What is it that goes through a mind of a crazed trader taking trades and punting around like an idiot on everything that moves?
It`s just so stupid, and I`ve been guilty of it so many times. I`ll try to put in words what I`m feeling and doing at these times, and it`ll not be an easy task but here it goes...
The day before yesterday I was in a great trade, making 20% of my account. In the morning lots of the profit had gone, and I closed the trade. Eager to get into another trade (and the potential gain) I went short again with a leverage. Bailed out, and short again shortly after. Then short again, bailed out and then the same until all the profit was gone. Same SHIT today. Went short, and nice instant profit, then wham up again, and I`m all out, and then I start to go for it again, and again. It`s like a high. I almost can`t remeber my thoughts and reasons for taking the trades, but I notice that i clentch my teeth and having feelings of anger. Later It just gets frustrating and I close my platform.
Then I log in to see what has happened, and I see all these trades that I`ve taken on the chart. So many trades not even near major support and resistance. Just a punt to go with a potential rally or plunge! I really hate what these situations brings me, so I have to stop acting like shit or stop trading.
I consider myself in control of my feelings, and quite on top of what I`m doing in a wide range of situations. Yesterday and today I lost all control of what I was doing... --> OK when oil has moved 4 USD, HOW BLOODY MUCH MORE DO I EXPECT IT TO MOVE THAT DAY IN THE SAME DIRECTION!!!???
When I lose my profit or just loose money I tried to get it back without a proper setup. Crazy. I mean I know the money is just around the corner, so it`s just to go and get it, right? WRONG!
To solve this situation I`m printing a checklist that HAS to be followed before a trade. Maybe I`ll get around to making one this weekend. Will post it here...
I`m also going to go and see a NLP therapist about this so I can be able to sort out this mess and be more in control of myself. I know that losses are the cost of doing business, but I consider these losses as a consequence of a gamblers high or something like that, and I`m not having it!
I`ve never gambeled before in my life, and the trades I`ve taken the last couple of days has just been plain gambling.... I guess now I know why gamblers gamble. Just opened my platform to see, and there I was thinking: "It`s gone high right now, and maybe it`s falling. It`s falling it`s falling I`ll go short!!!". I seriously felt the urge to take it, and the trade I`m taking is not even in the direction I`m expecting...
Now I think I know why Jacko and so many others are just trading in one direction, and only a couple of times pr week. In trading I guess less is more. All the times I have read the phrases: "being able to sit on your hands is the most valuable skill in trading". I surely agree with that right now.
Not sure what to put in my checklist, but I guess the first things are major S/R levels from higher timeframe charts. Starting with weekly S/R, Daily S/R and on the 4 hour. No trades taken unless close to(at) major resistance.
Any other suggestions of what a checklist before a trade should include?
It`s just so stupid, and I`ve been guilty of it so many times. I`ll try to put in words what I`m feeling and doing at these times, and it`ll not be an easy task but here it goes...
The day before yesterday I was in a great trade, making 20% of my account. In the morning lots of the profit had gone, and I closed the trade. Eager to get into another trade (and the potential gain) I went short again with a leverage. Bailed out, and short again shortly after. Then short again, bailed out and then the same until all the profit was gone. Same SHIT today. Went short, and nice instant profit, then wham up again, and I`m all out, and then I start to go for it again, and again. It`s like a high. I almost can`t remeber my thoughts and reasons for taking the trades, but I notice that i clentch my teeth and having feelings of anger. Later It just gets frustrating and I close my platform.
Then I log in to see what has happened, and I see all these trades that I`ve taken on the chart. So many trades not even near major support and resistance. Just a punt to go with a potential rally or plunge! I really hate what these situations brings me, so I have to stop acting like shit or stop trading.
I consider myself in control of my feelings, and quite on top of what I`m doing in a wide range of situations. Yesterday and today I lost all control of what I was doing... --> OK when oil has moved 4 USD, HOW BLOODY MUCH MORE DO I EXPECT IT TO MOVE THAT DAY IN THE SAME DIRECTION!!!???
When I lose my profit or just loose money I tried to get it back without a proper setup. Crazy. I mean I know the money is just around the corner, so it`s just to go and get it, right? WRONG!
To solve this situation I`m printing a checklist that HAS to be followed before a trade. Maybe I`ll get around to making one this weekend. Will post it here...
I`m also going to go and see a NLP therapist about this so I can be able to sort out this mess and be more in control of myself. I know that losses are the cost of doing business, but I consider these losses as a consequence of a gamblers high or something like that, and I`m not having it!
I`ve never gambeled before in my life, and the trades I`ve taken the last couple of days has just been plain gambling.... I guess now I know why gamblers gamble. Just opened my platform to see, and there I was thinking: "It`s gone high right now, and maybe it`s falling. It`s falling it`s falling I`ll go short!!!". I seriously felt the urge to take it, and the trade I`m taking is not even in the direction I`m expecting...
Now I think I know why Jacko and so many others are just trading in one direction, and only a couple of times pr week. In trading I guess less is more. All the times I have read the phrases: "being able to sit on your hands is the most valuable skill in trading". I surely agree with that right now.
Not sure what to put in my checklist, but I guess the first things are major S/R levels from higher timeframe charts. Starting with weekly S/R, Daily S/R and on the 4 hour. No trades taken unless close to(at) major resistance.
Any other suggestions of what a checklist before a trade should include?