I’m gonna take time this weekend to review my mistakes and compare them to what I SHOULD do.
I’m pretty sure I can guess what’s wrong already. I was doubtful of the signs.
I guess I just wanna do a comparison to recalibrate my way of thinking with my strategy.
I need a reminder, because I have the potential to do much better and I’m not.
Patience, young padawan.
Your mind is occupied. Is it something you don’t mind sharing with us?
What’s your strategy if any?
I’ve been contemplating this as well, and I’m not sure if you share the same experience, but I think the reason for this is that trading is an endeavor that demands traders to endure losses. These losses can erode our ability to tolerate the emotional pain that comes with them. When our threshold is breached, we sometimes become irrational temporarily, and all rational thought seems to go out the window. The key to surviving as a trader often lies in how quickly we can hit the brakes or stop the reckless behavior and return to safe trading practices, as many traders tend to metaphorically “crash their cars” in the heat of the moment.
My strategy is based on S/R levels. I trade D1.
My mind is occupied with trading, and trying to understand the gap between what I should do and what I actually do.
Since this is your strategy, i have a book which i think might be of help;
https://acrobat.adobe.com/link/track?uri=urn:aaid:scds:US:8f529e23-122e-4e83-b420-9ca85fc30763
PS: I store all of my books on Adobe so as not to lost them. Anyway, i think you should still be able to read that.
I very much agree with you here, so many dos and donts in trading but never ever let your mind be occupied so as to create room for rationality.
Thanks!
Yes, thinking clearly is such a challenge. I have a system to help with clear thinking, but sometimes I get so emotional that I lose faith in my own methods. Then afterwards, I see that my method was correct.
My challenge right now is correct application.
What are some challenges you’re dealing with now?
Tradewise, no challenge. My challenge right now is my health, but all things good, am a Stoic, my challenge has little to no influence on my trade.
Little in the sense that, there are some days i won’t be able to trade and just have to answer my body, yet am not moved a bit.
I feel that way every morning, and I’m not even trading yet.
I’m enjoying reading your journal although I don’t get a lot of the technical stuff. You’re a good writer. You’re a great trader in my book because you’re living out this scripture by still being here after all these years since you started your journal:
¨The race is not given to the swift or to the strong but to the one who endures to the end.¨
I want to trade part-time only. I don’t want to look at a screen for hours. After I finish the School of Pipsology, I’m going to learn from No Nonsense Forex. He only spends 15 minutes a day on trading. Is that doable? I’ve looked on the forums and some people love him, and some people hate him.
Can you take a look at this video if you have time? I could use a second opinion. I value your judgment. You’re good at reading people like that girl who hates day traders.
Trading Forex For Beginners - The No Nonsense Forex Way - YouTube
That’s the video I watched 2 years ago, and I signed up for babypips because he said I can’t start his course until I have the basics down. He had the link to babypips on his site.
He seems legit, and I’m having a hard time finding something to hate about him. Maybe I have a blind spot, and I’m missing something. He seems like a smart, stand-up guy that I wouldn’t mind having a beer with.
It’s totally cool if you don’t watch the video. I’m still going to take his course. I have to find out for myself if it works or not. I’ll demo trade as long as I need to learn how good it is. I hope you get to your goal of being a part-time trader soon.
I think this is the most beneficial attitude. My opinion doesn’t matter. In some situations, people’s opinions don’t matter.
Most people will tell you trading is a scam and you’re a fool for wasting your time. That’s their opinion, and that’s fine. But that has nothing to do with YOUR outcome. If I gave you my opinion about NNFX and I say it’s trash, then what? What I think, good or bad, has nothing to do with your outcome.
You may do well with it, you might not. But you gotta try it first! Don’t let anyone tell you what is or isn’t possible. Determine your own limits.
Absolutely! If he can, why can’t you? However, the studying will not be 15 minutes/day. Once you’re profitable, you can trade for 15 minutes. Why not? It’s your life, bro. Make it how you want it!
Just understand that the more you study, practice and improve, the sooner you can reduce your screen time to 15 minutes.
Imagine your life like that! Whoa!!
Upon review of one of my missed signs, I realized that if I strictly followed my strategy, I would have had to suffer multiple losses in a row in order to catch my signal.
