Luck.....And you.....

[foredog]

Unlucky or just a case of sh*t happens

Bought on break of 30 min Inside bars, ( i bought at 350 and it did trade at 350.5, chart doesn't show it that well) stop 5 ticks below low of Inside bar, bids disappeared and it traded in 80 shares 1 1/2p below my stop, so i was out for a 6.5p loss before taking off through my price.

I'd say just one of those things, maybe could've put my stop a bit further out but normally you're ok there.

Trading, it can't half be frustrating.

 

[JTrader]

I. In my "office" i have photo pictures of natural landscapes all over the walls. These are from old calendars and include alpine landscapes, highlands landscapes, beaches, cliffs etc. They help brighten the place up a bit .

2. I've added one of my new role model - Bjorn Borg. This Scandinavian sensation is one of very few sporting superstars who never lost his cool in the heat of battle, rarely expressing positive or negative emotions. Always maintaining an icy cold demeanour, & detachment from the pressure of the situation. Steve Davis is another, may add one of him too!

3. I've realised that my approach to trades has been wrong. I have been allowing each trade to get under my skin. Producing a buzz when they win and a disappointment when they lose. I have been allowing individual trades to get far too close and personal to me, almost as if i wanted to fall in love with and marry them. Completely the wrong approach.

4. My new approach will focus on maintaining an icy cold and steel like detachment from trades, producing nothing more than a mid level, even mood reaction to trades, whether they succees or fail, eliminating the extremes of being really happy when they win and really pissed off when they lose. Engage with the trade in the moment, let go, and dont let it become personal.

5. My quiet sense of satisfaction will come from "following the plan", trade after trade. Not getting excited or disappointed by the result of individual trades, but moving on to the next trade opportunity without any baggage, and with an open mind.
Like Borg or Davis, moving onto the next point or shot one at a time. And at the end of the given period, a tally of gross wins V's gross losses will hopefully reveal decent profits.

To quote Ivan Drago in Rocky IV - "He's not human. He's like a piece of iron!"

 

[rols]

I. In my "office" i have photo pictures of natural landscapes all over the walls. These are from old calendars and include alpine landscapes, highlands landscapes, beaches, cliffs etc. They help brighten the place up a bit .

2. I've added one of my new role model - Bjorn Borg. This Scandinavian sensation is one of very few sporting superstars who never lost his cool in the heat of battle, rarely expressing positive or negative emotions. Always maintaining an icy cold demeanour, & detachment from the pressure of the situation. Steve Davis is another, may add one of him too!

3. I've realised that my approach to trades has been wrong. I have been allowing each trade to get under my skin. Producing a buzz when they win and a disappointment when they lose. I have been allowing individual trades to get far too close and personal to me, almost as if i wanted to fall in love with and marry them. Completely the wrong approach.

4. My new approach will focus on maintaining an icy cold and steel like detachment from trades, producing nothing more than a mid level, even mood reaction to trades, whether they succees or fail, eliminating the extremes of being really happy when they win and really pissed off when they lose. Engage with the trade in the moment, let go, and dont let it become personal.

5. My quiet sense of satisfaction will come from "following the plan", trade after trade. Not getting excited or disappointed by the result of individual trades, but moving on to the next trade opportunity without any baggage, and with an open mind.
Like Borg or Davis, moving onto the next point or shot one at a time. And at the end of the given period, a tally of gross wins V's gross losses will hopefully reveal decent profits.

To quote Ivan Drago in Rocky IV - "He's not human. He's like a piece of iron!"

Trading on adrenaline?

JT. I highly recommend this;

..:: DO NOT TRADE ON ADRENALINE © ::..

 

[Splitlink]

I don't like thinking about own personal luck or bad luck, it can drive you insane. As for market luck, i don't think about that either, although you can be lucky, like selling an unknown event such as an earthquake (see Livermore). In general, trading wise, if you start analyising luck more than the trade or market then you probably should stop and have a rethink about what you are actually doing. This post is not aimed at anyone in particular, just a general comment.

