Looking at the result of the trades this morning looks like easy money. But the emotions were hot and it was hard to tell if we were going to sustain heavy buying interest or not. I'm particularly happy with the light sizing for my initial position in the second trade, but I'm left wondering if I failed to add heavily enough.
In any event +45 pips for the morning.
LT
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The Psychology of Handling Large Drawdowns
6 days ago
6 comments:
I'm sure you know by now that the market rewards those who see beyond the obvious, LT :-)
+45 pips is fantastic!
Jules,
True. The funny thing is I still believe I could have traded this morning better. There were a lot of opportunities to be had.
But that is history. So I just need to walk into tomorrow believing that I've just had a nasty drawdown and that I need to play a tight game to get back to where I need to be. Stay focused. Don't get cocky.
LT
Nice results Ted, I wish I've gained half of yours. Yesterday,I had a PPP(piss poor performance).
FX,
Sorry to hear that. Spending time thinking about my mental focus has been helping me recently.
I saw you mentioned a "cycle" you get into on your blog. What do you think are the steps needed to break that cycle. I would strongly suspect they are mostly focus related. I see you trade very well when you are on your A game. What happens that gets you out of that?
LT
Hi LT, I think that you asked me (FX) a question and not fxchartist :)) easy to confuse. Good thing that I'm subscribed to you comments :)
Well about cycle. I believe that it's all based on fundamental reasons why do I trade, why do I do this thing. My thoughts right now are that I have unreasonable expectations from trading in my life. I act like I "need" to succeed. I'm not in positive state where I give my self a chance to succeed, but I must succeed. When things are put that way, and it's all mental, then I start with new plan. I follow it some time (A game) soon enough I stray in some (B trading) and then I lose control. I lose it because my "must succeed" doesn't work and I push it.
So we can say that it's focus problem in trading as it is. But wrong fundamentals for being in the trading business are root of it. I probably can't make it work with just fixing trading, I need to work with myself on those deeper motivation issues.
FX,
Thanks for pointing that out! Didn't realize you were 2 different folks.
Yes, I think you hit upon the key issue. Motivation. What motivates you to trade? For me I am finding that a better motivation than money is the urge to better myself, and better my understanding of the markets. Although I have $ goals, this is just a way of keeping score. I don't "need" this money to feed myself, but I strive to make this money to be the BEST I can be.
Good luck.
LT
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