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Hi Bandtasia,
I looked up Robin Dayn (new to me) as I certainly feel seriously stuck in my trading. As much as is possible, could you expand a bit on how she works and why you find her approach of benefit? I noticed that she uses a 'modified NLP'. Is that her main toolbox? I've had past training in NLP in terms of 'life coaching' (not trade relaed) and was not that impressed. Thanks in advance
This the most helpful book I have read in the last 25 years concerning trading psychology. Ruth Barrons Roosevelt also has other books but this is my favorite.
Robin specializes in removing blocks (Block Buster) around built up fears and repeated mistakes, and has an arsenal of psych tools that can be tailored to the individual trader. As a trader, she's also helped me work through some minor adjustments (especially with this crazy market right now) that are helping me both mechanically and psychologically, but she's not trying to change my already solid system.
Depending on the situation, she has exercises for changing or enhancing mindsets, letting go of the past, correcting bad habits and solutions moving forward. As a client, the block removal is available for lifetime even if you no longer need one-on-one coaching. She also does group and individual coaching in her TAS (Trade Accelerator Series) for 30 days, and it's a great place to start. You get a discount if you continue after 30 days. She always delivers way more than she promises. My trading (and attitude) is rapidly improving.
BTW, I am not getting any compensation - she's not even aware of what I have written. I just know how painful it is to trade alone and keep making mistakes knowing it's not my system! I had to find someone to help me shift my head. And, she never makes you feel bad about yourself - we already do that to ourselves just fine - but we can catch ourselves and create better outcomes when we have the right help. I hope this helps. Don't hesitate to ask more questions!
I highly recommend this book. It's now one of my top fav trading books. It really takes you into how our brains work while we're trading.. (tip: using Book Bazaar app to read aloud the ebook)
Ouch, messed up. Confession time: so I traded well all morning, was really patient and honouring my per trade limits, then in the last hour went from being up 250 on the day to -250 for the day.. Took a couple full losses in a row (unlucky) and then made 2 undisciplined trades which both lost (chasing like a monkey).. Its amazing how I read my mistakes list everyday before I start and my process goal is to not make any of them, but I still often do. If I would have just accepted the loss (something I'm working on which has been my nemesis) I would have made up at least one of them with a valid setup I missed while chasing.
Something I've become increasingly aware of is that I can get decision fatigue or sucked into impulsive/careless trading after the 4 or 5 hour mark. I've been taking breaks and eating regular snacks to compensate for that which is helpful. I didn't sleep well last night though, have to be really careful on those types of days.
On the positive - the old me probably would have blown up his account after getting really frustrated. I just hit 1/2 of my daily risk limit.
I will review the video later and face palm myself repeatedly..
(Tip: using Open Broadcaster free software to record my sessions)
I struggle with this as well. My bouts of undisciplined recklessness are becoming less and less frequent but they still sneak up and surprise me from time to time.
I think the best we can do is come into each trading day with a clear mind and learn as much as we can from days when mistakes or lapses in judgement.
Also kudos to you for hitting the fatigue mark at hour 4-5. By two hours in I am all but useless for making intelligent trading decisions.
No need to do that. We all make mistakes. I find that self-loathing is far worse than simply admitting that we made mistakes and moving on. When I do this, I say to myself, "stop being an idiot" (in a "wake up" way, not a self-loathing way) and I attempt to snap myself into a focus on the market (instead of a focus on my P&L), into taking the right trade (versus the trade I want to happen), and into a state of accepting what I see (instead of a state of hope that my clearly wrong trade--which I know probably won't work--happens to work).
I did the same thing early in the day, was down because I was distracted by a long term trade in another account and did not see the market objectively in my day trade account. Fortunately, I was able to crawl back to turn a decent enough profit; but I was fortunate in that I made my mistakes early, and you made yours late. It happens. We all do it.
What we have to be careful about, IMO, is being too cautious when this kind of thing happens. Capital preservation is key, but I've had days where I've lost big money, and was terrified to trade again that day or the next day. Some say to quit, take time off, etc. I think there's definitely a time for that, especially if there is genuine trauma or a lot of emotional/mental strain. But if the attitude shifts to what I mentioned above (it may be a different attitude shift for you, the above is just what works for me), then it makes sense to trade with conviction and get back in there. You know you can make $X -- it's just a number, so just go get it. I don't keep my P/L up either, though I do look at it, but only expressed in points, not currency. To me this keeps the focus to push hard and trade well and get points.