NexusFi: Find Your Edge


Home Menu

 





Coming Back after BlowUp


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one KahunaDog with 4 posts (5 thanks)
    2. looks_two GaryD with 3 posts (17 thanks)
    3. looks_3 GFIs1 with 2 posts (1 thanks)
    4. looks_4 cory with 1 posts (10 thanks)
      Best Posters
    1. looks_one cory with 10 thanks per post
    2. looks_two GaryD with 5.7 thanks per post
    3. looks_3 mfbreakout with 5 thanks per post
    4. looks_4 KahunaDog with 1.3 thanks per post
    1. trending_up 3,669 views
    2. thumb_up 47 thanks given
    3. group 8 followers
    1. forum 17 posts
    2. attach_file 0 attachments




 
Search this Thread
  #11 (permalink)
 GFIs1 
investigating the steal
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 7,002 since Feb 2012
Thanks Given: 6,226
Thanks Received: 15,740

Hi @KahunaDog

Negative outcome or blowing an account is only a sign to leave the bumpy road
to find a faster lane...
Looking at losses is like having invested in search of a better project.
So no problem as long as we proceed.
In economic life mostly 9 of 10 projects fail over a longer period. One only has to find
that one that survives

Good luck on your journey

GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
Is there a way to simulate CONTINUOUS CONTRACT?
NinjaTrader
Better Renko Gaps
The Elite Circle
Quantum physics & Trading dynamics
The Elite Circle
What You Know vs How much you know about it
Traders Hideout
Pivot Indicator like the old SwingTemp by Big Mike
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
ApexTraderFunding.com experience and review
111 thanks
1 Minute Man
101 thanks
In futures why does price turn so hard against you
42 thanks
GFIs1 1 DAX trade per day journal
30 thanks
Joes Trading Garage
19 thanks
  #12 (permalink)
 
Massive l's Avatar
 Massive l 
OR/USA
Legendary /NQ Trader
 
Experience: None
Posts: 2,129 since Mar 2011
Thanks Given: 1,859
Thanks Received: 5,107

If one trade took out all your wins then you may not be letting your winners run as much as they should.
Do you often cut your winners short because you're scared price may come back and take you out?

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #13 (permalink)
 
KahunaDog's Avatar
 KahunaDog 
Hawaii at the beach
 
Experience: Beginner
Platform: Nt8, MotiveWave, TOS
Broker: S5
Trading: ES, ZB fine alcohol and muscle cars
Posts: 549 since Apr 2013
Thanks Given: 1,168
Thanks Received: 412



Massive l View Post
If one trade took out all your wins then you may not be letting your winners run as much as they should.
Do you often cut your winners short because you're scared price may come back and take you out?

Hello Massive. Thanks for response.
^No.
One trade initially was the catalyst to the death spiral of chasing. Overleverage, I didn't move stop but the size did get me. I took more contracts than I should have. Which cost me more than I could mentally accept. I think it was taking that big loss. Then mentally saying I'll make it back and having the experience and knowledge that the market has a high probability of trending so the combination of likelihood to trend and my loss I tried to make it back in a few big profits vs base hits.

I allowed multiple small winners(base hits) turn to losers. One of these was another big loser. A large part of the reason is knowing bulls have a large chance of pushing to the next level in comparison to bears, though being out of position unless I scale to be break even when the bears hit their sell levels. Another aspect that your response has helped trigger is for me to verbally speak to my self and cpu...as far as verbalizing my parameters to cement in my course of action.

At this time I'm not cutting winners short, just trying to squeeze more lemon out of the trade, and getting stuck in the pull back vs scaling it. Basically I need to take profits at the opposing sides level.



I meditated tonight. For this week I will focus on 100 breaths...4sec in/4sec hold/4sec out and work belly breathing. This will help keep my mind in check by forcing it to focus and shutting down the mental chatter. Next week I'll add to my meditation.

Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #14 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

I have never gotten the hang of popularity contests. But I have a lot of experience in rewiring...


KahunaDog View Post
I wrote my plan was/is to do 100x replays with notes, to rebuild positive reinforcement of following my structure. As well as to do work with a psychologist, specifically biofeedback to start. I think those will be a good start for 'rewire(ing) the brain'.

