Fear of losing unbooked profit due to greed and perfectionism...

[MC]

That was very clear and helpful James.

Luckily I don't chase, and I don't emotionalize hard stops.
What I do is panic at the fear of giving back paper profit and have issues letting the runners do their thing. As a rookie I would have been very profitable in 07 if I didn't have this mental tick. I may actually just move back to scalping since I was profitable at that and try to tame the emotions with stocks or a non leveraged instrument with less to lose. Swing trading has the potential to create alot of money for me so I feel I have to learn to tame these feelings. Hell if not for the money for my own satisfaction. I have 70 stock trades and 55 future trades live so it's no wonder I haven't worked out the kinks yet. I need to keep reminding myself being only a year in and with limited trades I'm at least in the average group if not much higher up on the totem pole.

I'm undercapped too...I have $5k so futures are like all my eggs in one basket which exasperates my emotional tick. I'm dialing in though...this should be a profitable year for me...I'm confident of that.

Thanks for the input.

[chrisl]

Wow, you guys gave great advice and I've learned from the seasoned pros here. I enjoyed reading all the relies,and I too have the same trading issues, but when I got to the end, I realized "The Trading Doctor" never replied and gave her professional advice.
Trading Doctor, will you please respond?

Thank you

[wsam29]

Late to the party again, too much to read.

Taking instant profits is due to instant gratification that one seeks.

Just think back when you were a kid, did you want something right away or did you have the patience to wait for your reward, which might have been twice the amount had you waited.

Sitting and letting a trade work for more profits is not easy.

You gotta refrain from acting on impulse.

Over the years, I have come to realize the elite traders are nothing more than being super aware of their own thoughts and emotions and have the will power not to act on those.

[MC]

	Quote:	wsam29
	Late to the party again, too much to read. Taking instant profits is due to instant gratification that one seeks. Just think back when you were a kid, did you want something right away or did you have the patience to wait for your reward, which might have been twice the amount had you waited. Sitting and letting a trade work for more profits is not easy. You gotta refrain from acting on impulse. Over the years, I have come to realize the elite traders are nothing more than being super aware of their own thoughts and emotions and have the will power not to act on those.

Thanks for the feedback.

I don't really think its will power, I think they have re-conditioned their minds (sub-conscious) to not let their judgment be clouded. I think they do this via repetition of their edge and building the trust in their edge.

I believe I have will power at least equal to, if not beyond most average people and good impulse control in near everything in life but the market for now. I'm just over a year in, and over half of that was with a "mentor" that was NOT good for me. He had me looking at all indicators and looking for the holy grail as he himself was not really a mentor. Learning the bases from a discretionary trader was a bad thing for me, but I'm making up for lost time now.

I sell early from fear more than greed. I feed the ego not the equity level.
My sub-conscious likes to feel the win more than the payoff financially. I don't like that and will change that this year.
My 2 goals for 2008 are...

1) Define my edge further and trade it consistently.
which will lead to goal 2...
2) Become a net profitable trader.

[wsam29]

Not to sound arrogant, but all our issues have solutions to them, just re-read what you just wrote and think about what you just wrote.

Try focusing on what is going good for the trade and not what is going wrong, which can take your profits away and that thought alone creates an urge to action, to take profits.

Dude, it is easier said than done, but its one of the things you must over come to become successful.

You can sorta say, it takes time to mature as a trader, just like in life, look back on how you have changed as a person. It just happened when you finally came to terms with the issues. It either happens or it doesn't, its something you cannot force.

I used to that the same problem, taking profits early only to see the market run. Its at the moment when you have the thought of taking profits, is when you need to acknowledge that thought and refrain from acting on it. The next part is tricky, you gotta come to terms with getting stopped out if it happens, and a "could have taken profits" after thought kicks in.

Because if you don't your next trade will be opposite of what you just did, its a revolving door of getting nowhere fast when you do stuff like that.
Hope this helps.

[MC]

	Quote:	wsam29
	Not to sound arrogant, but all our issues have solutions to them, just re-read what you just wrote and think about what you just wrote. Try focusing on what is going good for the trade and not what is going wrong, which can take your profits away and that thought alone creates an urge to action, to take profits. Dude, it is easier said than done, but its one of the things you must over come to become successful. You can sorta say, it takes time to mature as a trader, just like in life, look back on how you have changed as a person. It just happened when you finally came to terms with the issues. It either happens or it doesn't, its something you cannot force. I used to that the same problem, taking profits early only to see the market run. Its at the moment when you have the thought of taking profits, is when you need to acknowledge that thought and refrain from acting on it. The next part is tricky, you gotta come to terms with getting stopped out if it happens, and a "could have taken profits" after thought kicks in. Because if you don't your next trade will be opposite of what you just did, its a revolving door of getting nowhere fast when you do stuff like that. Hope this helps.

I take stop losses no questions asked and embrace the downside risk.
It's the upside risk I have the issues with, again I think due to the need to be right. I've always been a paradox or contradiction, how can I accept being wrong on the downside but not on the upside? LOL

I agree...you're right on, I need to look at the pluses of being on the right side of the trade not the fear of letting a trailed stop get hit. I mean how can you screw up a trade that's in the green right.

As is common with the market and that damn "revolving door", when I'd get the balls to let it run that was always the one that had a big pop and then the trailer was too loose for the range of the pop. I'd give up too much and kick myself for leaving so much on the table. Then the others my stop was too tight on the initial entry to let the trade breathe at all and BOOM, I'm stopped out to the tick low of the swing.

Anyways, enough ramblings from me...thanks again for the insight and help.

[james_gsx]

Thanks WSAM, that actually does help a lot.

[Nvesta81]

I must have a very unsual view because when my stop is breakeven+2 there's so much pressure relieved I barely even care where my runner ends up lol... I just look at it as a free trade, if I get stopped out, oh well...on to the next setup.

[MC]

	Quote:	Nvesta81
	I must have a very unsual view because when my stop is breakeven+2 there's so much pressure relieved I barely even care where my runner ends up lol... I just look at it as a free trade, if I get stopped out, oh well...on to the next setup.

That's the right way to look at it...not natural for some of us though I guess.

I'll be continuing my path and won't give up till I become consistant and net positive.