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7th March 2018
Quote from
Nick on 7th March 2018, 8:12 am
Rise and dip today. Gary Cohn resigns. Trade wars and tariffs at the fore!
Todays post here
Rise and dip today. Gary Cohn resigns. Trade wars and tariffs at the fore!
Todays post here
Quote from
Nick on 7th March 2018, 8:59 am
Got longs on this morning:
FTSE 7100
Dax 12012
S&P 2694
Got longs on this morning:
FTSE 7100
Dax 12012
S&P 2694
Quote from
sharmabee on 7th March 2018, 9:11 am
Thanks, Nick
For the reply the other day. I have been trading for one time and gather some experience which I tend to use on some of the occasion. I held my shorts from 25020 on DJI and 7190 on FTSE purely on the 50 % retracement decline and in the morning I closed @ 7100 and 24500. Now the question I want to ask is how do you stop yourself from taking in profit early.
Your answer will surely help me to have more control psychological part of the trading.
Have a great day
Thanks
Thanks, Nick
For the reply the other day. I have been trading for one time and gather some experience which I tend to use on some of the occasion. I held my shorts from 25020 on DJI and 7190 on FTSE purely on the 50 % retracement decline and in the morning I closed @ 7100 and 24500. Now the question I want to ask is how do you stop yourself from taking in profit early.
Your answer will surely help me to have more control psychological part of the trading.
Have a great day
Thanks
Quote from
anstel on 7th March 2018, 9:13 am
Morning Nick and all.....bought last night after the drop at 11pm....it dropped to the 50s but I didn't get long till middle 90s....was a bit hesitant but anyway blue at the moment ....
Morning Nick and all.....bought last night after the drop at 11pm....it dropped to the 50s but I didn't get long till middle 90s....was a bit hesitant but anyway blue at the moment ....
Quote from
anstel on 7th March 2018, 9:14 am
Quote from anstel on 7th March 2018, 9:13 am
Morning Nick and all.....bought last night after the drop at 11pm....it dropped to the 50s but I didn't get long till middle 90s....was a bit hesitant but anyway blue at the moment ....
Bit of resistance at 7130 but if it can clear that it might well run up....
Quote from anstel on 7th March 2018, 9:13 am
Morning Nick and all.....bought last night after the drop at 11pm....it dropped to the 50s but I didn't get long till middle 90s....was a bit hesitant but anyway blue at the moment ....
Bit of resistance at 7130 but if it can clear that it might well run up....
Quote from
anstel on 7th March 2018, 9:18 am
Quote from sharmabee on 7th March 2018, 9:11 am
Thanks, Nick
For the reply the other day. I have been trading for one time and gather some experience which I tend to use on some of the occasion. I held my shorts from 25020 on DJI and 7190 on FTSE purely on the 50 % retracement decline and in the morning I closed @ 7100 and 24500. Now the question I want to ask is how do you stop yourself from taking in profit early.
Your answer will surely help me to have more control psychological part of the trading.
Have a great day
Thanks
Morning Sharma.......I'm working on the exact same thing....I think I can improve by a factor of 3 max but definitely 2 by being even more patient....
Quote from sharmabee on 7th March 2018, 9:11 am
Thanks, Nick
For the reply the other day. I have been trading for one time and gather some experience which I tend to use on some of the occasion. I held my shorts from 25020 on DJI and 7190 on FTSE purely on the 50 % retracement decline and in the morning I closed @ 7100 and 24500. Now the question I want to ask is how do you stop yourself from taking in profit early.
Your answer will surely help me to have more control psychological part of the trading.
Have a great day
Thanks
Morning Sharma.......I'm working on the exact same thing....I think I can improve by a factor of 3 max but definitely 2 by being even more patient....
Quote from
anstel on 7th March 2018, 9:25 am
Quote from anstel on 7th March 2018, 9:18 am
Quote from sharmabee on 7th March 2018, 9:11 am
Thanks, Nick
For the reply the other day. I have been trading for one time and gather some experience which I tend to use on some of the occasion. I held my shorts from 25020 on DJI and 7190 on FTSE purely on the 50 % retracement decline and in the morning I closed @ 7100 and 24500. Now the question I want to ask is how do you stop yourself from taking in profit early.
