First off, apologies if this topic was already discussed somewhere else.
Well now, I see many people have the issue they freeze and are afraid to enter a trade. I believe my problem is the opposite - I become very aggressive.
I know the importance of risk management, however once I get in that “phase” I no longer care. I tend to risk more than my fair 2%.
I tend to overtrade too. My strategy requires multiple entries to be considered “one” position. I have a win ratio of roughly 20-30% but my R:R is 5 and above (above going up to 20). So I do have to enter the same trade over and over, but I get hypnotized to enter even when I’m not supposed to myself.
And in the end, I’ve tilted my account so many times, it only feels natural now. I don’t think I have a proper attitude towards it. It’s a micro one, but enough to sustain Risk Mgmt.
Been in FX for 3 years, I’ve ready Marc Douglas’ books - they are great, and helped a lot. But my question is - is there any book that focuses on general trading attitude/ account attitude?
I need to get a bit less aggressive, any methodology or books that you can recommend, I’d be very thankful!
Just calm down. Why do you need a book when you know you need to calm down. I never read a book on forex what so ever and I can double my account size in rather under a month. (Although it was a micro one). But the most important thing is self study, not studying anyone else thoughts. That’s what I do. When I know I have to be aggressive, I get aggressive, when to calm down, I do that. What is the point of reading a Book when you know your weakness. Man…
Thanks for the reply. I know it might sound silly… but I can’t stop myself. I know what I am supposed to do but when this starts I just can’t stop. The itchy fingers a re really strong with me.
Keep your itchy ones at some other place. May be in pockets…:33:
Well dude this is the problem which all forex traders face, no matter big or small. And successful ones are those who can come over this problem. I have had itchy fingers once. but now I don’t. Learn to control emotions if you want success in forex. Reading Dr. Pipslow’s Pipsychology blog here on babypips will help you a lot. Try.
Never feel guilty for missing a trader just learn from that guilt and try to overcome the conscious. It is very good for the traders to learn from their mistakes and use it for future advantages such that they can make good money and survive in the forex trading business.
Well we should realize the fact that what matters more is the net result and if we are at winning edge then be happy about the trades taken rather than worry for the spilled milk.
In our trading we have to think of times when we have had some really good income and also we need to think and analyze how much profits we are getting now on a daily basis.
I never feel guilty when I miss a trade, to be honest. The market doesn’t stop, except for the weekends, of course. There will be always new opportunities to trade.
I’m no aficionado of them, but I think you might possibly find the books by Dr. Brett Steenbarger helpful.
I suspect, though, that [I]in the long run[/I] a much better and more appropriate answer to the problem you have might be for you to develop, instead, a method with a higher win-rate (even if its notional flat-stakes profit factor is a bit lower), and [U]circumvent[/U] that problem rather than trying to “solve” it.
Never feel guilty over a missed trade. Well I am just new and in my limited experience, I would rather miss a trade than have a losing one. The feeling of being guilty over missing a trade is temporary, it goes away when you have a current profitable trade. In missing a trade though don’t force a trade. I believe that our goal here is to win because money is the byproduct… In winning it requires discipline and patience. Things that I am also trying to develop. We are our own worst enemy…
"If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” - Sun Tzu - Art of War.
My sincere advise to all my fellow traders is to never feel sorry or guilty for missing a trade because there are many more trades to take up. And do not trade with your money as if that was the last day to trade and make money, only then trading for many days is possible.
Actually, you should feel remorse if it means that you didn’t follow your strategy. Discipline is key! When you make it acceptable for you that you skip trades because you thought it would be a losing one, you are killing your system.
Get into the trade when your system tells you so, especially when you think is will be a losing one.
Just don’t get depressed when you MISS one, but be worried when you didn’t enter one that you should have.
There are times when our trading strategy may not work the way we want it to be. What is the reason and why we are actually getting the losses is also what we may have to think about …
I see no reason to feel guilty about missing a trade, to be honest. I can’t go back and change that, so it’s better to just analyze what I did wrong and I hope I would do better next time. Guilt, natural as it is, would just cloud my judgement.
Your statement is absolutely perfect and if each and every trader follows this then certainly they can stop putting themselves down and think of moving up in their trading life.
I haven’t met such a book but I can advice you to draw your attention to something else after such trades. Something else, maybe reading or watching tv, and some time after, when you calm down, get back to trading? I do it sometimes and it works.
