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Thanks’ “furytrader”
What you’ve said makes perfect sense the way you put it! I especially like the part “Remember, the market is in a ‘giving mode’ only a certain part of the time, but is in a ‘taking mode’ most of the time”. Your input and encouragement is very much appreciated. Cheers!
Can you help answer these questions from other members on NexusFi?
This is great advice, although it doesn't address the root cause of the problem.
If you don't change your behavior at the root (ie, why can't you follow your own rules?), what will happen is that @tturner86 's great suggestion will cure one ill, but you will just create another destructive ill to take its place. For example, maybe you'll open a second account, and simply trade that one when your first hits the loss limit.
For long term success, you need to fix the root cause.
Think of an alcoholic who wants to stop driving drunk. Solutions like having neighborhood bars prevent him from drinking, or even having a breathalyzer kill switch on his car, won't solve his alcohol problem.
Of course you are not alone! This is the reason I pulled out from the markets to give myself a break.
I learned that at the very foundation of my trading is my own psychology, eg why I am trading at all. .. everybody will say: to make money. Yes! But there may be some layers underneath such why am I trading and not adhearing to a normal job. Is there anything in trading which gives me thrill other than my normal job? and many other questions.
Finally it all seems to come down to start the trading day with a mind reset which is open to what ever reveals itself during the day, having a sound strategy, sound money management and mainly the discipline to stick to it.