Your answer will surely help me to have more control psychological part of the trading.
Have a great day
Thanks
Morning Sharma.......I'm working on the exact same thing....I think I can improve by a factor of 3 max but definitely 2 by being even more patient....
Personally if you shorted Ftse at 7190 and closed at 7100 I think you must be a trading God or something....I would be extremely happy if I had held my shorts to 7100...... I got out at 7170 :0(..... Plenty of room for me to tweak it though and that's what keeps me motivated....looking for areas of improvement......its takes me a while though once I've identified an area I should improve,to actually make the positive changes...it seems to happen gradually with me....
Quote from anstel on 7th March 2018, 9:18 am
Quote from sharmabee on 7th March 2018, 9:11 am
Thanks, Nick
For the reply the other day. I have been trading for one time and gather some experience which I tend to use on some of the occasion. I held my shorts from 25020 on DJI and 7190 on FTSE purely on the 50 % retracement decline and in the morning I closed @ 7100 and 24500. Now the question I want to ask is how do you stop yourself from taking in profit early.
Your answer will surely help me to have more control psychological part of the trading.
Have a great day
Thanks
Morning Sharma.......I'm working on the exact same thing....I think I can improve by a factor of 3 max but definitely 2 by being even more patient....
Personally if you shorted Ftse at 7190 and closed at 7100 I think you must be a trading God or something....I would be extremely happy if I had held my shorts to 7100...... I got out at 7170 :0(..... Plenty of room for me to tweak it though and that's what keeps me motivated....looking for areas of improvement......its takes me a while though once I've identified an area I should improve,to actually make the positive changes...it seems to happen gradually with me....
Quote from
sharmabee on 7th March 2018, 9:29 am
thanks for your words anstel. I do scalping so try to keep myself free for the big one once I saw these levels i just ut and shut computer and only this way I was able to hold if not would have def come out early.
thanks for your words anstel. I do scalping so try to keep myself free for the big one once I saw these levels i just ut and shut computer and only this way I was able to hold if not would have def come out early.
Quote from
sharmabee on 7th March 2018, 9:36 am
with that dji short @ 590 and ftse short @ 7142. am gonna keep them till they mature and then sell(buy) them .so weird to sell something you dun even own lol
with that dji short @ 590 and ftse short @ 7142. am gonna keep them till they mature and then sell(buy) them .so weird to sell something you dun even own lol
Quote from
anstel on 7th March 2018, 9:42 am
Quote from sharmabee on 7th March 2018, 9:29 am
thanks for your words anstel. I do scalping so try to keep myself free for the big one once I saw these levels i just ut and shut computer and only this way I was able to hold if not would have def come out early.
Yes I find distractions are really useful....they can act like a pressure relief valve when it's starts getting to you.......I have to know what's happening though and maintain a feel for it and then depending on my assessment of the risk I try to distance myself emotionally .......a change is as good as a rest....
Quote from sharmabee on 7th March 2018, 9:29 am
thanks for your words anstel. I do scalping so try to keep myself free for the big one once I saw these levels i just ut and shut computer and only this way I was able to hold if not would have def come out early.
Yes I find distractions are really useful....they can act like a pressure relief valve when it's starts getting to you.......I have to know what's happening though and maintain a feel for it and then depending on my assessment of the risk I try to distance myself emotionally .......a change is as good as a rest....
Quote from
anstel on 7th March 2018, 9:45 am
Quote from anstel on 7th March 2018, 9:42 am
Quote from sharmabee on 7th March 2018, 9:29 am
thanks for your words anstel. I do scalping so try to keep myself free for the big one once I saw these levels i just ut and shut computer and only this way I was able to hold if not would have def come out early.
Yes I find distractions are really useful....they can act like a pressure relief valve when it's starts getting to you.......I have to know what's happening though and maintain a feel for it and then depending on my assessment of the risk I try to distance myself emotionally .......a change is as good as a rest....
