Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

AbeSmith

Anyone Need Help?

Recommended Posts

What happened to Dr. Janice? She is no longer here?

 

For what it's worth, I have a psychology degree from a good university, and a law degree from a decent university, due to partying alot at the good university. If anyone needs psychological advice just ask.

Share this post


Link to post
Share on other sites
with he Psychic forum?

On one level - yes. If you are my psychic friend why haven’t you called me? … especially after I had that premonition you would be calling with help? …and even more especially since you already know what I need to change.

On another level - no. If you are my psychological friend…and even more especially since you already know what I need to change…

Share this post


Link to post
Share on other sites
On one level - yes. If you are my psychic friend why haven’t you called me? … especially after I had that premonition you would be calling with help? …and even more especially since you already know what I need to change.

On another level - no. If you are my psychological friend…and even more especially since you already know what I need to change…

 

Sorry zdo. I don't know what your problem is.

Share this post


Link to post
Share on other sites
Sorry zdo. I don't know what your problem is.

 

C'mon Abe, you can do it, at least take a guess. I'll go ahead and guess too. My guess is that zdo didnt take his meds today. That's the best I can do. I'm sure you could do better. I mean, it's not like zdo is being completely ambiguous here or anything. I hope you didn't party to much at school, i think zdo needs your help. :beer:

Share this post


Link to post
Share on other sites

Thank you, Abe. That is a very generous and considerate offer and I may actually take you up on it. My first problem is that I’m having a problem with the problem orientation and I seriously don’t want to have a problem with problems anymore. Can you help me / us with that?

 

"The regular session has ended…"

Share this post


Link to post
Share on other sites
Thank you, Abe. That is a very generous and considerate offer and I may actually take you up on it. My first problem is that I’m having a problem with the problem orientation and I seriously don’t want to have a problem with problems anymore. Can you help me / us with that?

 

"The regular session has ended…"

 

Zedo, I don't have the solution to all problems. But I can try to help you on specific problems. If you like, describe specific problems you are having and I will try to help. Do you have trouble following your trading plan for example? Or do you have other non-trading related problems that you want to discuss?

Share this post


Link to post
Share on other sites

I know what zdo's problem is but I can't describe it here on a polite, family orientated board.

 

Good idea Abe. Hopefully you'll get some specific issues put up.

Share this post


Link to post
Share on other sites
I know what zdo's problem is but I can't describe it here on a polite, family orientated board...

 

Kiwi, while we’re on “family oriented”, after all these years you’re still always picking on us tards who ride the short bus ?

Glad you got in on the fun part - sorry you don’t get it on the serious parts…

 

 

 

 

 

 

 

 

 

 

 

Anyway – Abraham Maslow, a human potential pioneer, noted that the gifted therapist / helper Carl Rogers had reported that successful help / therapy raises the average score of a patient on the Willoughby Maturity Scale from the 25th to the 50th percentile. Maslow then asks about going from the 50th upward and concluded “You reach a point where you have to do it all by yourself”. Do you agree?

And as a group, traders seem to lean toward self reliance anyway… might there only be a small range on that Scale to which it would even occur to them to ask for help.

Btwn 0 to 25 - very low chance of considering the option, blind to it.

Btwn 25 and 50 - only a small segment of this range would seriously consider it,

50+ - on their own anyway. Realistic?

 

Hopefully, my posts have not derailed AbeSmith’s generous attempts to help. I appreciate it. Hopefully he is helping a private contact as we speak…

 

"The Regular Session has opened."

Edited by zdo
make it more better

Share this post


Link to post
Share on other sites

I am an incredible cynic. Day to day, this works in my favour, after a bad run, I expect the worse and become, well, cynical despite how well I do (documentation in my private forum)...

 

The only relation I can think of is religion. To have religion you have to have blind faith. I have an 80% method yet still need blind faith.

 

Despite everything, more than 4 losses in a row I expect the method to never work again. Its all 'too good to be true'.

 

Fix me!

