Friday, February 18, 2011

So disgusted by trading errors and self-sabotage

Hello there! How are you today?

Yesterday was I nice day with lots of opportunities, made by big backer on the favorite. However my self sabotage mechanism found a way to creep in to my trading... Was up about +70eu but in the last market I got in play and lost in that one -84eu ... What a heck? All day I was confident, calm and did not any trading error, and somehow in that last market I was not able to take small -2eu loss and "decided" to get inplay! What a fool! :) So I made my best day of few weeks to the worst one, by this one minute trading error. Probably this kind of error has happened to you too? And you know that sick angry feeling on yourself? What I was thinking at that moment? Actually nothing, my head was empty, was doing this error subconsciously without any conscious thinking. And of course after loss hit me I woke up and got so disgusted by this trading error and self sabotage that I decided never ever go in play again! Written down few sticky papers and added in front of me on my monitor: "Trading errors: NO IN-PLAY PLEASE!!! TAKE A LOSS AND MOVE ON!!!" I hope that seeing this all the time will help me to stay away from making this error again.
All this week was strange for me, markets was strange, moving so fast and in most of them I couldn't see a pattern or a trend. It looks like that I lost my edge, but I believe that it will get better getting closer to the summer and extra liquidity comes. But somehow in all days I managed to finish little up.

Here you can see few charts, I call them "spaghetti", very hard to trade, because you never know when it gonna make big swing in any direction. And if you are gonna chase price you surely will get the worst one and almost every time you will get in pullback or reversal again, what means loss again.






So my plans remain almost the same, practice practice and practice, just gonna add one more thing: to monitor myself for potential to make trading error, and catch myself thinking about it or in the worst case doing it.

I have few ideas to write some interesting post: "Are we really alone in trading?" ; "It's obsession of becoming successful traders or just plain addiction to random events?" ; "Maintain your physical and mental health: gym, meditation and brain synchronization with your headphones." Probably gonna write something in the near future then I will take day off from trading.

So that's it folks, have a nice day!

3 comments:

  1. Post it notes will not stop you going inplay... its far far deeper than that, You can try many things... reinforcement/avoidance of good behaviour or more importantly how you see things try this link http://www.ruthroosevelt.com/articles.htm story power/metaphors would probably be most helpful for this. good luck

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  2. Thanks Caan :) I will read this today.

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  3. Hi, regarding going in play: I solved this easily. I have programmed a simple bot in gruss betting assistant that closes down the positions 5 seconds before the scheduled off.

    I would have let the positions go inplay many times and this was the only working solution for me.

    Best regards

    Andrej

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