It's very important to stay fully focused, emotional calm and stay "in the now moment" then trading. Meditation actually do this, it trains your brain to stay concentrated in the now moment., it breaks negative past associations, puts you in more objective mindset. When meditation is practiced regularly it helps you to reach new levels of awareness, improves your health, cleans your mind from never ending random thoughts. After some time your memory improves, your thinking process becomes more accurate and clear. After meditation you sometimes get A-HA moments about your problems, you gonna get more insights too.
I can talk and talk about positive meditation effects. I read few books about it, and I was practicing it for some time, but never got it in my habits, so after time I just forgot to do that or I became too lazy bastard to practice it. Furthermore I read somewhere in Brett N.Steenberg book that some traders practice meditation for better trading results and it's very recommended for us traders.
So my next step for improving my traders mindset is to start meditate regularly. I will try every day to sit down for 10-30 minutes and clean my head before markets starts. I believe its gonna improve my ability to stay in the now moment. So if you are interested in this practice your best friend is google, find a guide to help you with this stuff and try it.
Saturday, February 19, 2011
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!
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.
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.
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!
Tuesday, February 15, 2011
Mondays results and horse race markets similarity to forex
Hello everybody,
What I am going to do every day from now is to analyze yesterday markets, I mean yesterday charts :) I will be doing that every next days morning. Yesterday was moderate day to my PL. Was using 68 liability, according to my money management plan. Actually I use two divided stakes, make double clicks, and take some profit with one them then market makes money available to lock some profits. I saw so big swings in a lots of markets but was not able to take a lot from them, just few ticks up, or down. So my plan for today is to analyze these charts and always ask myself: Why you make an entry here? Why you make a partial exit here? Why you make complete exit here? Why you put your stop loss here? Probably by doing this, I will help to integrate objectivity from a markets perspective to a functional level in my brains.
Here I put some yesterday charts. I used 7 secs charts. In some charts you can see blue lines, it's mine analysis :) Actually when you look to them after market is over, it's looks so obvious and self explaining, but trading in live, things happens so fast, and of course with some bad psyche stuff it's very hard to trade. But what I can say, I am still learning.
And here you can see Forex charts, with similar charting setup. If you are not familiar with technical analysis, probably it's seems for you like "LEGOLAND" with too much things that you can't understand anything, but actually after a lot of work and learning, it's become easy, and self explaining. Actually bf charts and forex charts in the someway looks very similar, because the same human beings are moving both, same psyche, same psychological stuff in both, fear and greed. In other hand they got a lot difference too, pre race horses ends in ten minutes, and forex lasts for ever. For this reasons in horses is hard to notice any working divergences and momentum indicators don't work so good....
So that's it for today. I will be doing the same things, practice practice and practice. And trying to build a trader's mindset. Have a nice day!
What I am going to do every day from now is to analyze yesterday markets, I mean yesterday charts :) I will be doing that every next days morning. Yesterday was moderate day to my PL. Was using 68 liability, according to my money management plan. Actually I use two divided stakes, make double clicks, and take some profit with one them then market makes money available to lock some profits. I saw so big swings in a lots of markets but was not able to take a lot from them, just few ticks up, or down. So my plan for today is to analyze these charts and always ask myself: Why you make an entry here? Why you make a partial exit here? Why you make complete exit here? Why you put your stop loss here? Probably by doing this, I will help to integrate objectivity from a markets perspective to a functional level in my brains.
Here I put some yesterday charts. I used 7 secs charts. In some charts you can see blue lines, it's mine analysis :) Actually when you look to them after market is over, it's looks so obvious and self explaining, but trading in live, things happens so fast, and of course with some bad psyche stuff it's very hard to trade. But what I can say, I am still learning.
And here you can see Forex charts, with similar charting setup. If you are not familiar with technical analysis, probably it's seems for you like "LEGOLAND" with too much things that you can't understand anything, but actually after a lot of work and learning, it's become easy, and self explaining. Actually bf charts and forex charts in the someway looks very similar, because the same human beings are moving both, same psyche, same psychological stuff in both, fear and greed. In other hand they got a lot difference too, pre race horses ends in ten minutes, and forex lasts for ever. For this reasons in horses is hard to notice any working divergences and momentum indicators don't work so good....
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