I'm A Loser, And Myself Knows It, But Cannot Fight It

[Mr.J-Arthur]

So here's the problem:

I went through a tough string of losing trades this week. I was getting stopped 1-3% on most trades, which ended up being market noise because my account is so small that 1%=40$ or 2%=80$

So finding a good trade and being able to stay in it without getting stopped can be hard.
I took the YM trade today (Big Points right at open!) and took 6 tiny points, but exited way to early. There was 200pts up for grabs, and even my system was telling me to enter and let it ride through, BUT I immediately failed my system and took an early profit, which does not offset my losing trades

So now I know what I did wrong and it's making me mad and slowly killing me, if I don't correct the situation. I'll be adding a TON more capitol to my account, because I think I'm acting out of desperation and scarcity. My new stops will allow 60pts on the YM before I need to exit.

How do we combat the early urge to take profit because of desperation and loss? Can I hypnotize myself to think a certain way? Does any form of NLP work to train my brain?

Thanks guys.

By the way, this problem started to emerge after getting hit with multiple draw downs all week long. So it wasn't a problem before, until now. I need to kill this beast

 

[shadowninja]

I was getting stopped 1-3% on most trades, which ended up being market noise because my account is so small that 1%=40$ or 2%=80$

Then you can't afford to trade. Save up more money or sort out your entries. Demo trade for a bit or throw more money away. Up to you.

 

[Mr.J-Arthur]

Oh I will be getting more money. Period.
But I'll only be risky 10% of total account which will allow for wider stops.

HAha guess what?!? YM is giving us many more chances....it keeps moving UP AND UP AND UP. It's not stopping. I got back in and made mo-money! Now I don't feel so bad about missing the main breakout. But I'm greedy and next time I will buy the break and not be fearful.

I will not go broke now

Ha ironic, made 7% today. I can't complain I guess.

 

[Mr.J-Arthur]

Ha, up a total of 20% since last friday! Blue skies ahead...specifically somewhere in the caribean

Psychology plays a huge part of trading I'm learning.

 

[Tenapenny]

I will not go broke now

Maybe not right now, but risking 10% per trade, it will happen.

 

[nine]

You have some work to do but it looks like blowing your account might be part of that process.

The way you avoid doing the wrong thing is:
= have a plan that is clean and clear
= understand yourself and learn how to avoid breaking from your plan.

You just might want to do some work on understanding money management too or your plan will be a roller coaster ride to that first blow out.

 

[BBPI_FXTrader]

what i suggest you do is:
- first of all only have capital in forex that you can afford to lose! if it doesn't represent much to you.
- 10% pe trade is a HUGE RISK. be patient, risk only 1% of your account per trade. forex is not a race of who get rich faster, it's about who will get rich in the end. it's a business.
also, when you risk only 1% a.k.a a small amount, you think more clearly, more objectively, your finger won't tremble when you hit the buy or sell button etc.

when you understand and acknowledge that forex trading is not a get rich quick thing, but a BUSINESS, you will have a lot figured out for you.

all the best

 

[Mr.J-Arthur]

I'm a futures trader and I have pulled out of the losing run and am doing QUITE well

I'm making more on each trade now. Still losing here and there, but I no longer fear a total blowup now.

It's funny how the human mind deals with a doom and gloom situation and facing total annihilation...
The strong keep going, but the weak collapse.

I never wanted to get rich quick just wanted profit everyday, or only a small loss on a bad trade or two. I'm getting close to attaining my goal these days, trading is the most fun and exciting "job" ever. Also the hardest

 

[options]

I'm a futures trader and I have pulled out of the losing run and am doing QUITE well

I'm making more on each trade now. Still losing here and there, but I no longer fear a total blowup now.

It's funny how the human mind deals with a doom and gloom situation and facing total annihilation...
The strong keep going, but the weak collapse.

I never wanted to get rich quick just wanted profit everyday, or only a small loss on a bad trade or two. I'm getting close to attaining my goal these days, trading is the most fun and exciting "job" ever. Also the hardest

Excellent. Keep it up.