I’ve noticed that I tend to have thoughts that require me to discard my trading plan whenever I see how much profit my open positions are generating. I feel tempted to close all my positions and lock in the profits, and this tendency increases after I have taken a loss. It seems like my mind is urging me to take the money the market has made available and leave, rather than waiting to see what will happen. After all, who knows, I might take a loss again.
However, I am wary of developing such a habit, as it might lead to recklessness. I stick to my trading plan because I believe it will make me profitable. I remind myself that there is no need to be reckless or adopt unhealthy trading habits if I want to succeed in the long run.
What about you guys? Have you noticed similar thoughts in your trading thinking patterns, and how do you deal with them?
It depends on your strategy. What does your strategy tell you?
Sure, I get that too. It’s because I’m scared of losing what little profit I have. But in reality, you could be cutting yourself short of profits because the trend could keep running in your favor. You closed at 2% profit, but it you might have gotten 15% profit.
I think that deep down you have an idea of what you have to do to curb your habits. Just give it a try. Keep at it!!
If I may ask, do you have any specific methods to tackle this?
Additionally, to avoid being tempted to make impulsive or reckless trades, I hide my profit/loss from my sight. By doing this, I remove any stimulus that could incite such thoughts. I was wondering if you have any specific methods that you use to discipline yourself and maintain control over your trading decisions?
I have those feelings too. My strategy to get around them is to hide my account balance (my broker has a simple button for that), to turn off my trading platform as soon as i am in a trade and to use a strict risk reward ratio.
Edit: But it’s also a matter of practice. If you repeatedly break your plan and end up analyzing and see that you would have done better if you hadn’t, hopefully you’ll learn and improve over time.
I’m actually trying to just do nothing. I have to look at my exit signals and do a comparison. If you don’t see an exit signal, do nothing. Try not to think about money. Focus on trading your strategy.
Also, something to consider is whether or not there are signs that price is about to come back to your entry. Maybe there are, maybe there aren’t. You’ll have to do some analysis. That’s what I’m working on now, actually.
I’m trying to figure out ways to control that, too. I trade D1, so my entry signals could be days or weeks, even months apart.
I’m considering abstaining from trading for a week. Keep observing my charts, but entering no new positions. I may limit myself to just 3 trades…I’m not sure yet.
But I’m in a cycle that I need to get out of somehow.
If you’re not sure what to do about it, I suggest you take some time to do something else. Go clear your head. You may get some ideas. Even if they seem crazy, just try them.
Years ago, a running friend told me a story. There was a runner who, one day, couldn’t go outside to run, for one reason or another. So, instead of skipping a day, he put towels and a few centimeters of water in his bathtub, and he jogged in place right there in his bathtub.
Yes constantly. I get this with any kind of trade: a winning one, a losing one, shoo even a breakeven one. There’s just this constant desire to fiddle with it! What I do now is just look at a setup, put my trade in (and after 2 years, also add my SL lol) and then just forget about it. It’s good to have other things you’re doing that way you’re not obsessively checking your account!
