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[MickMason]

Originally posted by dwt1020


Mick ... You are so right about this.. Just like a drug addict who can't stop taking drugs.. I can't seem to stop "NOT hanging onto winners".. I can't tell you how many times I move my s/l to above break even swearing I'm gonna ride this one out, only to close it with a much smaller gain than had I waited... It's a sicknes... and not pretty...

Good Luck Trading..

d

We've all been there, it's a psychological thing as I'm sure you already know, but I have a cure!....set stops and limits and walk away, otherwise it's like waving a fix in front of that junkie.

It ain't easy though, it was easier giving up smoking!

Mick

[autofx]

Okay Mick, I take back what I said about you not giving
any constructive advice.

You're right, one has to learn to walk away.

It is not easy.

A key psychological breakthrough happens when you can
sleep on trades.

There are "trading psychologists" out there. I don't
know what they charge.

Trading in the Zone by Mark Douglas clicked for me.

Good luck!

[autofx]

I haven't tried to track currencia's calls.

But those sure are some psychedelic technical analysis
charts he posts.

Whew. Talk about over-analysis.

[MickMason]

There's a good daily newsletter available from Innerworth, here's an example from yesterday's email newsletter:


Courtesy of Innerworth.com

Detached and Objective

Winning traders are objective and detached from the ongoing market action. They don't stare at their screens and allow their emotions to move up and down with how well their trades are doing. But novice traders often have difficulty remaining objective and unemotional. There's a very human tendency to avoid risk and loss. In everyday life, our emotions protect us. When we anticipate harm, we become fearful. Fear is a powerful emotion. When we are afraid, we react quickly and instinctively. And when we act out of fear, it usually leads to impulsive decisions and trading errors. The more you can stay objective and detached, the easier it will be for you to control your emotions.


If humans didn't react to market events with strong emotions, there would be no volatility to take advantage of. Fear and greed are powerful emotions that sway the masses to buy and sell at the wrong time. The only difference between you and the masses, however, is that, as a successful short-term trader, you must control your emotions and not be influenced by fear and greed. Master traders know how to control their emotions. They remain detached and objective. When the stock falls to the protective stop, the position is closed immediately. There is no sense of guilt, worry, or uneasiness. Small, controlled losses are expected, and there is no reason to be overly concerned about it. Similarly, when the stock price moves up to the profit target, the seasoned trader assesses the price movement and either closes all or part of the position, or even adds to it while raising the stop-loss. Either way, the seasoned trader has planned the trade and is trading the plan with controlled emotio ns and a calm, detached confidence that generally produces consistency and success.
It may be hard to stay unemotional and detached. The more experience you gain as a trader, however, the easier it will be. People are most afraid when they encounter novel and unforeseen situations, and when newbie traders first start out trading, their initial experiences are new and unpredictable. Under these conditions, it makes sense to put things in your favor. For example, limit your risk. If you make the outcome of a single trade relatively insignificant, you will be able to remain more detached. Similarly, trade with money you can afford to lose. If you know that a loss will really hurt you, it will be difficult to convince yourself that the outcome doesn't matter. The more you can believe that an outcome truly doesn't matter, the easier it will be to remain detached and objective. And if you can remain detached and objective, you'll trade more freely and effortlessly.

[benkorea]

This is the kind of post I like to read.

[bobnat]

Originally posted by benkorea
This is the kind of post I like to read.

Ben, here's a word file with 38 of Innerworth's newsletters. I receive the newsletter daily and I like to compile them.

The attachment is a zip file containing a Word file.

Nat

[benkorea]

This is really nice of you. But I also subscribe to their newsletter. MickMason is a good contributor to this community but recentlly he was whinning quite much. And it was a bit annoying, I must confess.

My post was just there to remind him that he can do better than whinning.

Anyway, your file will certainly be useful to many of us, Thanks!!!

[bobnat]

My pleasure, Ben. Hopefully others will read it and sign up to the newsletter. It's got to be one of the best free things on the net.

Nat

[benkorea]

I agree!

[MickMason]

Originally posted by benkorea


MickMason is a good contributor to this community but recentlly he was whinning quite much. And it was a bit annoying, I must confess.

My post was just there to remind him that he can do better than whinning.

You sound like one of my old patronising school reports, '....could do better....'

If you consider constructive critisism is 'whinning' then yes, I'm whinning. If my whinning is a bit annoying for you then I have the perfect solution, don't read anything I write!

The contributions you consider 'good' may be seen by others as whinning, the contributions you consider 'whinning' may be seen by others as 'good'.

So, good or whinning, I post what I think and leave it up to the reader to decide.

Mick

[benkorea]

Deleted,, useless message intended to Mickmason!

[benkorea]

double post,,, deleted

[MickMason]

Originally posted by benkorea


I don't want to put you on the 'ignore list' because I know you are sometimes very interesting.

Well I'm sorry friend, you can't have it both ways! Make your own mind up, read them, don't read them, it makes no difference to me.

Mick

[benkorea]

Deleted,, useless message intended to Mickmason!

[MickMason]

Yeah, sure, whatever