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I certainly don't want to get into any algo vs. discretionary dispute, since there are algo traders who are profitable and discretionary traders who are profitable. To me, this means neither is "right", or more "right" inherently than the other.
There are also unprofitable algo traders and unprofitable discretionary traders, and this means exactly the same thing to me: neither is inherently more "right" than the other. But in the right hands, either can work well, which we know from wide and long experience in this forum.
There are benefits to both, and there's a choice to be made, is all.
This could be said about a lot of things in trading, by the way.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I can recognize my ego is probably the main thing which hurts my execution. I see myself as not having much ego, but when things come to the time of executing (which opens up the idea of being wrong and being judged on my decision) my ego goes into defense mode and is afraid to be hurt. I dont blame "it" as its doing its job trying to defend me against what I perceive as "danger" too.
"But don't trade to prove anything to anyone, including yourself, because nobody cares." Excellent, thank you.
"that guy, me years ago, was *not* a winning trader, precisely because I had too much of my own self-worth tied up into being successful." This, this is my case.
Thank you for being so empathetic, so clear, and for putting yourself in my spot. I will follow your advice. I need "healthy" detachment. Caring, but not caring too much.
You have to be very honest with yourself. I think affirmations are great as long as you affirm the truth: you are a frightened little coward.
fast forward decades to your death bead...image never getting over this fear. what feeling does that give you? probably the pain of regret...regret is soul crushing, regret is supreme suffering.
now fast forward to your death bed once again...imagine having conquered this fear and trading the rest of your life with courageous conviction. what feeling does this give you? more than likely some form of Joy.
the great challenge of life is to experience joy. Suffering is easy, it is the default nature of our existence for some ridiculous reason. there are 2 paths to joy but We will focus on the only one that matters for you. The active path requires you to face your fears. If you refuse, then you will suffer automatically, guaranteed. So why not at least take the chance...you may suffer from failure afterwards, but it is not guaranteed.
edit: perhaps a great book about a courageous individual can help provide inspiration. Inspiration is a powerful ally.
Allseeker, thank you for this post. I have been evaluating myself, thinking about what suits me better. And that opened my eyes to considering a lower time frame, same plan, same setups. Doing M1 chart, average holding time should decrease by five times roughly, from 40 minutes in average on the M5 to about 8 minutes on the M1. I am in the process of checking out the stats for M1 trades, gathering MFE to determine what targets work best there.
Can be a great supplement to get me to execute, for shorter periods, doing the same thing. Proves the market is fractal. Today kept the M1 chart up and I could take a much larger % of the signals and best of all hold them to target. I am still evaluating this and M5 is still my main chart, but opened my eyes to the possibility.