|
PureBytes Links
Trading Reference Links
|
>In a message dated 98-08-03 23:20:29 EDT, brente@xxxxxxxxxxxx writes:
>
><< but I have learned that all the analysis in the world without the right
> mental discipline and trading psyche are of little value and my analysis
is
> my analysis and is better kept private.
>
> I ask you all is this the type of forum we want here?
>
> Brent
> >>
>
>
>We are in accord. Personally, I save such great posts for re-reading. I
>would love to see more posts relating to the inner work and developement
>without which trading is assuredly a lost endeavor.
>
>To carry this further, and perhaps start a new string:
>
>Perhaps some of you out there could give me some advise as to some
techniquies
>I could employ to help overcome fear of pulling the trigger. Fear of the
>loss, the pain of the loss. And some techniques to quickly overcome the
loss
>once taken. I am very good at cutting losses. But need much work at
>consistent application of my plan.
>
>Thanx in advance,
>
>Pompatis
Mark Douglas recommends defining loss as a starting point. I find it
calming to
look ahead at several possible outcomes of a trade. This is reinforced with
the
thought that the tick reversal means the market (thousands of traders with
their
peculiar feelings) turned the other way, not that I screwed up.
Once that is done, thoroughly, the fear is much less. The loss is taken
when I
do see it happening. I check that against the definition and range of
outlined
outcomes talked about earlier. I look also for clues in the numbers, what
strength
signal did I miss? Usually it turns out that the market just turned. The
traders who
create the whole effect changed from buyers to sellers.
Next time, when coming up on the moment to put on a trade, the emotions are
dealt with by defining the loss, again, along with other possible outcomes.
The
fear may be there, but subdued. By just observing it, some control is
imposed.
|