Right- Luck is subsequent to what you decide to do. Cards are a gambler's game, but is an excellent poker player dependent on luck? No, but it certainly helps to get the right cards.

 

[foredog]

3. I've realised that my approach to trades has been wrong. I have been allowing each trade to get under my skin. Producing a buzz when they win and a disappointment when they lose. I have been allowing individual trades to get far too close and personal to me, almost as if i wanted to fall in love with and marry them. Completely the wrong approach.


5. My quiet sense of satisfaction will come from "following the plan", trade after trade. Not getting excited or disappointed by the result of individual trades, but moving on to the next trade opportunity without any baggage, and with an open mind.
Like Borg or Davis, moving onto the next point or shot one at a time. And at the end of the given period, a tally of gross wins V's gross losses will hopefully reveal decent profits.

Too true, did the same yesterday, took a loss and didn't do anymore trades as i felt like they go wrong, guess what.....they would've been handsome profits!

Trade the plan not the man!

 

[Priceman]

2. I've added one of my new role model - Bjorn Borg.
Steve Davis is another, may add one of him too!
To quote Ivan Drago in Rocky IV - "He's not human. He's like a piece of iron!"

- Borg always reminds me of a porn star.
- Steve Davis... hhhmmmm next you'll be saying John Major is up there too. Mr Boring
- Ivan Drago now where did he go?

Maybe you need some new role models mate. Why do we always have to aspire to someone famous?

- Someone you know and respect. My uncle just died and I have the utmost respect for him. Was director of a large firm and still lived in a 3 bed semi and didn't flaunt his wealth. Gave a great deal of time to his family and friends though. Just depends what's important to you and if it's fame and fortune then go join the theatre and become a thespian. You could still make hollywood (although I've seen your photo mate... stick to the trading) :cheesy:

 

[JTrader]

- Borg always reminds me of a porn star.
- Steve Davis... hhhmmmm next you'll be saying John Major is up there too. Mr Boring
- Ivan Drago now where did he go?

Maybe you need some new role models mate. Why do we always have to aspire to someone famous?

- Someone you know and respect. My uncle just died and I have the utmost respect for him. Was director of a large firm and still lived in a 3 bed semi and didn't flaunt his wealth. Gave a great deal of time to his family and friends though. Just depends what's important to you and if it's fame and fortune then go join the theatre and become a thespian. You could still make hollywood (although I've seen your photo mate... stick to the trading) :cheesy:

Nothing to do with their fame. All to do with their ability to achieve unparallelled success in their chosen & very specific field where psychology is everything, under extreme pressure, without batting an eyelid. The personification of calmness under "pressure." .
Would have preferred it to be Anna Kournikova or someother girl, but couldn't really think of any!

 

[foredog]

Paula Radcliffe, doesn't let a simple thing like needing the toilet stop her, just calmly stops and p*sses in the street!

 

[gfrost]

JTrader,
I couldn't agree more with your aim of trading without emotion, but this is easier said than done. I think very few people could feel the same if they had a string of losers compared to a string of winners, but a good thing to aim for.
I remember reading, I think it was an interview in "new market wizards" where one trader said that if you were sat on the opposite side of the monitor, you could't tell if he was losing or winning.

I completly agree with you about Steve Davis, even though he was boring, he was totally dedicated to winning, most players were beaten before they had taken the cue out of the case.
He would have played the same if the prize had been a bag of crisps, total professional.

Good luck with your new plan JT

Graham

 

[Splitlink]

Paula Radcliffe, doesn't let a simple thing like needing the toilet stop her, just calmly stops and p*sses in the street!

I don't think that I know this young lady.

That's what I call lucky!

 

[JTrader]

I don't think that I know this young lady.

That's what I call lucky!

YouTube - Paula Radcliffe London Marathon 2005 - Peeing and Winning

 

[mauzj]

Awesome stuff. This forum has got better and better everyday this week.

