3 responses to “Temptation

  1. Listen, after reading your posts, i think each and every trader goes thru this at some point.. myself included. 2 years as a trader is nothing.. if i had to start over again, i would give myself 2 year minimum to learn the fx, futures basics. thats just the basics!! anyone who tells you they make $$ on a consistant basis before 2 years of FULL time trading is full of BS.

    1. u have to have a set concrete plan.. setup, entry, stop and profit. a bad plan is better than no plan at all. You need a defined edge in risk/reward terms. I trade my best when i think of risk reward.
    2. patience patience patience… its so hard, i know exactly how you feel about having to be in the market at all times.. that feeling of “i’m gonna miss the move” is the worst feeling a trader can have. What has helped me is actually thinking in texas holdem poker terms.. youre going to throw away a lot of hands.. youre going to pass on a lot of trades. youre going to throw away a lot of antes and a lot of defined stops.
    3. discipline. overtrading, revenge trading…to avoid the tweener trades, the kind of inbetween trades that dont quite match your concrete strat.. but feel and look damn good… that GBPUSD trade thats gone up 500 pips and is “due!” for a correction but simply doesnt match a pattern to short yet.

    3a i also read how when in a drawdown everything in your life goes to shit. you stop working out, junk food etc. again, i’ve been thru this as well. We both know we are at our best when we’re in a established routine. I think of it this way…if im not disciplined enough to:

    a. go to bed and get up at a set time
    b. workout
    c eat healthy
    d. do my market homework

    I WILL NEVER be disciplined enough to trade during the day.

    it takes 21 days to establish a routine.

    4. focus on a few markets, with a few time frames. learn everything there is about what you trade. Nothing, i reapeat NOTHING will make up for screen time. Thats just the cold hard fact… it will take time

    dont give up, just dont give up. you need to give yourself time. a doctor doesnt learn to operate in 2 years… even the best of chess masters took time to assimilate the patterns ,the knowledge, and the experience needed to consistantly beat strong opponents. The stock market, FX , futures.. no matter what u trade, u have to realize is made up of the strongest opponents… with such a high turnover rate of 90+% the ones that are left are very good at what they do, and thats to take advantage of you!

    DONT give up! you can do it if you really want to.

  2. Totally agree with Mark’s comments. Hang in there. There are times when I have thought about wearing the suit and tie again but the thought of working for another a$^#%$e just make me work even harder and stay disciplined. Why don’t you take a break away from trading, get maybe a part time job to replenish yr funds and then have a go at it again.

  3. Thanks Mark and Sitoca for the comments,

    I am starting to appreciate that two years of trading does not even give me intermediate experience. Mark’s points on having a plan and being patient ring true, but I have known this and yet continued to trade destructively due to my addictive behaviour.

    For me, points 3 and 3a on discipline are what I need to focus on. And it is so true that a heavy drawdown also creates an emotional drawdown. I also agree that if I cannot be disciplined in other areas of my life, then I cannot expect to be disciplined in my trading. When times are good, the other parts of my life are kind of like a subconscious training ground for my trading activity. Likewise, when either my trading or other parts of my life are out of kilter, so there is a feedback in the other direction.

    I haven’t given up yet and am still hanging in there. Sitoca, I will try my hand at something else once my trading comes to an end. I don’t want to top up my funds with equity from toiling in an office, but want to face my trading errors head on, deal with the hardship of a low account, and try to trade my way out of this hole of my own making. I am putting in the effort on a daily basis, but I am also dealing with the reality that all the effort in the world doesn’t guarantee success, and that chance plays a big role. I am just facing the reality of the industry statistics. If I make it in to the 10-20% bracket of survivors I will be happy, but I think the odds of this are just that, about 10-20%. For the time being, I am here and I am trying.

    Thanks for sharing. It really helps.

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