Sorry for the bad picture.
I was on recovery mode. I know I should not be too focus in my past failure. But I'm still human. I have emotions to take care of. Massive Losses made me stall and tilt.
Trigger Shy, PT early, and Overtrade come and go.
All I do right now is to make me feel better. I feel better if I can booked consequtive winning days. I like the green day. That's also one of my pitfall to overtrade.
Back in the days where I collect around $200 - $300 per day profit. I was taking profit too early. Not to mention some overtrade sometimes, but I'm just lucky. And that month I could make significant profit and things got better after that. Then I was overtrade again, discretion trade, against the trade, things went back to zero again. Even minus. I have to stop this demon vicious cycle and move on to higher ground.
Anyway, I using the high winning ratio aka Profit Taking Early right now. I don't care if the profit is only a fraction. I need this for recovery. I backtested this system and fine-tuned it all day long. 10 ticks is reasonable for high winning ratio trade.
Like above trades, 3 of them gave at least 10ticks to reap. I missed the GBP and cut the EUR too early. But no complained since price came back again.
The only thing I believe in this proffesion is to survive long enough until I become a real trader. Trading become the subconscious mind, and become a boring routine. That's right, boring routine, a waiting and executing game. The only 2 important job for day-trader in my opinion:
1. Off Hour: Backtesting, review, and looking for new idea in the system.
2. On Hour: Execute the plan patiently and disciplinely.
Every advice and suggestion are welcome :)
Have a nice weekend everyone.
I like the way you thought and planned. I believe feeling comfortable about yourself is the first step towards success.
ReplyDeleteHi FFXD,
ReplyDeleteThanks for coming. You're right. The key is to balance ourselves. Overconfidence may ruined u also. Here's what I experienced:
Feel bad, symptoms: trigger shy, profit taking early, small consequitive losing trade which make worse. Result: Small winning followed by consequtive losses.
Feel too good, symptoms: aggresive, overtrade, not accepting losses. Result: one single day wiped out dozens of profit. And back to feel bad again.
The cycle repeat itself...
De'Trader
ReplyDeleteFinally I have overcome the struggle of rapid losses, I trade less. I am not sure whether it works for you, my mentor JC has been very helpful to ask me to list down the past 10 trades, and review.
And i realized that I tend to trade more, trade in smaller time frame, and more problems start to arise, it is like a mini revenge, after more than 10 times of losses.
I accepted that I have made mistakes, and I thank my mentor for willing to listen to me when I am confused.
and he simply asked me 'why m i doing so different from the past? where did I put my fundamentals?'
i m back to basic, and i am just an ordinary person, thanks Mr. market who has taught me the lesson with just a little bit of $$, and I hope De'trader you can recover from your losses and your patience.
All the best and hope next week will be a better week to you.
Ayumi
Hi Ayumi, thanks for ur encouragement :)
ReplyDeleteGlad u're free from the consequtive losses. Too bad I am not as lucky as you about the losing $$. But, I can still trade, even the size of my old me. That's what I gratitude for.
I have same problem of overtrading. Big ugly overtrading. The crude oil dragged like addict to me, mercilessly chopped me out to pieces. I search my inner piece at forex and glad to find one.
The temptation of reaping massive profit after the FOMC still on me. But I didn't think I can stand for the risks.
Wish u also for better week next week :)