YouTube - Paula Radcliffe London Marathon 2005 - Peeing and Winning

 

[BSD]

never lost his cool in the heat of battle, rarely expressing positive or negative emotions. Always maintaining an icy cold demeanour, & detachment from the pressure of the situation.

I have been allowing each trade to get under my skin. Producing a buzz when they win and a disappointment when they lose. I have been allowing individual trades to get far too close and personal to me, almost as if i wanted to fall in love with and marry them. Completely the wrong approach.

My new approach will focus on maintaining an icy cold and steel like detachment from trades, producing nothing more than a mid level, even mood reaction to trades, whether they succees or fail, eliminating the extremes of being really happy when they win and really pissed off when they lose. Engage with the trade in the moment, let go, and dont let it become personal.

Thats EXACTLY it imo.

Strive for balance and detachment in dealing with wins AND losses, let go of the individual trade as completely irrelevant in the big scheme of a long term trading career with probably tens of thousands of trades, and just focus on trading the plan and your edge in the moment.

 

[foredog]

Can't Rep you again Markus, gotta share the love, but spot on as usual.

All i've got to do now is embrace this philosophy!

 

[JTrader]

JTrader,
I couldn't agree more with your aim of trading without emotion, but this is easier said than done. I think very few people could feel the same if they had a string of losers compared to a string of winners, but a good thing to aim for.
I remember reading, I think it was an interview in "new market wizards" where one trader said that if you were sat on the opposite side of the monitor, you could't tell if he was losing or winning.

I completly agree with you about Steve Davis, even though he was boring, he was totally dedicated to winning, most players were beaten before they had taken the cue out of the case.
He would have played the same if the prize had been a bag of crisps, total professional.

Good luck with your new plan JT

Graham

What is more, Borg, Davis, Jordan, Edberg, Sampras, Federer etc. never give/gave in. Even if they know/knew defeat is/was likely in the point/game, they give/gave 100% until the end. A totally non-defeatist approach, all in an icy cool emotionally detached manner. (maybe not always jordan, as he displayed passion, but then basketball is a bit different).

Davis & Borg are the best 2 poker faced examples i can think of though.

 

[Paul71]

Thats EXACTLY it imo.

Strive for balance and detachment in dealing with wins AND losses, let go of the individual trade as completely irrelevant in the big scheme of a long term trading career with probably tens of thousands of trades, and just focus on trading the plan and your edge in the moment.

That's the attitude mate. One trade doesn't really add up to much, but we've all been prone at some point in believing that the trade we are in now is everything, quite the opposite really. As B Steinbarger says, there are many paradoxes in trading.


By the way, your nick BSD,....it doesn't stand for Brett Steinbarger Disciple, does it?




Thought not....

 

[BSD]

By the way, your nick BSD,....it doesn't stand for Brett Steinbarger Disciple, does it?

Haha nice one mate

BSD is originally a slightly rude acronym out of the super Liar's Poker.

But, depending on who I'm talking with, it can also be something I found when googling it:

With Heaven's Help (Aramaic - B'Siyata D'sh'maya)

Now, I'll take heavens help any day, so that stuck.

 

[Paul71]

Haha nice one mate

BSD is originally a slightly rude acronym out of the super Liar's Poker.

But, depending on who I'm talking with, it can also be something I found when googling it:

With Heaven's Help (Aramaic - B'Siyata D'sh'maya)

Now, I'll take heavens help any day, so that stuck.

Nice!

 

[JTrader]

Actually, i've changed my mind about the ban.

If i need to be banned in order to stop me doing something that shows weakness on my behalf. We all face potentially counter productive temptations on a daily basis, it is the strength of our character that determines whether we give into those temptations, or whether we resist them.

If i need to be banned from t2w in order to stop visiting, i'm no better than a chocaholic who will not allow chocolate to enter their house etc. etc.

If T2W is a distraction to me, i simply need to stop logging in!

Have a good one folks!

 

[wasp]

There is no luck, only your faults... keep practising!