Admission time, and a question or two :(

Trading is often about how to take the appropriate risk without exposing yourself to very human flaws.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

to75ne wrote:
Sat Sep 09, 2017 1:03 pm
just try and work out what makes you tick/react. its hard if not impossible to change you, yourself; the way your emotions kick in and when/why, without professional help and shed loads of money your probably not going to be able change them. just try and reconise what is likely to make you take a wrong decision or a stupid one (your emotions are you not someone else living inside you).

if you can do that, then you have an advantage cause you know. if you know you maybe be able to write a auto rule to deal with it or warn you it is approaching,or simply do nothing, or cut out and so on, but you must learn about YOU (taking ticks is easy in comparison).
I do agree with that general point, that you have to understand yourself, yes. That is the most important aspect in the long run of emotional control.

However, I don't agree that we can't alter/influence ourselves, thoughts and behaviours. Everything (and anything!) that could improve us in trading should be used IMO. It's a bit like that saying 'every little helps' I'd say, so anything we can add to our behaviours day to day (if it helps) is worth considering - of course if it doesn't work then that's also something to consider!
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

Time of day is also something I'm considering making a key aspect.

I am considering never trading after 6.00pm - all of my trading has been much more profitable pre 6.00pm, and my disasters have all been after 6.00pm!
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

Just wanted to report back that yesterday I put in place one of my first deliberate strategies (as above) - for the 6.00pm rule.

Huge sample of course (1 day) :lol:

But it worked a treat so far - nice steady profit pre 6.00pm stopped trading and didn't allow any trading after - a nice feeling not to blow my day's profits in any silly evening trading! 8-)
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

Why 6pm, why not 5:15 in time for Pointless?
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

spreadbetting wrote:
Sun Sep 10, 2017 10:07 am
Why 6pm, why not 5:15 in time for Pointless?
:D Good point.

TBH 6.00pm is slightly arbitrary I agree, just seemed a fair point to draw the line between afternoon/evening and it seems to (approx) show that in my previous results.
I may need to adjust time slightly during the year too.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

The main point is probably related to 'fatigue' in my trading, and reducing this with timing and limits.
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

Fatigue can come on anytime, picking an arbitary time to stop is much the same as the stop at a winner crowd. If evening racing doesn't suit your style figure out why and avoid those races during the day also, if fatigue is a problem take a break whenever it occurs, if that's family time take it off. Setting yourself random rules with no real basis behind them is a recipe to break them then feel guilty for breaking yet another rule or use it as an excuse why you lose after 6.

I remember when I first started I'd have problems with the last race of the day, simply because I'd see it as a getting out race either to chase back losses or play up winnings. As soon as I realised racing is never ending and will resume tomorrow I stopped setting myself daily weekly monthly targets and so on.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

spreadbetting wrote:
Sun Sep 10, 2017 2:28 pm
Fatigue can come on anytime, picking an arbitary time to stop is much the same as the stop at a winner crowd. If evening racing doesn't suit your style figure out why and avoid those races during the day also, if fatigue is a problem take a break whenever it occurs, if that's family time take it off. Setting yourself random rules with no real basis behind them is a recipe to break them then feel guilty for breaking yet another rule or use it as an excuse why you lose after 6.

I remember when I first started I'd have problems with the last race of the day, simply because I'd see it as a getting out race either to chase back losses or play up winnings. As soon as I realised racing is never ending and will resume tomorrow I stopped setting myself daily weekly monthly targets and so on.
Yep, some fair points, I know it's a little arbitrary at the moment, but still seems to fit for me with something to work on to fine tune the idea. Family time is part of the issue too as you suggest - not always easy to concentrate on trading later in the day for sure!
It's all only an initial idea, certainly needs working upon.
User avatar
gutuami
Posts: 1858
Joined: Wed Apr 15, 2009 4:06 pm

get someone to watch your behavior and guide and make you respect your own rules. a kind of "personal trainer" with a clear brain, unaffected by emotions. trading is a two in one game the employee and the employer at the same time. While you should behave and act like an employee when a critical situations occurs you tend to become the employer - the boss, the one that does whatever he wants. The range of ability to overcome that is the difference between success and failure.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

