Dear Nac,
No sympathies to you. Absoulutely no sympathies.
On the contrary I congratulate you on making a GREAT start to your trading / jobbing career. You are down JUST 26% and you are feeling sh*t.
THIS IS THE EXPERIENCE or even worse if you lose more here after, which I really wish, if you sincerely want to make this to be your livelyhood activity.
THIS FEELING can never be felt anywhere else, not by listening, reading books, hearing. Belive me this EXPERIENCE is a MUST and is the foundation stone for trading career.
A few suggestion I would like to make to you:
1) Don't be vocal / expressive of all your feelings in public - you will dilute the learning experience and would commit same or graver mistakes in future. It is your experience and you need to go through it. Enjoy it, feel it, nuture it - get your body, mind and soul adjust to this experience. By sharing it publicly you are losing a big opportunity of learning. You may share it subsequently once you are out of the experience. This applies to Good experience as well as "Learning" experience.
2) Don't be overconfident - getting back with a bang in the market seldom wins. Vengeance trading is a sure receipe of failure.
3) Never target an amount or % gain - i.e. if you are down 26%, don't target to recover it first and so on. Returns - gains (or losses) are market dependedent. Hence adjust yourself to the market on a particular trading day/period instead of adjusting your expected returns to the market.
4) Never ever quit - other than going on vacation or personal engagements. Even if you are feeling down (like now) don't quit. But REDUCE your volume, if need be trade 1/10th, 1/20th, 1/50th or even 1/100th of our normal volume. But don't quit. You may take a break to address the strain / boredom of trading but not due to booked large losses (or even profits otherwise too)
Finally, we all have read /heard it thousands of time. Successful people don't do different things, they do (same) things differently.
p.s. : Tip on Trading: Even for the most successful traders in the world 2 /3trades out of 10 are wrong. Brace with a fact that not all your trades will produce profits. Means SOME (anything above 2 trades out of 10 trades) will CERTAINTLY be wrong. Means exit the wrong trade IMMEDIATELY.
Regards,
No sympathies to you. Absoulutely no sympathies.
On the contrary I congratulate you on making a GREAT start to your trading / jobbing career. You are down JUST 26% and you are feeling sh*t.
THIS IS THE EXPERIENCE or even worse if you lose more here after, which I really wish, if you sincerely want to make this to be your livelyhood activity.
THIS FEELING can never be felt anywhere else, not by listening, reading books, hearing. Belive me this EXPERIENCE is a MUST and is the foundation stone for trading career.
A few suggestion I would like to make to you:
1) Don't be vocal / expressive of all your feelings in public - you will dilute the learning experience and would commit same or graver mistakes in future. It is your experience and you need to go through it. Enjoy it, feel it, nuture it - get your body, mind and soul adjust to this experience. By sharing it publicly you are losing a big opportunity of learning. You may share it subsequently once you are out of the experience. This applies to Good experience as well as "Learning" experience.
2) Don't be overconfident - getting back with a bang in the market seldom wins. Vengeance trading is a sure receipe of failure.
3) Never target an amount or % gain - i.e. if you are down 26%, don't target to recover it first and so on. Returns - gains (or losses) are market dependedent. Hence adjust yourself to the market on a particular trading day/period instead of adjusting your expected returns to the market.
4) Never ever quit - other than going on vacation or personal engagements. Even if you are feeling down (like now) don't quit. But REDUCE your volume, if need be trade 1/10th, 1/20th, 1/50th or even 1/100th of our normal volume. But don't quit. You may take a break to address the strain / boredom of trading but not due to booked large losses (or even profits otherwise too)
Finally, we all have read /heard it thousands of time. Successful people don't do different things, they do (same) things differently.
p.s. : Tip on Trading: Even for the most successful traders in the world 2 /3trades out of 10 are wrong. Brace with a fact that not all your trades will produce profits. Means SOME (anything above 2 trades out of 10 trades) will CERTAINTLY be wrong. Means exit the wrong trade IMMEDIATELY.
Regards,
Dear Nac,
W.r.t the first suggestion in my earlier post:
Hard lessons are learnt only when they are forced onto yourself. To learn from an experience, you need a stable mind not a cool mind.
By being expressive you may gain nothing but sympathy (is this your objective or definition of being a trader / jobber) or advices/suggestion from people whom you don't know. (not that I am doubting TJ members integrity and honesty). More importantly, these suggestions may be from people who might not have had being in such a situation in their lives. And still may have a word or two on this situation to you. This is nothing but noise, which you need to eliminate and not create.
You may want a shoulder at this point of time, but if you get one, you will always need one. Being independent means totally, independent. Supertraders are completely detached to what is happening to their positions, similarly you will need this independence.
Instead, I would suggest you IMMEDIATELY (before you forget in this noise) LIST down things that went wrong, how did you act and how should you have reacted. READ, RE-READ, RE-READ endlessly and basis this write down your own rules, dos and don'ts. Memorise them, paste in front of your computer screen. Read it in the loo. Take a morning jog or a evening walk and rememorise it. BUT DO IT ALL ALONE.
Remember this will be your FIRST list, similarly you will have many such more lists, till you consolidate your learnings into a SMALL set of trading rules which will finally suit YOUR OWN personality. And only after this, you will be ADMITTED to traders category. This could take several months or even years.
Regards,
p.s.: Tip on Trading : By nature and default everyone has bad trading habit, over a period and through OWN learning experiences one can keep bad trading habits away. But still, NO ONE is immune to them, the moment one is lazy or callous they will return.
W.r.t the first suggestion in my earlier post:
Hard lessons are learnt only when they are forced onto yourself. To learn from an experience, you need a stable mind not a cool mind.
By being expressive you may gain nothing but sympathy (is this your objective or definition of being a trader / jobber) or advices/suggestion from people whom you don't know. (not that I am doubting TJ members integrity and honesty). More importantly, these suggestions may be from people who might not have had being in such a situation in their lives. And still may have a word or two on this situation to you. This is nothing but noise, which you need to eliminate and not create.
You may want a shoulder at this point of time, but if you get one, you will always need one. Being independent means totally, independent. Supertraders are completely detached to what is happening to their positions, similarly you will need this independence.
Instead, I would suggest you IMMEDIATELY (before you forget in this noise) LIST down things that went wrong, how did you act and how should you have reacted. READ, RE-READ, RE-READ endlessly and basis this write down your own rules, dos and don'ts. Memorise them, paste in front of your computer screen. Read it in the loo. Take a morning jog or a evening walk and rememorise it. BUT DO IT ALL ALONE.
Remember this will be your FIRST list, similarly you will have many such more lists, till you consolidate your learnings into a SMALL set of trading rules which will finally suit YOUR OWN personality. And only after this, you will be ADMITTED to traders category. This could take several months or even years.
Regards,
p.s.: Tip on Trading : By nature and default everyone has bad trading habit, over a period and through OWN learning experiences one can keep bad trading habits away. But still, NO ONE is immune to them, the moment one is lazy or callous they will return.
Wonderfully said..! Appreciate your views...!
BUT I think self assesment is tough. Sitting with the trades taken after market hours is the key to success. Validating them with the set of preset rules and analysing the key areas of improvement is the only way to improve trading results. Developing a winning habbit is a factor of proper discipline and that can be instilled only by self assesment. Sadly, 85% of all traders spend 85% of their time on indicators and systems which contribute to only about 15% of their trading results. If a trader has a bad day... they conclusion drawn is that the system they traded needs working. After a few weeks, a new system is selected with the same results. This process of searching for the holy grail continues till either motivation or capital is wiped out.
Lets hope we see more post from people like you who take the trouble to highlight areas of improvement. God Bless you...!