Also sometimes I like to get flat and completely stop trading to relieve all the tensions that build up......it takes me a while to wind down...I get a bit wired....probably because I'm trading a little bigger than I should using conventional wisdom..
Quote from anstel on 7th March 2018, 9:42 am
Quote from sharmabee on 7th March 2018, 9:29 am
thanks for your words anstel. I do scalping so try to keep myself free for the big one once I saw these levels i just ut and shut computer and only this way I was able to hold if not would have def come out early.
Yes I find distractions are really useful....they can act like a pressure relief valve when it's starts getting to you.......I have to know what's happening though and maintain a feel for it and then depending on my assessment of the risk I try to distance myself emotionally .......a change is as good as a rest....
Also sometimes I like to get flat and completely stop trading to relieve all the tensions that build up......it takes me a while to wind down...I get a bit wired....probably because I'm trading a little bigger than I should using conventional wisdom..
Quote from
sharmabee on 7th March 2018, 10:04 am
you guys have been an inspiration to me and many traders like me for sure. Each day has its own merit I guess. The need or urge to know each and every second never works for me losses get bigger profit sinks. so i try to trade between big levels. and leave it to take its direction. whatever it is . and that's works for me. also keeping size into the comfort zone is the key for me at least.
you guys have been an inspiration to me and many traders like me for sure. Each day has its own merit I guess. The need or urge to know each and every second never works for me losses get bigger profit sinks. so i try to trade between big levels. and leave it to take its direction. whatever it is . and that's works for me. also keeping size into the comfort zone is the key for me at least.
Quote from
Nick on 7th March 2018, 10:44 am
A good book to read for the psychological side of trading is this one:
Trading in the Zone
A good book to read for the psychological side of trading is this one:
Trading in the Zone
Quote from
anstel on 7th March 2018, 10:56 am
Quote from Nick on 7th March 2018, 10:44 am
A good book to read for the psychological side of trading is this one:
Trading in the Zone
Mark Douglas passed away a year or two ago.....we are fortunate he shared his wisdom in his books....R.I.P. What a wealth of knowledge he had attained and such a shame he is no longer with us....
Quote from Nick on 7th March 2018, 10:44 am
A good book to read for the psychological side of trading is this one:
Trading in the Zone
Mark Douglas passed away a year or two ago.....we are fortunate he shared his wisdom in his books....R.I.P. What a wealth of knowledge he had attained and such a shame he is no longer with us....
Quote from
anstel on 7th March 2018, 11:02 am
In my opinion though transferring knowledge from a book and actually being able to use it are two different things.....strictly in my opinion but it is only after an extended period of trading usually with significant losses does the mind needed for trading slowly start to develop....I don't belief trading can be taught....we can be guided but the rest is up to us...
In my opinion though transferring knowledge from a book and actually being able to use it are two different things.....strictly in my opinion but it is only after an extended period of trading usually with significant losses does the mind needed for trading slowly start to develop....I don't belief trading can be taught....we can be guided but the rest is up to us...
Quote from
anstel on 7th March 2018, 11:09 am
Actually that might be inaccurate....with 100% mentoring and personal 1 on 1 tuition it might be teachable.....but if your on your own I don't think all the books and courses will teach you because the one big unknown is the individuals mindset that will sabotage your disipline .....knowing what you should do...and doing it are poles apart in the learning stages up to 4 or 5 years in I estimate......there is so much you have to bring all together...
Actually that might be inaccurate....with 100% mentoring and personal 1 on 1 tuition it might be teachable.....but if your on your own I don't think all the books and courses will teach you because the one big unknown is the individuals mindset that will sabotage your disipline .....knowing what you should do...and doing it are poles apart in the learning stages up to 4 or 5 years in I estimate......there is so much you have to bring all together...
