Emotions when trading - page 50
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You can't go without stoppers just yet.
Takes and stops should not be carried away, you need a strategy that gives profits at TP=SL! Immediately get rid of 2Z problems: take and stop. Having given in to emotions, we should not prematurely close the TP, which is very difficult, because the temptation is great and emotions get in the way.
You should always stop, otherwise you'll get a pig by accident and you'll blame everyone else but yourself. I was 100000000000000% sure I was right !!!!!!!!!!
I will try to be as accurate as I can in memory.
Preface.
They say there are three types of traders in the market - hedging players - well, those who hedge their assets. The second big ones usually play for the long term and therefore are less subject to sinking. They basically know the market - where to enter and where to exit. Then come the small ones - the so-called "hamsters". This type "chases the price". That is, they buy at the top and sell at the bottom. So these past few days I behaved like the very last hamster! And under the influence of emotion I just can't soberly assess - what exactly am I doing wrong! Further details:
So as I said before the euro is now at a crossroads - the pullback that started, 2 times tested the level around 1.05 started to make attempts to return in the direction of parity. So we have some uncertainty in the direction. Nevertheless, according to some data I knew, that after the downward move we will definitely bounce and go up. And the first level for this bounce is 1.08. What I do? The pair begins a decline towards this level. I catch a couple of dozen pips on the way down. I see that the price has already reached this level, but like a hamster I allow myself to be "cheated", knowing that there are levels below - I open one more deal to go down on a sharp move. But as usually happens, the movement, a little bit breaking through the previous day's low, turns around and starts an upward movement. So far I do not know whether it is a pullback or still reversal, but knowing that from this level you can buy I close loss-making trade (which brought me a larger loss than I caught on the decline) and buy on the reversal. It all seemed to be perfect - just hold it? But it is not! Here Puppet intervenes. The price has passed a couple of points and turns around and starts to go back down. I know that there are some more levels below - for example 1.077, which I mentioned before - and open a lock trade down. Of course I do it like a hamster - at the very bottom
And then I start to do something absolutely stupid. But it is not the point. In general, I do not know from what considerations I look at increasing loss on an open trade and for some time I bring myself to conviction that it is only a correction. Moreover, this fact is proved by some information on forums. And I begin to "balance" the loss. I start to do this on a pullback from another level that has been broken through. I start pipsing - I open one deal and close it with small profit, then the second and third one. Then on a pullback I open a third (without having closed the second one). As a result up movement resumes and I have 3 trades opened losing instead of one
To sum it up: as a result of reckless pursuit of price, breaking all their own rules of trading, in particular, exceeding the risks, I actually ended my first attempt on the way to my first million. Yes, the market has become volatile - in fact, that is what they are trying to do now - to level positions - to dump the bears, whose number exceeds the number of bulls by several times. But I am not looking for excuses. I am looking for answers to the questions - what exactly was I doing wrong in the current situation? How can I turn things to my advantage? I do not want to sit on the fence! I want to earn! Every day by 10%, which I easily managed to do in a trend market at moments of less volatility! And all I had to do was not to close on the reversal, to keep the deal and not to exceed the risks!!!
And yet, what is it? Was it an evil fate? Coincidence of circumstances?
Well, think about it - long ago I tried to do the same thing. Even with 10 quid. Before I started doing it publicly - everything worked! But once I started flaunting it... You know what happened )).
Exactly the same thing happened this time! The Euro was safely on its way down. I literally did not strain myself making 10+% per day. But as soon as I opened a branch on the movement of the deposit up to a million, the situation immediately began to change dramatically - the trend was changed by a pullback with its inherent volatility! Determining a clear direction has become increasingly problematic in recent days!!! Coincidence? I don't know anymore!!! Well it can't be that no matter what I do everything happens exactly the opposite, can it? And even when I try to do the opposite, everything happens the way I predicted it would?
Looking forward to your advice and comments.
here i was sure, but i'm still sure even after the flush!!!! We'll check that out in the next few days I think. But I don't blame anyone!!! I know what works and how it works! Except I still can't answer myself the question - why am I doing this - making emotional rash actions that ultimately lead to a dump?!!! Lack of strategy? Something else is going on here. I will try to describe what happened. I hope to get your opinion, feedback and advice from the "outside", without emotions.
I will try to be as precise as I remember.
Preface.
They say there are three types of traders in the market - hedging players - well, those who hedge their assets. The second big ones usually play for the long term and therefore are less subject to sinking. They basically know the market - where to enter and where to exit. Then come the small ones - the so-called "hamsters". This type "chases the price". That is, they buy at the top and sell at the bottom. So these past few days I behaved like the very last hamster! And under the influence of emotion I just can't soberly assess - what exactly am I doing wrong! Further details:
So as I said before the euro is now at a crossroads - the pullback that started, 2 times tested the level around 1.05 started to make attempts to return in the direction of parity. So we have some uncertainty in the direction. Nevertheless, according to some data I knew, that after the downward move we will definitely bounce and go up. And the first level for this bounce is 1.08. What I do? The pair begins a decline towards this level. I catch a couple of dozen pips on the way down. I see that the price has already reached this level, but like a hamster I allow myself to be "cheated", knowing that there are levels below - I open one more deal to go down on a sharp move. But as usually happens, the movement, a little after breaking through the previous day's low, turns around and starts an upward movement. So far I do not know whether it is a pullback or still reversal, but knowing that from this level you can buy I close loss-making trade (which has brought me a larger loss than I caught on the decline) and buy on the reversal. It all seemed to be perfect - just hold it? But it is not! Here Puppet intervenes. The price has passed a couple of points and turns around and starts to go back down. I know that there are some more levels below - for example 1.077, which I mentioned before - and open a lock trade down. Of course I do it like a hamster - at the bottom and probably you will not believe - the price immediately starts going up. Eventually the price goes back to the up movement and I close the deal up with some profit.
