Well, had three loses in a row, now i am on FX vacations, rule #11, [I]Three loses in a row means vacations for the rest of the month[/I]. So when i come back a new market condition will be set and so i will stay unbiased untill i ruin it again.
Regards.
The way i’m controlling my emotions as of recent is I just built a new computer to keep by itself with no games and in a quiet “zen” area of the house where I can concentrate without being distracted and I made sure I blocked facebook so that the only things I do are trading and reading so psychologically when I’m in the room my brain is conditioned to feel relaxed and to go into “trading” mode. Also before starting my trading I’ll try to meditate so no matter whats happening outside the trading area it doesnt influence my thoughts while i’m in the area
Sounds good, i do almost the same. I do meditate. JUs one question, are you a daytrader? In my case i am not, i almost do what you do when i do my analisis and when i finally pull the trigger and the i´ve forget about it until the trade is closed. I am a swing/position trader and i can affor to do so.
Regards.
I think I might be a day trader lol
what I do is in the morning wake up 1 hour early to check on my open trades, maybe make new ones, then during the day check on them and their S/L’s i’ll ususally move up the S/L’s progressively until break even ( do this cause i’m still a student/doing an internship this semester). then when I get home i’ll usually eat dinner, maybe go to the gym and then just study forex for a good 3-4 hours and thats usually when i’ll close myself off from the world and thats every night, mon-thurs, I usuall work sunday nights hence why I dont trade the asia open.
hablas español? note que eres de bolivia
Daytrading is not an easy thing to do, i´ll do it when i have time.
im like cleo i cry and get worked up when the market ruins my system and strategy
don´t worry, we all been through that stage
yeah its pretty weird, took some getting used to. I pretty much consider forex like my third job so I treat it as such, I dedicate a set amount of time to it every day and so far i’ve been seeing good returns. though considering I just started using this type of schedule and mindset a month and a bit ago cant really say much about the returns but two weeks ago I became consistently profitable and hoping it stays that way lol.
and the way I see it when a trade goes against me, I actually see it as a good thing, because that means the statistics that have been calculated for the system I use are actually true. so that means that if the system indicates 40% down and 60% up then I should expect losses as well as wins and I just take it in stride
I´ll try daytading next year MAYBE, after quiting my actual job.
Regards.
Hi Mr Gone, could you post your rules, i would be interested in seeing them.
I am a newbie, and only demo trading at he moment, but i am treating it like a real account as i know if it is not consistently profitable i can never trade from a live account! But you all who have commented here have made me realise a few things about myself, when i have traded badly my emotions were out of check or i was tired, could not concentrate or was distracted, but when i was successful i was alert, awake, following my morning routine and had no distractions.
Thanks guys, you have given me a lot to think about and i think i need to implement my own emotional rules. Does anyone else have a set of rules they don’t mind sharing with a newbie?
Also how long do you trade for in a day? A few hours or a whole normal working day?
Cheers
i have the book of rules in my office, i’ll try to have it by tomorrow.
Awesome, thanks Mr Gone. I do hope one day i will be able to be in your position, to be a profitable trader living off your own earnings and being able to share that knowledge 
Im sure i am on the right path to be like yourself, but i have a long way to go, i know my limits and that i am not ready yet. But slow small steps No rushing this business lol
Sorry again, i will try to post my rules tomorrow, it is carnival and i don´t wanna get out unless i wanna get wet and painted.
So the issue of today: Trader Deppression.
Is a weird sensation of feeling frustrated even if trading well, the reason of it: not enough capital and the desire to retire and start living of trading. Well, we all want that but trading itself is not an easy thing to do, gather the funds to living independently is much harder. But don´t let this unfortunate stage cripples you. After crossing all obstacles is an insult to yourself to give up upon this point. Do you remember why you got into this crazy world? Yes, the money, the results, blowing up your account. But you decided to give one more try and found out it was much harder, it was easier to accept that millionaire initial loss because this is not easy. But you managed to find out that guy called Mark Douglas.
Now you applied zen techniques, meditation, clock ticking, I Doser, who knows but now you wanna launch for real. Well, if you are a good trader, you are for real, no matter the funds you have, just go back to school, when you where ashammed of not having what the other kids had, what did mother used to say? That stuff will not bring you happiness.
Take your 100 USD trading account as if where a million, a serious thing, like a mini hedge fund wich is ran by you, like a bank acc with a little high interest. Time to time add some more funds but little by little, it can be an overwhelming situation to manage more money, your earnings can be bigger and so your losses, if you have 100 usd and play with 0.01 mini lots, the obvious thing would it be if you add 100 more you would trade with 0.02 mini lots, but wait a minute, one loss can erase what you have earned, so i recommend you after adding funds wait a little time to scale up positions, set a rule for example when your actual earnings with just 100 usd are 10 usd so you can scale it up, three losses of the new sizing would be smaller than the actually earned.
My point is, your objective must be anythig except the money itself, it is a paradox, the less greedy you become the more money will rain from the sky.
Regards.
PD Recommended book: Super Trader by Van K. Tharp, it is like any trading book but it explains step by step the psicological side, just like “Trading in The Zone” but less scarry and more didactic.
It is very hard to control greed
The only cure for addiction is to always go back to rehab center.
True good points Mr Gone thanks
Greed is one of the strongest motivators in human psychology. It is foolish to try to control it when it can be far more useful to harness it.
How would you recommend to harness it?
Well, all emotions are Bad, happines included. Tell me wrong, the most stupid promissed are made when you are exesivly happy and you are out of reality. So when reality bites, what happens, promise cannot be done and you and the side you promissed the heaven are deep inside a hell.
Greed is Bad, don´t belive the words of Michael Douglas, is realy Bad, one clear example: the Crisis of 2008. This guys were not disciplinated traders, they were greedy swindlers that stained the good name of Trading. Well, when you are in a winning stage, too dam to be true, you start to get overconfident and lose the sight, lose completely the sense of the market, and when tho losing stage begins (even if using SL) you´ll end up crippled, cannot belive why system doe not work anymore, well, greed makes you forget an important fact of trading: systems does not work always, to diminsh this effect is why a 1:3 risk earning ratio is recommended, so the winning stage overrides the losing one.
The bottom line: MONEY MUST NEVER BE YOUR OBJECTIVE.
Thanks Mr Gone, at least i have one thing right, my main reason for trading is not the money lol, it is one reason, i do like the idea of being able to earn more than i am now, but in reality i want to be able to work from home, for myself and for no-one else, work my own hours and maybe not even work the occasional Friday and not work the UK and US holidays !
But let me get a consistent strategy first. So far i have had three weeks of trading (31 trades) which have averaged at a 80+ success rate at 10 pips a pop.
So thanks Mr Gone and you all the vet’s are adding to my knowledge, i think i’ll have to put my Mr Data hat on when trading lol.