I got burned in the past because I entered too early because I fear to miss opportunities. How do you guys who are full time traders cope with this? What I did ======== - Record an audio with trading rules usingown voice to remind me throughout the day. The recording played itself ater every 6 minutes. It helps a little - Created an EA that will only execute my order after 30 mins. Doesnt help Suggestions from full time traders please. This is really a disease that I totally need to get rid Thx!!!
mr vortextrader if you don't have a written, tested trading plan, you might want to consider that. second, it's in the past. leave it there. the best part is the market is an effective operant conditioning system and will solve your situation one way or another. relax, have a home brew. just don't do it. https://en.wikipedia.org/wiki/Operant_conditioning
Jumping the gun can come from many reasons: Not trusting your system Fear of missing out Not a clear entry signal or having an entry signal with to many parameters Not accepting that the next trade is random Revenge trading to get back even There is no real answer if you are not telling how you feel when you do it. And why that feeling comes to the surface in the heat of the moment. If you examen that, then you can solve it. The solution is not more discipline or making boundaries when you can trade.
I took some time away from the screen and visualized what a “perfect trade execution” looked like in my head. I’m not talking about the “perfect trade” (i.e. price moving to my entry and hitting my target as I expected) but perfectly executing my steps in my trade plan without breaking my rules. As I did that I put as much detail in my visualization of what that looked like as possible. I wrote it down and put it next to my monitor. I view that every single time before I trade. It has helped tremendously in my discipline of following my rules.
I have that issue, when i try to hard to make money. Got to just accept those spike downs then reverse are too risky and give up on them, all too often they don't reverse merely pause then continue. I also find if trade isn't profitable in 2 to 3mins then exit, most the time i exit it crashes down badly, if your in opposite trade ie short don't exit on that pause its a fake out. Try to wait for no new lows in 5mins then get in, SL new lows, dax and nq don't seem to fake sl hit spike and reverse, FXs always do, so depends on what your trading.
Hi Vortextrader That is why 80% of EA traders are profitable, 80% of manual traders are unprofitable. Humans second guess every move we make, EA's just Execute.
What rule of entry to you have? Gut feel/intuition? Have you considered limit orders? Once filled you set your stop and you're pretty much done.
No, I have specific,proven rules . D/W/M direction,support resistance, correlation, patterns and lastly candle form. Limit/stop order is a good idea but usually I enter manually. I really need to improve my awareness.