Quote from
sharmabee on 7th March 2018, 12:49 pm
Quote from anstel on 7th March 2018, 11:09 am
Actually that might be inaccurate....with 100% mentoring and personal 1 on 1 tuition it might be teachable.....but if your on your own I don't think all the books and courses will teach you because the one big unknown is the individuals mindset that will sabotage your disipline .....knowing what you should do...and doing it are poles apart in the learning stages up to 4 or 5 years in I estimate......there is so much you have to bring all together...
well said anstel! Its only by your personal emotional journey one can uderstand how to reat to different situation. I do break my rules but only when i want to with definite loss in my mind or else one is waiting for disaster. i use to think everytime my position is running south i am more able to read the market but later i realised that its only the attention i am giving after entering the market and not prior, which makes the whole diffrence in my opinion. Rest yuo know its skill set one need to develope to take losses and profit.
Quote from anstel on 7th March 2018, 11:09 am
Actually that might be inaccurate....with 100% mentoring and personal 1 on 1 tuition it might be teachable.....but if your on your own I don't think all the books and courses will teach you because the one big unknown is the individuals mindset that will sabotage your disipline .....knowing what you should do...and doing it are poles apart in the learning stages up to 4 or 5 years in I estimate......there is so much you have to bring all together...
well said anstel! Its only by your personal emotional journey one can uderstand how to reat to different situation. I do break my rules but only when i want to with definite loss in my mind or else one is waiting for disaster. i use to think everytime my position is running south i am more able to read the market but later i realised that its only the attention i am giving after entering the market and not prior, which makes the whole diffrence in my opinion. Rest yuo know its skill set one need to develope to take losses and profit.
Quote from
anstel on 7th March 2018, 2:44 pm
Quote from sharmabee on 7th March 2018, 12:49 pm
Quote from anstel on 7th March 2018, 11:09 am
Actually that might be inaccurate....with 100% mentoring and personal 1 on 1 tuition it might be teachable.....but if your on your own I don't think all the books and courses will teach you because the one big unknown is the individuals mindset that will sabotage your disipline .....knowing what you should do...and doing it are poles apart in the learning stages up to 4 or 5 years in I estimate......there is so much you have to bring all together...
well said anstel! Its only by your personal emotional journey one can uderstand how to reat to different situation. I do break my rules but only when i want to with definite loss in my mind or else one is waiting for disaster. i use to think everytime my position is running south i am more able to read the market but later i realised that its only the attention i am giving after entering the market and not prior, which makes the whole diffrence in my opinion. Rest yuo know its skill set one need to develope to take losses and profit.
Yes the ability to get out and take the loss is crucial before it becomes a bigger loss...small losses can be rectified relatively easily but when your holding and holding in anticipation of a reversal the losses get out of hand and extremely hard to replace.. That combined with you now have a smaller account so you either take bigger risks to try to get back to where you once were as quickly as possible or you have to trade smaller size with tighter disipline over a longer period of time....the latter is the best way but the mind prefers to try the shortcut route....its a spiral....besides the leverage is there to trap you not help you so it needs to be used with utmost care...its a marathon not a sprint....
Quote from sharmabee on 7th March 2018, 12:49 pm
Quote from anstel on 7th March 2018, 11:09 am
Actually that might be inaccurate....with 100% mentoring and personal 1 on 1 tuition it might be teachable.....but if your on your own I don't think all the books and courses will teach you because the one big unknown is the individuals mindset that will sabotage your disipline .....knowing what you should do...and doing it are poles apart in the learning stages up to 4 or 5 years in I estimate......there is so much you have to bring all together...
well said anstel! Its only by your personal emotional journey one can uderstand how to reat to different situation. I do break my rules but only when i want to with definite loss in my mind or else one is waiting for disaster. i use to think everytime my position is running south i am more able to read the market but later i realised that its only the attention i am giving after entering the market and not prior, which makes the whole diffrence in my opinion. Rest yuo know its skill set one need to develope to take losses and profit.
Yes the ability to get out and take the loss is crucial before it becomes a bigger loss...small losses can be rectified relatively easily but when your holding and holding in anticipation of a reversal the losses get out of hand and extremely hard to replace.. That combined with you now have a smaller account so you either take bigger risks to try to get back to where you once were as quickly as possible or you have to trade smaller size with tighter disipline over a longer period of time....the latter is the best way but the mind prefers to try the shortcut route....its a spiral....besides the leverage is there to trap you not help you so it needs to be used with utmost care...its a marathon not a sprint....