Yes, that is a start. But, the easiest way really, is just take all the blue wires and re-route them to where the red wires are now, then put the red wires where the blue wires were. Simple, right? Of course it isn't. To start with, you can't even see what you are trying to re-wire. There is no owner's manual, or YouTube video to watch. Changing the behavior that is truly behind trading issues is a very complex goal. Many of the things that make you want to trade in the first place will also work against you. Some things need to be maintained and eliminated at the same time, which makes no sense at first. You are headed the right direction, but ready to be there too soon.



KahunaDog View Post
At this point as for time on demo, I'm looking at a week, maybe more to realign completely before going back live.

That should be plenty of time. (I say as sarcastically as I can). Are you really listening to yourself?

You have already given yourself a clue...



KahunaDog View Post
Not sure if it's just like a crack addict jonesing for crack. Always the urge to make money.


Bingo!


That is chasing, still. Was that not how you say you blew up to start with?

You have removed something rapidly, creating a vacuum, and right now it is like a black hole sucking you in. And, assuming you have the means to re-fund, if you have not done it already, it will happen far too soon.

Turn off your computer or remove the trading platform. It is easy to re-install. How does that feel? Does the thought of doing that make you feel anxious?

Will you possibly give this a "thank you", give it a few moments consideration, and then back to what feels like "reality"? Are my comments starting to piss you off?


Defense mechanism kicking in. "What does any of this have to do with getting my money back?"



You just blew up, and are ready to right your ways, you have seen the light... "in a week or two I will be a completely different person... now where was that trading account? Oh, yes, that feels so much better. Damn I missed you..."


That sense of urgency is not real.

If you want to re-wire, focus on that thought this week. The world of trading is not about to end. But hopefully, your re-wiring process is about to begin.

Reply With Quote
  #15 (permalink)
 GFIs1 
investigating the steal
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 7,002 since Feb 2012
Thanks Given: 6,226
Thanks Received: 15,740

.. still on that bumpy road?

Time to turn and get to the next conjunction! :-)
No more time to spill.

GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #16 (permalink)
 
lsubeano's Avatar
 lsubeano 
hollywood
 
Experience: Intermediate
Platform: thinkorswim
Broker: TD
Trading: futures
Posts: 213 since Jun 2010
Thanks Given: 65
Thanks Received: 165

KahunaDog,

Be prepared to blow out another account or two...it's possible, and likely

Go slow, understand the underlying concepts of why markets move and find a style that suits you. Observe the pattern of your markets and observe yourself. Manage the trade and manage yourself, as that next trade could put you out of business if you're not careful.

Best of luck. I blew 3 accounts, one with decent size, one small, and one tiny (a $500 forex account).

Follow me on Twitter Reply With Quote
Thanked by:
  #17 (permalink)
 
KahunaDog's Avatar
 KahunaDog 
Hawaii at the beach
 
Experience: Beginner
Platform: Nt8, MotiveWave, TOS
Broker: S5
Trading: ES, ZB fine alcohol and muscle cars
Posts: 549 since Apr 2013
Thanks Given: 1,168
Thanks Received: 412

I had a good weekend. Recharged the batteries...a little of everything(family, slept, exercised, gamed). Sticking with my prior plans. Demoing again till I am ready to go live..I am unsure on that at this point it could be 2weeks, it could be 2months(I want to discuss it with some psychologists at this point. They do not trade so I will take that into account as well). Continuing with my prior plans - the meditation, trader self-talk, mental rehearsals, back-testing, and supposed to meet with a psychologist group for neuro and bio feedback.
At this point I feel I got my brain right, despite what occurred. I do not feel overly eager to jump in, but I do feel I am back on the right road as far as trader psychology. Every trader has to fight their own wars within themselves everyday they trade. At this point, I have a process that I feel comfortable with and am continuing with it. I am comfortable with my methods and analysis in general. The only new method I am interested in is volume profiling.




My trade journal is here. Any suggestions appreciated.

Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #18 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

Between society's expectation of manners between us as traders, and the trading educators' competitive marketing to capture your business so they can "teach" you, it is difficult sometimes to see the reality of trading expectations.

And while it may be a rite of passage as a trader to blow up an account, despite the fact that it is "normal", after all the "Welcome to the club" commotion is over, you need to take a hard look at what really is the cause of it.

We tend to want to spend more time studying charts or backtesting indicator settings, but many times that just prolongs the agony. There are deep psychological tendencies ingrained in nearly all of us that make trading profitably nearly impossible for the majority. Spending some time away from the charts, truly studying yourself as you apply to trading, is often the best thing you can do.

Reply With Quote




Last Updated on July 16, 2013


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts