A Bird's eye view to a Bull's eye
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Prahlad, Try to practice trading in demo account / replay mode with following goal -
1) Target for the day is to hit trades with 10 point loss.
This should give u a reinforcement that each stoploss hit = target met. Over a period of time, your subconsious mind will be confused and start accepting stoploss hit as a neutral outcome. It will also give u practice of taking small losses and accepting them as correct outcome of trade.
Lets not forget, that when we take a trade and enter target and stoploss order, then hit of any of them should be acceptable to us. It is just another trade. Our self image, ego, esteem does not depend on this single trade.
Not sure if this approach will work for you or not, but it did help me hence sharing it here. I have recorded his type of conversation on my mobile and listened to it many times to tune the subcons mind.
all the best. Happy Trading.
1) Target for the day is to hit trades with 10 point loss.
This should give u a reinforcement that each stoploss hit = target met. Over a period of time, your subconsious mind will be confused and start accepting stoploss hit as a neutral outcome. It will also give u practice of taking small losses and accepting them as correct outcome of trade.
Lets not forget, that when we take a trade and enter target and stoploss order, then hit of any of them should be acceptable to us. It is just another trade. Our self image, ego, esteem does not depend on this single trade.
Not sure if this approach will work for you or not, but it did help me hence sharing it here. I have recorded his type of conversation on my mobile and listened to it many times to tune the subcons mind.
all the best. Happy Trading.
Thanks, AW for your posts, we for sure are on the same page, and your posts augment my efforts and make things simpler for readers to understand.
Coming to your above post, you have just read out my mind and is relating to the next flaw...
7) Silly mistakes in placing orders and then praying if they go in loss
This is one of most famous discoveries and hope readers will use it not as a flaw but intentionally do it and benefit from the process. This is how it goes...
Practice makes man perfect - we all have read, heard this proverd hunderds of times in our lives, during our studying days, we have practices test, papers, in sports we keep on practising and so on...
In trading too, we need to practice. But practice what?? Yes apart from many things of tradings such as research, system / method, TF, MM, RM, etc, there is one focus area and to me it the most important area - cutting losses. While all other aspects of trading mentioned above, make attempt to reduce loss making trade, but reducing loss in the loss making trade can be 'praticed'. And I discovered it by the flaw highlighted in the bold above.
Few years ago, mistakenly, I entered a wrong trade, wrong in the sense, when I wanted to buy, I actually entered a sell trade. And I realised it only after 10 mins (end of my review period). The position was in loss. The moment was heartbreaking, one that I entered wrong and in loss and two, I lost opportunity to profit. Using my various 'unconventional tools', I simply exited at market price and shut down my computer for the next half day. This episode was very disheartening for me. But while I was sitting in front of my blank monitor. I just shouted ..Eureka...I have found it. I have found a system to practise how to cut my losses in a loss making trade.
In the remaining half day, I decided not to trade as per my trading method and strated entering trades at random with a minimum permissible quantity of ONE share. I entered, and hoped that the position goes in a loss, and then exited in loss. Since the trades were random, it either went into profit and sometimes in loss, I exited only my loss making trades immediately (and not the profitable ones, though they were random). At the end of the day, I would have successfully practised exiting 12 loss making trades. And I was quite satisfied. The amount of loss did not matter (as it was small due to One share position), but what I discovered was to practice how to take losses, when the trade goes wrong. And I discovered it only when I committed a silly mistake of wrongly puching a sell order instead of a buy order.
This activity (of practising loss making trades) became a regular feature of my daily activity. And when ever I was not trading i.e. my system was not giving me long or short opportunities, I used to practice 'loss taking' trades by buying or selling One share / One lot. And this really helped. Remember the proverb at the opening of this post. So effecitively for you too, you can use this as a practice sessions to cut you losses.
My entire focus has always been first, to cut losses and second, to try to undertake trades that go into profit..
Regards,
Coming to your above post, you have just read out my mind and is relating to the next flaw...
7) Silly mistakes in placing orders and then praying if they go in loss
This is one of most famous discoveries and hope readers will use it not as a flaw but intentionally do it and benefit from the process. This is how it goes...
Practice makes man perfect - we all have read, heard this proverd hunderds of times in our lives, during our studying days, we have practices test, papers, in sports we keep on practising and so on...
In trading too, we need to practice. But practice what?? Yes apart from many things of tradings such as research, system / method, TF, MM, RM, etc, there is one focus area and to me it the most important area - cutting losses. While all other aspects of trading mentioned above, make attempt to reduce loss making trade, but reducing loss in the loss making trade can be 'praticed'. And I discovered it by the flaw highlighted in the bold above.
Few years ago, mistakenly, I entered a wrong trade, wrong in the sense, when I wanted to buy, I actually entered a sell trade. And I realised it only after 10 mins (end of my review period). The position was in loss. The moment was heartbreaking, one that I entered wrong and in loss and two, I lost opportunity to profit. Using my various 'unconventional tools', I simply exited at market price and shut down my computer for the next half day. This episode was very disheartening for me. But while I was sitting in front of my blank monitor. I just shouted ..Eureka...I have found it. I have found a system to practise how to cut my losses in a loss making trade.
