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Personally though, I've went through lot of youtube videos and other sources for getting better understanding of psychological aspect of succeeding in trading. But your real introduction to yourself only starts when you come to terms with both winning and losing, identify your personal limits on it and also your personal goals and expectations.
When I was in Uni, we did one project where a very lengthy questionnaire was developed for computerized execution of risk appetite as well as savings expectation and real achievable over 12 years projected period. Results were surprising, almost no one knew exactly how much they were ready to risk. They also didn't have much clue about how much they needed to save.
Point here is its very difficult to identify yourself with any -established - if this happens then you feel this or you feel this if this happens-, including general psychology wisdom. What you may experience, start expecting and achieve would be very unique to you. Also, psychological impact trading may have on you also differs from what it may have on others. You may derive pleasure from it whether you make money from it or not, you may feel stressed out whether you make money or not. Therefore I like that you are including some kind of monitoring in this, I'll sub and follow.
This is very interesting topic and deserves lot of investigation. So thank you for making this thread.
So here's how I'm doing it and this is not advice for anybody here, my risk tolerance is quite high. I'm also not trading with all my funds in the trading account.. I have a plan to lessen the risk in a while. I'm going to answer in a different format for simplicity.
My daily limit = 10% of my trading account balance
My per trade size = daily limit divided by 7 trades
My entry methods
A) All in , Scale Out
All In with 3 positions, Stoploss 9 (on Dax, using FX broker with 0.7 point spread)
First Scale 6.5-7 points (when I get the scale, stops are adjusted to 4 points behind breakeven, now risk is out of trade)
2nd Scale 9-11 points (sometimes I do this manually, othertimes preset for 9) Runner: this depends on where I think the next move is to, usually I take profits between 20-30 points on the runner, but sometimes earlier if I'm going for a smaller target
B) 1/2 in now, 1/2 in later
1/2 in with a wider stop (around 15 points)
If it goes in my favor, then I nab some profits and don't sweat the smaller size. If I take some heat of 7-10 points but think my stop is still good, I'll enter the 2nd half and then average out the stops, this is for trades that I think have a higher-then-not probability of working but I'm nervous to get with full size on it.
C) All in, 20-25 point stop
This is for days like today and yesterday when the volatility is high. I feel more comfortable getting in with a larger stop in this environment. I trade less on individual renko sequences and more on impulsive waves.
Sometime later this year I will switch to only risking 5% of my account as my Daily Risk Limit.. For now, I'm cool with it, I don't often lose more then one day in a row.
Nice! I really needed FT71's materials to get some things straight and it helped a lot to hear about his journey trading other traders to trade with his money. It's nice to know that some people get how freeking hard it actually is to become an elite trader with all the hurdles to overcome.
They have a special right now at Convergent, until the end of this month you can get quarterly beta membership for $199 which comes with trade the news, pretty epic value.. I found the webinars in the members area to be extremely useful.
PS. I also really like Merritt Black's vids on youtube. He helped me identify my weak points so I could work on fixing them. I agree with his philosophy of "context is king" and using the profiles to determine context.
So where I've been at for the last month or so is in a grey area around "religiously trading my setups which are written down in front of me" and intuitively reading flow and making trades..
What happens is when I'm in the zone and seeing things clearly I'm often reading the flow correctly.. When I'm a bit off or I take a couple of losers that weren't part of my written down trades - then I can get a bit cranky or judgemental on myself for not "sticking with the program" .
I went away for the weekend into nature and did not bring any laptops lol.. I received an intuition to try this approach for a while.
1) My "Baseline Trades" are 8 setups I have written down in front of me at all times (and I read before starting and again during trading)..
2) IF my Current Daily Drawdown is <= -30% of Daily Loss Limit THEN Only Trade Baseline Trades
This gives me the opportunity to make discretionary trades but if I'm not doing well then I need to stick with the structured trades.
Broker: Edgeclear and Rithmic. (Nordnet 1 year more for Norwegian stocks)
Trading: ES, NQ, GC, CL (Maybe Dax if I bother to get euro data, probably dont need more.) futures only
Posts: 21 since Jan 2020
Thanks Given: 108
Thanks Received: 27
Yep, I bought a quarter
Adolpho911
"Faith does not always let you fix the tuition fee; she delivers the educational wallop and sets her own bill" Jesse Livermore
"I am not curious when I know everything" Adolpho911
I'm with you all on mentors and coaches. I've been in Merritt Black's chat, which I loved and listen to Mark Douglas on youtube, among others, but sometimes you need a one-on-one. I have a great system but was having some blocks (when you repeat behavior in spite of yourself) and also needed a sounding board. I'm working with Robin Dayne (RobinDayne.com) who's coached the best of the best, and she is most certainly helping me! I'd recommend her to anyone struggling with psychology, or even those in need of a little strategy tweaking, or both.
I'm way too familiar with the repeating crappy behavior part, lol. Is there a particular category that's helping you?
(ex: mindset, rules, visualization process, accountability)