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Brian,
My two bit worth after 15+ years of trading on some of your answers to an
earlier excellent post by Tim.
>>What tools do you use to "pull the plug" on your trading after a
certain number of losses?
>>Agreed. I guess I'm looking for more tools to be able to easily close my
positions and take that break. That sounds like the "right" thing to do...
but how?
These were two things you said to Tim's advise. Seems to me you are looking
at "tools" more than yourself. Somewhere in your couple of posts you have
clearly mentioned that your system works fine and that the 19 pt blowout
would have actually been a 12 pt profit as per the system. So maybe you got
the wrong focus here.
>>Trading is the hardest (yet most healing) thing I've ever
undertaken. I love it... but there's some reprogramming or
restructuring I need to do mentally in order to rid myself of these
self-inflicted "blow-out" days that I seem to have once or
twice a month. Any suggestions?
>>Great advice. And I live it UNTIL emotion starts creeping in.
>>Is self-respect the answer? Trading certainly has assisted me in
learning to love and accept myself more than ever before in my life.
(I had a rough, abusive up-bringing with all the yucky crap one
cares to imagine). I've been working hard on overcoming it all, and
trading has propelled me into more personal healing than anything
ever has.
There seems to be some echoes of "deserving" the money made, here. I
believe - and I was taught this by what Mark Douglas said in one of his
lectures - that most traders blow themselves out because at some deeper
level they feel they really don't deserve the kind of money they make. It
may appear facetious at first but if you think about it deeply enough, it
will reveal all our subliminal concepts of the values of time, effort and
reward. This plays a very very significant role in money accumulation.
>How do I know when to quit? I hate losing money. When I lose money, I
>don't think about a comeback. I don't get mad. I close my positions
>out and take a break.
>>How much money are you willing to lose and do you base it on a percent
of your account, or what?
It is never a question of being the "come-back-kid" on the block. That may
be extremely ego boosting but inherent in that kind of mental make up are
the seeds of destruction. One may label it as determination or confidence or
whatever. While these attributes are fine in themselves and something we
should all possess and strive for, from a trading perspective, a close
trade - whether loss or profit - is history. If you allow it to resonate on
the next trade, the problem, my friend, will never ever go away. Reorient
yourself to think of past trades as history - to be learnt from but not to
be used as yardstick for future earnings.
Hope this helps.
Dr.Narayan
Mumbai, India.
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