gutuami wrote:
Mon Sep 11, 2017 12:44 am
get someone to watch your behavior and guide and make you respect your own rules. a kind of "personal trainer" with a clear brain, unaffected by emotions. trading is a two in one game the employee and the employer at the same time. While you should behave and act like an employee when a critical situations occurs you tend to become the employer - the boss, the one that does whatever he wants. The range of ability to overcome that is the difference between success and failure.
I like that analogy to boss/employee, thanks.
I can see that at times when I have previously 'lost the plot', perhaps if I'd felt I was working for someone else (my employer) then I'd have been less inclined to go against the rules, so to speak. Having said that, it didn't stop Nick Leeson, so perhaps even that isn't full-proof! But in general, I get the point of the analogy and at least a possibly more 'professional' way to think during your actions.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

I also like the idea of someone objectively observing me - unfortunately, not sure I have anyone available to do that. Maybe I'll record myself sometime, I know some do that.
User avatar
LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

The last time I went 'In Play' was New Years Day 2008 - I lost £2000

I printed the disastrous trade off, and pinned it to my wall.

From that moment on, I was constantly reminded what can happen when you don't 'red up' a bad trade - after a while, it all become second nature and I've never let a bad trade go 'In Play' since. I would never have made it to self-employment if I hadn't done that
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

LeTiss wrote:
Mon Sep 11, 2017 11:46 am
The last time I went 'In Play' was New Years Day 2008 - I lost £2000

I printed the disastrous trade off, and pinned it to my wall.

From that moment on, I was constantly reminded what can happen when you don't 'red up' a bad trade
Yep, I've heard that trick mentioned a couple of times before - stick up your worst memory/trade and it will keep it in mind, and hopefully stop you even thinking about repeating it. There is an interesting issue in making the denial of our poor behaviours something that is second nature as you suggest. That way it is less an active task to prevent poor behaviours/choices, rather just make it implicit that these don't cross our minds at all as an option - I hope to achieve that level of mental control one day!
Halliday
Posts: 460
Joined: Sun Jun 12, 2016 3:40 pm

stueytrader wrote:
Thu Sep 07, 2017 7:22 pm
to75ne wrote:
Thu Sep 07, 2017 5:33 pm
this topic and been covered many times and by many people who have faded away.
I do know the idea of control generally is a repeated area yes, though I'm more wondering what some may have used as very specific strategies/behaviours, and specifically on the staking side of the coin.

I realise going on tilt as a wider issue is something that is common in this area.
Tend to agree that this topic has been covered many many times on here , and all the info you think you might need is in those threads .But I suspect Stuey the simple fact is that "trading " for whatever reason just isn't for you.

Despite all the Psychology you quote , I suspect the simple fact is that maybe your just no good at it, it may seem harsh but we've been here so many times with other posters. So your probably just kidding yourself that you can succeed

I've said it many times that people tend to overcomplicate things , or blame various factors ( fatigue among many others being one of yours ) for their own failings .

Keep it simple, protect your bank, and enjoy ..
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

Halliday wrote:
Mon Sep 11, 2017 1:10 pm
stueytrader wrote:
Thu Sep 07, 2017 7:22 pm
to75ne wrote:
Thu Sep 07, 2017 5:33 pm
this topic and been covered many times and by many people who have faded away.
I do know the idea of control generally is a repeated area yes, though I'm more wondering what some may have used as very specific strategies/behaviours, and specifically on the staking side of the coin.

I realise going on tilt as a wider issue is something that is common in this area.
Tend to agree that this topic has been covered many many times on here , and all the info you think you might need is in those threads .
If you 'reduced down' some of the more general descriptions/discussion to specific behaviours then possibly yes, (I know there's some good postings related to the area) - that's essentially what I'm asking about.

ps. I know there's the possibility (with any trader) that they're 'not good enough', and I'm more than aware that could apply to me. But this has been a refreshing project since I originally posted, for my mindset and trading experience. I've even managed to not let some 'potholes' affect me recently, which in the past would have stopped me. I've traded long enough to know whether I'm any good at the meat and drink of the trading process, so that's not my main worry - my psychology has been though at times, and that is what I'm currently dedicated to working on. So far, so positive.
Post Reply

Return to “Trading Psychology”