Thread of shame

JohnD

Active Member
I really struggle with emotions while trading. I see the setups, I mess the execution. For almost two years I've managed to break even and stay "profitable", mostly stumbling in the dark until I started studying proper price action (read: ICT's videos).

But I still have a very hard time with my emotions during trades.

Last night a friend came over for dinner and we talked about this. He doesn't trade, but he really liked Michael's way of explaining stuff (and his over the top video openings). He was bewildered I wasn't more profitable, and when I explained to him it was emotions what took most trades away (closing early, moving stops, or TP, second guessing every decision...), he kind of understood it, but not really.

Me, on the other hand, I felt a kind of relief (I had never talked about this with anyone, because trading never comes up). I feel that it helped to externalize it, like it happens with most psychological issues. Today I had a very messy day but at least was able to realize when I was losing control. I want to be ever more conscious about this going forward, so I share my moments of shame with you.

Share your shames if you want. Who knows if it might help.

 

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JohnD

Active Member
the golden gun said:
"you can do better next time"

and if you really believe it, you probably will
I am already doing better! You should've seen me six months ago... ;D
Tomorrow we'll see what kind of regrets learned lessons I have to show.
 

emi0074

Active Member
https://www.youtube.com/watch?v=lGZyw6PIRvY

watch part 1 and part 2, will solve your problems and give you answer...good time invested. after this Michael teaching went all into me, hope will be the same with you....
 

JohnD

Active Member
emi0074 said:
watch part 1 and part 2, will solve your problems and give you answer...good time invested. after this Michael teaching went all into me, hope will be the same with you....
Thank you. I will.
Good thing weekend's coming. That thing is long!
 

emi0074

Active Member
is worth every minute, ICT and this and you are set in my opinion....lots of traders example that he work with that has the same problem we have, psicologically that put trades also of 1000 lots....you can be the best trader and end the year keeping 10% of what you have earned may be 50,000,000, so you are not really the best, ha ha, keep the money in is also important and part of the game...

Watch it, download it never know when will be pulled, and there is not much other stuff from him around on video except an interview 1 hour long, but not the same like this.
 

emi0074

Active Member
by the way look like you dont have a plan and a weekly and per trade target, Michael give us the hedge, to master, just execute it, since we are new go for small trade target, 1 to 1, 30 pips stop loss,log everything, if you can connect to myfxbook, and copy the per trade stats on excel, including how how much the trade went in the water how long lasted and so on, then refine, if you get 50 trades say 40 winners would you be confident to exit the trade as say +30 pips every time? and if you stop loss when not get hit, never get reached, actually the trade never go at -15, would you be confident to use a stop loss of 25 pips?, when you exit at +30 you see that 90% of the times the trade went to 70-80 pips or more, so means your daily trend is right, would you be confident to move your profit target to +50, here you have a 2:1 trade with a 90% success rate. just milions waiting for you.

but probably only if you remove the fact that need to make money quick.
What if you get to a 90% profitably, on your demo and then on a small account, and save money from your job to fund your account in 5 years, and you have been 90% profitable for years, when you put that important money that you saved in the account, how will you fill? Would you have problem to pull the trigger? exit the trade? always use a stop loss? dont think so, because you are a Michael Jordan of trading just come out of UNI and joined the bigger league as per money invested, but where actually all that time you was just refining your skill to be ready, and just dont go with the professional, without being able to keep your emotion togheter
Michael repited many times:
Start at 0.25-0.50 risk per trade, and collect a big sample of the same trade, as to speak get the trade with the same characteristic, over and over, example the 90% set up the Michael got the video, analyze and log every trade good and wrong.

Execute every trade the same, 90% winning trades, doesn't matter when you loose, no need to trailing stop, even no need to move a break even at the beginning, just execute, execute, log and analyze, when you have 100 trades same system, you can twick, because your emotions are primed to what to do, the trade goes another 1000 pips, in 3 days if you stay in, you got 30 pips only the first day, doesn't matter, the second day you don't get the signal and she keep going up, and you dont make pips and money doesnt matter, you get the trade only when you have the hedge that you define as the hedge...all the rest dont care about it.


Professional Gamblers, go in the casino only when they know the hedge is in their side, card counters, dice controllers, slot cheaters, whatever they do they do only when they fill that they are the Casino, Blackjack card reader, play 5 dollars per hand per hours until he has the hedge and start to play 2 hand of 500 $ at the same time, is not crazy he knows he has the hedge, thats it,he know his craft and had beeing training for years alone in his home or with a crew, with no any money involved except the time spent.


Stars Sport Players,is the same, when is raining they are there, when people are paring they dont, etc, forex trading is a place where everybody can have a go nowadays, but for this you have to be aware, that to be in the 5% of the elite traders, you are comparable to a Maradona, Pele, Mike Tyson, Muhammed Ali.

And one day you will say:

https://www.youtube.com/watch?v=JqVbLtxUU2o&feature=youtu.be&t=1m10s
 

JohnD

Active Member
I bring you the penultimate shame. Not willing to give up the measly weekly gains I removed a stop on an Euro short. Seeing as I was 10% underwater I forced myself to close it today.

By my unwillingness to give up the profits of one week I gave up the profits of the whole of April's.
 

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