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I kept a diary and looking back its quite amusing how I dismissed the psychological aspect as just another 'thing' to deal with Little did I know that it would become the most formidable barricade I have ever had to overcome.
Each person will have their own internal journey to take and mine was one of self discovery. You can only truthfully start to look into yourself and understand how your mind works when your ego and emotions are not sabotaging your thought process. For me, trading and losing with such dazzling regularity absolutely smashed my confidence and expectations into dust. From this place, I started to see how counterproductive my emotions were, so I focused purely on my entry and exit method and executed relentlessly. I then started building up my trade stats and after a while of looking back and analysing my trade decisions, I began to realise that it is just a game of numbers...how can I get upset about numbers on an excel spreadsheet? As long as my stop losses are contained, and winners are generally bigger than my average loser then I can be mindful of this fact every time I get that self sabotaging insecurity when it's time to take a trade.
I think that what I am trying to say to you is that the path you are on is the correct one. You are not doing anything wrong because even though you are consistently losing, this in itself is your greatest opportunity to learn. You have already figured out how not to do it, and that is half the battle, you now have to analyse your past trades and you will see exactly where you have gone wrong.
Good luck. You will get their.
Can you help answer these questions from other members on NexusFi?
I wonder why that is? Most of the traders I know trade with a clearly-articulatable set of well-defined rules. I myself have a setup so well-defined that I know exactly what my stop, entry, and exits are before I enter the trade. I can't imagine successfully trading any other way.
I have another friend who trades emotionally - "oh, the market is moving, I'm going to jump in!" Not surprisingly, she's not very successful at all.
share some of those set-ups and rules with the rest of us. the traders i referenced could tell when the trade was working and let it run or get out be for the stop was hit .. they could do that by reading order flow an market breath indicators..i have not had much luck with patterns or re test failures ,, brake outs...fibs, waves, profiles...the normal stuff//
So many interesting messages here want to thank everyone, flipping the chart is another good idea, again if I knew it was inversed I'd still likely lose. There are definitely two distinct mindsets when trading, one to win and one to lose, it's trading with the winning one that is possibly how system traders do it, they have their rules not necessarily because the rules in themselves are that great, but because the rules provide the psychological framework to maintain the winning mindset.
One thing you can also do is turn the bars off, on Ninjatrader the anaHeikenAshi indicator by Lizard Indicators (free) for example will ass HeikenAshi smoothed bars and remove the original ones, that can remove noise.
Also am still looking for someone just to trade with, anyone, Grantx for example would be great. All I need is Skype and I'll share my screen, you'll hardly know I'm there, thanks again,
You wouldn't happen to know how to create an inverse chart would you, I've got a copier that can reverse or just copy Ninjatrader trades, it uses all kinds of interesting code not officially supported by Ninjatrader but in the program, but a inverse chart never seen that before. If anyone has a solution do let me know thanks.
This is great thanks, thought of this before but assumed it would be complex coding, never thought to search for a pre-made one. There's also a free one I found at: View Comments and Ratings - [AUTOLINK]NinjaTrader[/AUTOLINK] Support Forum
so got that one as don't have Elite membership, early days but the psychology looks to be good to go, can read the charts just fine with minimal mental interference from being aware the trade is being reversed. Because it isn't being reversed so to speak, the basic psychological phenomenon of watching the chart move one way in the present, and so not being able to act the way you want on that but instead waiting for it to turn the other way in the future, is intact.
Also thought that seeing the positive profit/loss number would detract from performance, but no eventhere reading the chart is enough. Thanks ever so much, this is looking good must say,
I use Murrey Math lines on a 4-tick range chart. The lines I use are 8/8 for the bottom of resistance, and +1/8 for the top of resistance, 0/8 for the top of support, and -1/8 for the bottom of support. Also note 4/8, the midpoint.
When price action comes up from -1/8 and crosses 0/8 to the upside, if that candle closes above the 0/8 (top of support) line, I go long at that point, placing my stop 1 tick below the -1/8 line (bottom of support). If I'm trading 2 contracts, I take 1 contract off when price action crosses the 4/8 midpoint, and move my stop to break-even +2 ticks. At that point, the trade is no-loss. When price action crosses the bottom of resistance (8/8 line), I close out the trade.
I use the same setup for shorts, except using the bottom of resistance for the entry and top of support for the exit. These rules allow me to know precisely where the entry, stop, and exit for the trade is.
That idea where you flip back and forth sure it's right, there is definitely a cycle in my own psychology from euphoria with a large winning day, then small winning day, small losing day, then another small losing day, then large losing day to despair and finally despondency and shutdown where your sympathetic nervous system possibly gets over-stimulated, your body and psychology regulate, and then you're good to go for the next winning day and repeat the cycle again.
So possibly the skill in trading above all is just to identify when those losing days are starting to come in, and just leave a smokin' trail of dust in your wake as you get out those markets, take refuge in your demo, shake up charts do what you have to do, and reset so you just skip the big losing days.
This seems more relevant to my trading behavior than any indicator anyway, all good stuff thanks people for just existing and inputting, best,
do you have a murrey math indicator drawing the lines, are you trading just of the lines or using something else for directional bias and trading conditions ... like do you take the trades of the open or filtering with a moving average or ossilator or higher time frame murrey math lines...thanks for your input