though certainly indices)
80% of days either R1 or S1 will be hit.
My worst habit = SLEEPING :frowning_face:
Madness - my over sleeping costs me more than a years salary :crazy_face: :stuck_out_tongue_closed_eyes:

Another point, whilst thinking - I used to do serious Fibonacci grid trading but in recent years I find pivot trading better and much simpler, for day trading.

They say that once an alcoholic you are always one. I never went down the alcohol road nearly that far…

However, I am and I likely always will have a trading addiction.

Overtrading has always been my Achilles heel.

It was born in innocence - a desire to learn as much as I could about trading by testing things with real money.

I always found a thrill in it.

The goosebumps as you place an order, the thrill of seeing your stops triggered in real-time.

The euphoria that comes from seeing a position go into profit - heady stuff - and not too different from any chemical high.

If it’s not the ecstasy of having had a great win and wanting another quick serotonin release, it’s the angst off wanting…no, needing to make back what was lost.

And with an endless number of chart patterns to choose from, on many different timeframes and on any number of different markets - trading is to me, what walking onto a ghetto drug corner is for an ex-addict.

We have no business being in the market all the time, while it feels great to indulge in short-term gratification, the long-term results on your trading account are telling.

I am and always will be a trading addict - the only thing that keeps me from indulging in such self-flagellation is deleting my trading app from my mobile and avoiding lower timeframes, which are always a seductress beckoning me to play.

I am better at it now but is a struggle every day.

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I would say for me would be not taking a proper setup due to fear at times. I journal and review my trades each week. I have backtested my trading strategy and know I have a good one but yet sometimes I find myself not taking a set up even if it marks all my boxes for a good entry.

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Ah that might just be your best habit!!! The secret to long life and sanity!

I doubt you’re actually oversleeping!!!