I'vereadthemall
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I fancy going long now too.
Mr. Charts
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"averaging down" always proves fatal in the long run.
In a ranging market or on a retrace it can work, but against a trend it kills you.
Usually it's the result of refusing to accept reality and taking a minor loss.
In a ranging market or on a retrace it can work, but against a trend it kills you.
Usually it's the result of refusing to accept reality and taking a minor loss.
SpreadDoctor
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Yeah trends always kill me.
Anyone recognise these issues:
Getting out of trades too early
Changing mind on direction
Averaging down too soon
Not waiting for move to fully play out
All problems I have had before...
Anyway I still have £2k of profit and could have afforded to lose the whole account. So at least I didn't break the one golden rule.
Anyone interested when I try again?
I will, but need to take a break until I am in right frame if mind. Will also prob look at more swing trades over several days. Not intraday.
Take it easy all.
Anyone recognise these issues:
Getting out of trades too early
Changing mind on direction
Averaging down too soon
Not waiting for move to fully play out
All problems I have had before...
Anyway I still have £2k of profit and could have afforded to lose the whole account. So at least I didn't break the one golden rule.
Anyone interested when I try again?
I will, but need to take a break until I am in right frame if mind. Will also prob look at more swing trades over several days. Not intraday.
Take it easy all.
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Mr. Charts
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I'm sure it's worth taking a little time to draw up some rules based on any weaknesses you have shown in your trading and developing the iron discipline not to commit those errors again. Once that is done I think you are better to return to trading sooner rather than later. Sometimes you might not feel like trading but if you make yourself get on and trade having sorted out the problems it does help build psychological self-discipline. I know that flies in the face of the oft-repeated mantra of not trading when you don't feel like it, but it does work. There are occasions when I feel like not trading - cold, flu, whatever, but I make myself get on with the job and interestingly I forget the symptoms and enjoy myself - and make money.
I'vereadthemall
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The real sickener is that you began this thread by being short £40 pp at about 16680. I feel for you. You could have been £13000 richer than you are now by doing absolutely nothing in the interim! Next time you take a punt perhaps try a trailing stop or something similar?
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Thats what is annoying me right now. Not the loss. The fact that I didn't work the trade. I thought it would get this low, but couldn't help trying to ride the smaller waves along the way. Again, not the first time by a long shot
My big problem with that approach is that I just can't watch the market all day. I really need to set myself up to catch big moves where the payoff can really make it work and I don't need to try and catch the make a trade in the 10 mins I can take a look.
That time would normally be opens and closes so has good moves and lots of opportunities. But can also kill you!
I also think the issue is that I like the adrenaline of the trade. I need to have something going on all the time. I shouldn't use trading to fill that gap.
I have no problem waiting on my investments and I think I need to start treating SB the same and find something else to keep me occupied.
Will stop whilst I work that out. Will try and come up with some daily analysis and maybe a way to trade only through orders for larger and longer moves. (Have said that before too).
Just have no idea what it is that could fill that gap right now. Maybe it just needs to be a different way of planning trades. I still think I need to hit them hard until I get a bigger pot though. A bit of time will give me some perspective hopefully.
My big problem with that approach is that I just can't watch the market all day. I really need to set myself up to catch big moves where the payoff can really make it work and I don't need to try and catch the make a trade in the 10 mins I can take a look.
That time would normally be opens and closes so has good moves and lots of opportunities. But can also kill you!
I also think the issue is that I like the adrenaline of the trade. I need to have something going on all the time. I shouldn't use trading to fill that gap.
I have no problem waiting on my investments and I think I need to start treating SB the same and find something else to keep me occupied.
Will stop whilst I work that out. Will try and come up with some daily analysis and maybe a way to trade only through orders for larger and longer moves. (Have said that before too).
Just have no idea what it is that could fill that gap right now. Maybe it just needs to be a different way of planning trades. I still think I need to hit them hard until I get a bigger pot though. A bit of time will give me some perspective hopefully.
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Closed my Russia investment BTW for 11%. Was expecting that to be a long term hold but just couldn't resist taking that profit and seeing what it does over summer. Was only a few weeks.
I am now 90% cash which is odd. May spend some time thinking what I want to do there too.
I am now 90% cash which is odd. May spend some time thinking what I want to do there too.
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M
malaguti
big issue for me also. I don't feel complete unless I'm entering, exiting, taking profit or just anything with a trade. addict. Love to know how you get around it. If it helps, I've been so busy at work I've been hardly able to so much as look at a chart let alone trade one in all honesty. It gets easier to forget about it the longer you're away from it. All of my trades are much longer term now so it suits
good luck though North. Been a really entertaining read
The other thought that has just come to me is to just scalp the last hour of the Dow. Leaves me free all day, can give the market a study on way home and catch up with news. Shouldn't get mega moves that will blow the account. Good regular dose of adrenaline.
Maybe something like £20 pp - stop of 50. Pips. Looking for 10-20 pips profit. Always close out before bed even if a loss.
Have to have a high success rate.
Anyone just trade the close?
Maybe something like £20 pp - stop of 50. Pips. Looking for 10-20 pips profit. Always close out before bed even if a loss.
Have to have a high success rate.
Anyone just trade the close?
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