And then I start to do absolutely silly things. But it is not the point. In general, I do not know from what considerations I look at increasing loss on an open trade and for some time I bring myself to conviction that it is only a correction. Moreover, this fact is proved by some information on forums. And I begin to "balance" the loss. I start to do this on a pullback from another level that has been broken through. I start pipsing - I open one deal and close it with small profit, then the second and third one. Then on a pullback I open a third (without having closed the second one). As a result upward movement resumes and I have already 3 unprofitable trades opened downward instead of one original one. But I keep telling myself that it is a correction, this trick of the Puppet before the march down and need not give up and keep the position I even do not take into account that resistance level has been broken through and do not open the lock up. In general all this ends with the final surge up to the level of 161.8 on the hourly chart. THAT'S IT! The account is closed after achievement of the minimum amount on the account - $20. What was really nice about this whole situation - the accuracy of the company Dukas - the account was blocked at this amount!
To sum it up: as a result of reckless pursuit of price, breaking all their own rules of trading, in particular, exceeding the risks, I actually ended my first attempt on the way to my first million. Yes, the market has become volatile - in fact, that is what they are trying to do now - to level positions - to dump the bears, whose number exceeds the number of bulls by several times. But I am not looking for excuses. I am looking for answers to the questions - what exactly was I doing wrong in the current situation? How can I turn things to my advantage? I do not want to sit on the fence! I want to earn! Every day by 10%, which I easily managed to do in a trend market at moments of less volatility! And all I had to do was not to close on the reversal, to keep the deal and not to exceed the risks!!!
And yet, what is it? Was it an evil fate? Coincidence of circumstances?
Well, think about it - long ago I tried to do the same thing. Even with 10 quid. Before I started doing it publicly - everything worked! But once I started flaunting it... You know what happened )).
Exactly the same thing happened this time! The Euro was safely on its way down. I literally did not strain myself making 10+% per day. But as soon as I opened a branch on the movement of the deposit up to a million, the situation immediately began to change dramatically - the trend was changed by a pullback with its inherent volatility! Determining a clear direction has become increasingly problematic in recent days!!! Coincidence? I don't know anymore!!! Well it can't be that no matter what I do everything happens exactly the opposite, can it? And even when I try to do the opposite, everything happens the way I predicted it would? What's the problem? Where is the problem? Apparently I'm missing something!!!
I am waiting for your advice and comments.
I understand you, because I myself have been in such situations. Now I am doing things differently, I MUST put a stop, no matter how the hamster or toad, each has its own zoo, did not resist. I put a stop not more than 1% and if it beats out a couple of times I switch off the computer and do not go near it. In my opinion, on such days the market needs "fuel" for trend movements, therefore moving towards a target, the market goes to the "petrol station" and fuels itself, it is flat, emotional traders serve as fuel for it. I do not want to, but it's better to overcome oneself and not to trade. I don't want to get a wrong entry point, but I have not guessed the direction. And the zoo must be closed !!!!!!!!!!!!!!!!!!!!!!!!
The guys were gassing up!!! They were tricking the whole zoo!!!
I need a universal system that trades in both flat and trend conditions. It seems to be simple - you see a flat, select a channel and start mowing. But what was going on these days is beyond my comprehension! The movement went from one state to the other many times during the day. So it was impossible to trade either in the channel or in the trend! Any kind of entry signals immediately dissolved as if they weren't there at all!
The guys were gassing up!!! They were running the whole zoo!!! I should have spit and closed the zoo, but I couldn't!!!
I was in a bit of a pickle too, but the stops saved the day. All logic and strategy went to hell. What the hell is going on? The guys are getting gas, it looks like there will be a long trip. We'll see where it goes, I think everyone's going to the south in summer, maybe the market will go there too.
Fed rate hikes and a strengthening of the dollar in the summer. The South is secured. Now they are wagering and leeching off One leech has already been leeched off in the form of me. But I'll be joining them again soon on the way back.
Gentlemen, the train is leaving! Take your seats according to the tickets you have bought !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
One problem I have is that I'm an idealist. I can't tolerate slack. I'm determined to win all the time. But the doll prankster messes up the direction of the trend. I don't like it and I start doing stupid things. Emotions, man!
And for the rest, if there is a drawdown, it will be within the traded zone.
After the drawdown has passed, nothing will be displayed in the statistics as this drawdown is not related to the balance but to equity.
The statistics will show zero drawdown.
However, it will be valid until the fixing occurs.
After that the position can be opened again with an instant profit long term (to gain the traded zone).
But we have to wait. This could be a long time.