In the remaining half day, I decided not to trade as per my trading method and strated entering trades at random with a minimum permissible quantity of ONE share. I entered, and hoped that the position goes in a loss, and then exited in loss. Since the trades were random, it either went into profit and sometimes in loss, I exited only my loss making trades immediately (and not the profitable ones, though they were random). At the end of the day, I would have successfully practised exiting 12 loss making trades. And I was quite satisfied. The amount of loss did not matter (as it was small due to One share position), but what I discovered was to practice how to take losses, when the trade goes wrong. And I discovered it only when I committed a silly mistake of wrongly puching a sell order instead of a buy order.
This activity (of practising loss making trades) became a regular feature of my daily activity. And when ever I was not trading i.e. my system was not giving me long or short opportunities, I used to practice 'loss taking' trades by buying or selling One share / One lot. And this really helped. Remember the proverb at the opening of this post. So effecitively for you too, you can use this as a practice sessions to cut you losses.
My entire focus has always been first, to cut losses and second, to try to undertake trades that go into profit..
Regards,
Now this is like a true Indian mentality (even applicable to Dan - he is now almost half Indian being here). I am no God, please do not treat me one. Never have extremities in life, be it trading (hence the need of portfolio allocations) or non-trading (adoring someone too much or cursing someone to the core). Be moderate and you will live a fuller and happier life.
Core philosophy of your life will dictate how you trade. And there is no doubt in my mind about that. You cannot have different values in life and different for trading. Syncronise both and there will be no one stopping you from succeeding then.
Regards,
Core philosophy of your life will dictate how you trade. And there is no doubt in my mind about that. You cannot have different values in life and different for trading. Syncronise both and there will be no one stopping you from succeeding then.
Regards,
My Little Internet - friend
I do not speak about good or devil when I give respect to ONE of your post ! Hope you get this point. Clear ! Seems to me, that you need to be leveled.
What you now try, is to push some not out spoken words in to my mouth or about me. Calling me half Indian is a compliment I may not deserve or I may deserve. I may even do not like it ? Never ever try to push me again in any corner ! You surely do not have the level to do such kind of things.
What do you really know about my personality ? You never have meet me in real live . Do you think, reading some post about me or from me is enough to charge me or even try to push me in any corner you like for certain reasons ? Hope you get clear about this. I now go to push you in a corner and let's see how you react.
Being extreme also means to have the eggs between our legs to stand the problems we will face in front of us, while being so. Some become very successful by being extreme. Why ? Testing limits is mostly done by extreme personalities and not by shy onces or afraid once.
You try to teach not to do so because you may are afraid or have never stand experiences you not could manage with that mentality. You may never ever was forced to do so. Live can be hard and very ****. Your live experience is yours and I assure you, that your live experience is not the only one out there.
On the other hand : One point I very well agree : Synchronizing his personal mentality with his trading style is essential to the success in trading like it is in any other business we do. Just to complete the sentence.
Have a nice weekend with your family and your children
DanPickUp
I do not speak about good or devil when I give respect to ONE of your post ! Hope you get this point. Clear ! Seems to me, that you need to be leveled.
What you now try, is to push some not out spoken words in to my mouth or about me. Calling me half Indian is a compliment I may not deserve or I may deserve. I may even do not like it ? Never ever try to push me again in any corner ! You surely do not have the level to do such kind of things.
What do you really know about my personality ? You never have meet me in real live . Do you think, reading some post about me or from me is enough to charge me or even try to push me in any corner you like for certain reasons ? Hope you get clear about this. I now go to push you in a corner and let's see how you react.
Being extreme also means to have the eggs between our legs to stand the problems we will face in front of us, while being so. Some become very successful by being extreme. Why ? Testing limits is mostly done by extreme personalities and not by shy onces or afraid once.
You try to teach not to do so because you may are afraid or have never stand experiences you not could manage with that mentality. You may never ever was forced to do so. Live can be hard and very ****. Your live experience is yours and I assure you, that your live experience is not the only one out there.
On the other hand : One point I very well agree : Synchronizing his personal mentality with his trading style is essential to the success in trading like it is in any other business we do. Just to complete the sentence.
Have a nice weekend with your family and your children
DanPickUp
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Dan, you wrote a PM today and that was good enough. Do not derail the flow of the thread. And this is not the first time unwarranted and unprovoked confrontations have happened. If you can prove anything what you have written, I promise to disclose everything I have with and in me, as what is given here is just the tip of the iceberg.
The only thing I have reservation and I protest against, is your comment highlighted in bold and I am hurt deeply by it. Rest other contents look very amateurish to me. And yes, hadn't it been for this comment, I would have just laughed and given a pass to your post, as I have done many times in the past.
Dear Friends,
There is some development going on and hence shall continue posting tomorrow or there after. Will keep you posted on the development.
Thank you for your constructive participation, enthusiasm and support.
Regards,
The only thing I have reservation and I protest against, is your comment highlighted in bold and I am hurt deeply by it. Rest other contents look very amateurish to me. And yes, hadn't it been for this comment, I would have just laughed and given a pass to your post, as I have done many times in the past.
Dear Friends,
There is some development going on and hence shall continue posting tomorrow or there after. Will keep you posted on the development.
Thank you for your constructive participation, enthusiasm and support.
Regards,
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