The final Countdown

[KOTBIIAJIbTO]

The origin of all these silly mistakes in trading is stress which arises from your desperate attempts to earn more than you can. That's why it's worth while setting a number of ticks you want to earn daily. This number shouldn't be too big, it could be only 5-10 ticks per day, so that if you manage to take a couple of ticks in one race, you'll already earn one third of your daily target. You won't even have to make one tick per race this way and will feel much more comfortable while trading, stress level will be significantly lower, and there'll be much less mistakes.

[custard]

Stress ? Tell me about it mate ! I didn't sleep last night worrying about my failure to understand PC0845's post above. As we say in the Valleys, you would need to be a "cross between a Philadelphia lawyer and a Japanese pox doctor's clerk" to get to grips with that lot.

I do hope he keeps his Bollingers in one piece.

[KOTBIIAJIbTO]

Yup, all these methods sounded a bit too complicated to me too, the trading strategy should be much more simple and easier to follow. My personal fault was I was trying to earn one tick per race which is approximately three times more I actually can, there was too much stress and too many mistakes from my part.

[KOTBIIAJIbTO]

What you are talking about, PC0845, is actually rocket science, while the key here is your psychological attitude towards trading, not trying to force yourself beyond certain limits, the comfortable feeling inside of you.

[flok]

i wish you good luck PC0845!
i have exactly your same problems: lack of discipline, getting angry and burning months of profits in few mistakes etc
i hope i get out of it soon... last winter i earned 1000-1500-2000 per month and now i cant even make 500 without blowing a bank.
the markets are changed, and i'm changed too... i dont have the patience i had in the past and i get angry when things go against me.

so i hope you can make it! (and me too )

[KOTBIIAJIbTO]

If you feel anger or any other negative emotions, it means that the strategy you are using is way too stressful and you have to invent a new one, which would be easier to implement.

[lcredd]

Good luck PC.

I'm just about to start something similar but I wont hijack your fred .

Stress and emotion are a killer in this game. I was earning/winning far more than I expected at the start of the year, but emotional idiocy made me give most of it back (probably to Keefter.) I thought I was back on track the other day after a good few weeks of profit, and then I got angry at the market and blew £600 in under an hour. £600! and it was completely avoidable! What a bitch!

Anyway, all the best, I'll follow with interest :Thumbs

[bazbaz]

You guys that are struggling mentally might well benefit from doing something to prepare yourselves mentally and physically before every trading session.

The state of mind a good trader has to be in isn't the same as their normal state of mind and its not just like flicking a switch as soon as you start BF up. I couldn't go from just sitting here relaxed right now not giving a crap about anything to suddenly battling it out in the market fighting for every penny.

Everyone is different so I cant tell you what to do but stuff like meditation / affirmations and really making sure you're in the right head space before trading makes an enormous difference, especially when the going gets tough.

Personally I do both the above before every trading session as well as listen to a certain music track which I only ever listen to before trading which, having used the same track many times before trading in the past, basically jolts my brain and subconscious into realising that it is going to have to trade so it better be ready (psychologists call this Sign Stimulae, like when you smell a cake it makes you hungry.)

[milivoje]

Every trader should do a lot of sports! When i train hard i trade better, ofcourse it isnt wise to trade when really exhausted

[PC0845]

I do hope he keeps his Bollingers in one piece.

Bollingers blown, crashed and burned, withdrew the remaining €25 to start aggain, as I did say last last 200.

Overstaked, got spit roasted just and then blew own rules. Lodged the €25 in betdaq and now up to €50. I will relodge the €50 into betfair when I can relodge (deposit limit).

So instead of having €200 for my last hurrah, I'm down to €50, that's assuming I don't kill it on the purple first.

Methods are fine and the titles of the 3 strats are more complicated than the strats. Basically back when expecting a trend revearsal. Methods are not the issue, staking correctly, didn't red out, upped the stakes, then lost more ticks, then upped the stakes again, instead of backing with a liability sake of €120 (yep this was because I was losing a tenner) I backed a horse about 6.2 with €175 stake and he drifted massively. Then I did the same on the next race, and the next race, and the next race and then I had €25 left (obviously the stakes diminished with the bank).

I still say it aint rocket science, it's the emotions, the rabbit in the headlights syndrome. I am equipped to deal with the mechanics of trading, the emotions of error and the failure to accept that I was wrong (by redding out) are the reasons I failed. I salvaged a petty amount of money, dunno if I can salvage my mojo.

A guy once said to me that "Being human is not a condition", and he is an egotistical wanker, I was presented with an opoprtunity to prove I was I was above ego, I can accept being wrong and failed, so I am also a wanker.

So the question is , am I just a human by failing, or am I a failure by being human?

I am so ****ing annoyed with myself.

[shadowninja]

You are your own worst enemy, it seems.

To avoid blowing the rest of your account, start doing 10p trades for the next week. The following week, 20p trades, and so on. You need to prove to yourself that you have what it takes, that's all. Forget trying to make money and focus on trading well.

If you cannot do this, then you might as well take the £50 and blow it on a nice bottle of Jameson - at least you'll enjoy it more.

[custard]

I haven't really been trading much in the last week as I won a Grand "all of a sudden".

I love my sport and like a bet to have an interest as I watch it. Since I won my £ 1000, I have backed Overs in markets which are not really possible to trade after kick off.

I backed Over 12.5 corners in five soccer games, three of them ended up as 12 corners.

I backed Over 39 points in last night's televised English Premiership Rugby game. They scored 39. Today I backed Over 5 tries in the Wales v New Zealand game. Similar result.

The difference between you and me is that I just say "bollocks to it" and open a bottle of wine. I am four minutes late, my Cava will be getting warm

Don't take it so seriously, have a laugh when you lose.

[PC0845]

start doing 10p trades for the next week. The following week, 20p trades, and so on. You need to prove to yourself that you have what it takes, that's all. Forget trying to make money and focus on trading well.

If you cannot do this, then you might as well take the £50 and blow it on a nice bottle of Jameson - at least you'll enjoy it more.

Think I'll do the latter, maybe all day 2 moro!

[Morgans Choice]

Hi P,

have you read "The Psychology of Trading" by Brett Steenbarger? He has some slightly different ideas on trading to the generally accepted Mark Douglas "approach" It might be worth a look to see if there's anything of interest,

cheers, MC

[custard]

He's written loads of stuff.

http://www.brettsteenbarger.com/articles.htm