However, if I was strictly following my strategy, I could have pyramided very early on, recouped my losses, and then watch the trend run for about a month. Those losses would’ve been insignificant compared to the profit.
The frustration of the losses overwhelmed me, and by the time a very clear signal popped up, I was too scared to take it.
And then what about the other correlated pair? So, double the losses and double the frustration.
I’m looking at these trades, and part of me feels lost. I’m not really seeing any mistakes that I haven’t seen before. No two trades are exactly the same, but my reason for missing trades are pretty similar.
It makes me wonder why I’m still looking at this chart. Regardless, I can’t just brush it off. I’d like to think there’s more to it than just ¨I’ll do better next time¨.
I’ve said that so many times. So what’s changed? The only difference I can take from this is that I’m slowly wearing down my self-destructive habits. Piece by piece.
I can take screen shots and practice re-trading the same chart, but that’s nothing I haven’t done before. I’ve put different inspirational phrases on my wall. And after a while, I just get used to them and I don’t even really acknowledge them anymore.
I even have my strategy written in front of me; it’s written in the simplest language. I see it, and yet not much seems to change.
I thought of putting some drawings on the wall. I could put some drawings of signs to look for, but I wonder if that will make any difference.
But you know what? even if it doesn’t change anything, I say it’s better than doing nothing because at least I’m still trying…still exerting effort.
IMHO, the reason why no two trades are the same despite having the same strategy is because you are SMART. The problem probably lies in the fact that humans have innate tendencies to make efficient use of their time. For example, you need to be actively involved in a trade, rather than just looking at the chart and doing nothing at all. Additionally, we have INTUITION and instincts, and sometimes, despite having the same criteria and trading conditions, our gut tells us to take a contrary action from our trading methodology. So, do you listen to the devil or the angel? Therefore,
learn to only take trades when both intuition and trading criteria align
, and disregard the fear of missing out. Respect your gut . . .
Hello, Dushimes. I think you may boost your confidence by using an indicator like the Ichimoku Kinko Hyo to aid you with identifying the general trend of the markets. Of course, you have said you don’t trust indicators and you may have tried using it in the past without success but this is only a suggestion you may or may not take onboard in making your trading decisions.
dushimes dropping gems once again. 
Thanks for the mad wisdom. I appreciate you bro!
Thanks, but adding indicators isn’t the move for me. I prefer to keep it as simple as possible. I remember that from Pipsology. The simpler the strategy, the better. Well, I’m pretty sure it was from there. haha
That’s just adding more steps. My problem is recognizing what I see and making the appropriate decision. The problem is with me, not the strategy.
Then you’re doing something wrong, i don’t want to use the general term “impatience”.
Let’s judge the problem on “greed & fear” meter, what could it be, do you know it? If not could it be,
• Oversizing (Greed)
• Overtrading (Greed)
• Revenge trading (Greed)
Whatever is making you not to follow your strategy, is fear
• Losses (Fear)
While fear can be managed and tamed, Greed on the other hand, if you don’t stop it, it will stop you.
Before dealing with fear, first deal with Greed.
What challenge do you have?
Fear, for sure. It manifests sometimes as impatience. But it starts off as FOMO, and after two losses, I stop taking signals. Then the third sign was the right signal, but I skipped it. This scenario happened a lot.
Sometimes I just misread the direction. I see it as bullish, but the major trend is bearish.
But, I’m working on it all.
Here’s an example: higher highs and higher lows. Buying indicates that you are following the trend, while selling means you are trading into a correction or pullback. If the price falls below 1.05200 without surpassing 1.06200, the market may be reversing, and 1.06200 becomes the resistance level. When trading into a correction, be more cautious and aim for less pips. Never hesitate to cut losses when trading a pullback. It is better to be wrong than sorry.
Here’s another example: Gold has broken through the 1960 resistance level. The trend is bullish. Any buy trade means we are trading in alignment with the bullish trend, while any sell trade implies we are trading into a correction. The support level is at 1800. The choice of averaging intervals is a matter of individual preference. As shown in the chart, I have suggested proportional retracement price intervals for averaging up on the gold price.
However, it’s important to note that averaging may not be suitable for everyone. You must make your decision based on your own bankroll management style.
