Day Trader Stress

[splasher]

Just wondered how other day traders deal with the inherent stress (good and bad) of putting on trades.
I find that as soon as i put on a trade i am glued to the screen which is good and bad as some trades take time
If you are looking for a specific level often the tick to tick movements drive you mad but it is very difficult to relax and walk away even with limits and stops in place
I find myself nipping outside for too many fags, not because i want one but just because it is something else to do...........i'm not allowed to smoke in the house!
Perusing boards such as this help but the temptation is to flick back every few seconds

Anyone else experience this or am i going slowly mad

Splash

 

[darrenf]

I don't day trade but I suffer the same problem.

I had a position trade open today on eur/usd and a couple of stop entry orders waiting to be executed.

My trades usually last a day to 3 days, and I have a fulltime job but often work from home.

Despite the longer term nature of my trades, I still sit glued to the screen, with 5 min charts up. I don't know why, because it usually makes no difference to the actual trades I take/ close out.
It does however, provide much more temptation to close out when I see the 5 min charts going against me, rather than holding out for my longer term targets.

Like you say, gives me much more stress also.

It is far less stressful for me to set me stops/ limits and walk away from the screen for a few hours. This is easiest when I have to go out to meetings etc. I am working from home today and have tried to keep away from the screen by working in a different room to my PC. However, you guessed it, this is one of my frequent trips back in to catch a glimpse of the 5 min charts and t2w!!! I just can't help myself!

 

[darrenf]

PS, it's a great feeling when you see your limit order to take profits being triggered in front of your eyes on the trading screen.

Equally painfull, to see stop losses being triggered.

I think if I were day trading, I would feel it necessary to stay in front of the screen virtually all the time.

I'd probably be nipping out for cigarettes too, and I don't even smoke!!

 

[Salty Gibbon]

It's not the stress that bothers me. It is the complete and utter boredom and loneliness which drives me to distraction and makes me miss nice trades.

Has anyone got a remedy for me ?

 

[oatman]

Luckily, I'm already mad

, so stress doesn't bother me

Re the stops/limits forget 'em....................go down the pub

 

[donaldduke]

Stress is a sign that something is wrong with your trading.
You probably dont have a trading plan or system to control your
trading.

If boredom is a problem, only trade the first two and last two
hours of the day. Go out in the middle of the day find something
else to do, gym, tv, walk, go to pub (avoid alcohol ofcourse).

Lonelyness.. try to find a trading room with other day traders, will
also help with boredom problem.

 

[zigglewigler]

Stress is goooood, greed is goooood, fags are baaaaad.

If you want an easy life go stack supermarket shelves. If you feel too much stress when placing trades, then you probably have a lack of confidence in your system, that's par for the course, with time and success, you'll be able to distance yourself emotionally. Too much emotion either way is baaaaaaad!

I absolutely bloody hate day trading, it's boring as hell, I stopped doing it a couple of years ago and swing/range trade longer time frames.

I am in complete agreement with Neil, stroking a pussy does wonders for my well being, ....if only she would stop biting me.

 

[bgold]

Just wondered how other day traders deal with the inherent stress (good and bad) of putting on trades.

Splash, Stress and boredom are dangerous enemies of (day)traders. As for the stress, you should probably considering adopting/creating a clear plan when to take a trade with clearly defined stops and targets (possibly entered into market). By having defined the max risk, you will see that stress levels immediately drop. Also, some traders use not only price stops but also time stops. If original reason for taking trade is not working, perhaps best is to go flat and reconsider. Remember, good traders have a fear for losing as opposed to hoping to make a gain.

As for boredom, two observations people say that traders should stalk prey/trade like cheetah's, therefore if you can't lay still you might want to reconsider wether you are trading right timeframe and many experienced traders who trade US, take a 2+hour break during the "doldrums". Alternatively, so research, write your journal/T2W posts and/or diversify a bit into swing/position trading.
Good luck

 

[lockstock]

Stress. what Stress ?

 

[lockstock]

I am with Oatman on this one.

Have one on me- yer'll have to be quick

 

[Rognvald]

LS
how did u get this pic of me?lol

 

[lockstock]

Rognvald,


Watcha fella !


You still with Downdata ??

 

[Rognvald]

Nope
I'm freee now!

Investor RT for the next yr at least

 

[oatman]

Locko..........trouble is, all your hair's fallen out

 

[splasher]

Maybe my post title was wrong. Boredom is a more accurate description and the feeling of stress i described is probably better described as energy with no immediate purpose.
On reflection stress is worrying about events you have no control over like ill health. The stress in markets comes from having no control or more accurately no plan.
I wish i could say that never happens but i do sometimes lose sight of my trading plan and then stress ensues.......fortunately a lot less than it used to.
So the problem is boredom which is easier to deal with as many of you have said by altering timescales.

I think the problem probably is that my natural style is to swing trade (which i take to be trades put on with a timescale of several days) but sitting in front of my pc gives me itchy fingers and i try and turn swing trades into day trades and thus instant profits and gratification

Not sure of solution as i like to know what is going on at all times in the market in case of any short term opportunities, but clearly need to seperate this from my swing trades

I do use 2 seperate accounts

Hmm more thought needed i think

 

[BBB]

This may help...

www.innerworth.com

There's this e-mail article sent out every day on the psychological aspects of trading. Some days it's dross, someday's there are a few nuggets. Free anyway.

 

[oatman]

Dealer's Itch is what you're suffering from
The "stress" is adrenalin. It just feels different between a profitable and a losing trade.
You've got to learn to walk away if you're swing trading.

 

[TWI]

Stress has been the last 2 days in the STIRS, nothing going on and I feel the need, feel the stress of quiet markets.......if the addiction cannot be controlled with the proven system then the monster that is the BOREDOM trade takes control of the mouse and starts punting....

 

[darrenf]

zig..

I absolutely bloody hate day trading, it's boring as hell, I stopped doing it a couple of years ago and swing/range trade longer time frames.

What instrument and timeframe do you trade?

 

[TheBramble]

Don't suffer from over-watchfullness as I used to (even as a swing-trader I was watching 1-minute charts!).

However, I do sometimes fall prey to Overload .

Nothing to do with how many things or how much you have to do, but just a sudden and inexplicable feeling of complete boredom with EVERYTHING!!!

All the things that you're passionate about, interested in and spend most of your time (voluntarily) researching and educating yourself in - suddenly - you really can't be ar*ed.

Definitely not stress. But a strange phenomenon all the same.

My only useful response to this when it does occur (which is rare, but all the more potent for it's suddenness and severity) is to haul myself off to bed and stay there until it passes.

Before the psychologists out there suggest depression - nope - I'm perfectly happy to be feeling this way because I know what it's all about.

You (we?) load ourselves up with inordinate amounts of data, processes, systems, connections, patterns, techniques etc (and that's just our trading side of our lives) and it gets to a point where the Unconscious side of our brains says 'Hang on a mo...time for ME to concentrate on all this newly acquired info, assimilate it and sort into something useful for you'.

8 hours sleep each night sometimes wont do the job. Lethargey (even physical illness in some cases) sets in and our brain forces us to quit. So it can do its work.

Stress, as pointed out in a previous post, means you're probably not trading correctly, or don't have a system that's automatic enough or your risk isn't being adequately handled for your personal risk profile etc.

Overload is to be welcomed. It means you're cramming to the max!