Share this post


Link to post
Share on other sites
What happened to Dr. Janice? She is no longer here?

 

For what it's worth, I have a psychology degree from a good university, and a law degree from a decent university, due to partying alot at the good university. If anyone needs psychological advice just ask.

 

Abe, I will take your help. I will try to describe some of my recent issues:

 

- I study the markets really really hard and on a simulator (over 3 months at least) I am profitable. I have spent enough time to learn a few setups and techniques which I trust

 

My biggest issue is breaking my rules. I've had too many days when I was up for the day and gave it all back just because I wouldn't stop trading until the day was over. I have promised myself multiple times that I would stop trading once I reached X in losses but in a lot of situations I've lost 5 times X which made me feel really depressed.

 

I'm very successful in my career (outside of trading) and I know I have what it takes to succeed in trading but for some reason I just can't develop the discipline to stop trading when I reach a certain X or risk always the same amount. The more I lose the more I try to get it back and it ends up bad.

 

Your suggestions are welcome.

Share this post


Link to post
Share on other sites

i seem to be over trading alot. jumping into less than quality positions just to trade it seems. or if i see that i have given back some of my profits i will jump into a position too quickly without confirming the set up. i have a good grasp on risk and i am able to get out when i am wrong or when positions start to go against me for the most part but i have had some problems with that in the past also. i feel that if i could just be more selective i guess is the word i would not run into the same problems. maybe you could help me maybe not? i should mention my commissions are minimal 2 cents for every hundred so getting in and getting right back out of large positions is not that costly but i would like to over come it all together.

Share this post


Link to post
Share on other sites

now that i read sharp2be's response a little closer it appears our problems are less similar than i first thought and definitely not as bad. i don't ever give back 5 times my risk limit and never have issues with that. although sometimes my over trading causes me to hit my loss limit early and forces me to stop for the rest of the day. that is actually my greatest motivator to be more selective and less impulsive so i can trade the whole day. i am not using a simulator either, but have nothing against it and used it when i first started

Share this post


Link to post
Share on other sites
now that i read sharp2be's response a little closer it appears our problems are less similar than i first thought and definitely not as bad. i don't ever give back 5 times my risk limit and never have issues with that. although sometimes my over trading causes me to hit my loss limit early and forces me to stop for the rest of the day. that is actually my greatest motivator to be more selective and less impulsive so i can trade the whole day. i am not using a simulator either, but have nothing against it and used it when i first started

 

Jcavalieri, can you give me some tips on how you stop trading when you reach you limit... do you stop and re-evaluate your trades for the day our just go by the amount lost?

Share this post


Link to post
Share on other sites
I am an incredible cynic. Day to day, this works in my favour, after a bad run, I expect the worse and become, well, cynical despite how well I do (documentation in my private forum)...

 

The only relation I can think of is religion. To have religion you have to have blind faith. I have an 80% method yet still need blind faith.

 

Despite everything, more than 4 losses in a row I expect the method to never work again. Its all 'too good to be true'.

 

Fix me!

 

wasp,

 

Do you believe the worse will probably happen, or are you concerned that it could happen? If you believe the worse will probably happen, are you using logic to reach that conclusion? Or is your belief based on a feeling? In either case, it is good to be cautious in you trading, and to prepare for the possibility of your methodology not working anymore. Do you have a money management rule that will mitigate losses in the event your methodology stops working? Are you developing new methodologies, even though your current one is profitable? Being prepared will help you deal with an uncertain future, and give you peace of mind in the present.

Share this post


Link to post
Share on other sites

While I think having a plan is a great idea, the reason most people over trade is because they don't have the discipline to follow their plan. They can take notes, chart stats on spreadsheets and clearly see that when they deviate from their plan they screw up.

 

I think we should focus on how to establish the discipline to follow a set of rules in an environment without preset structure. Most people are successful outside of trading because there is structure, in trading everything comes down to the individual.

 

In Vegas, the bet ends when the dealer ends it. In trading, the bet ends when the individual ends it - which can sometimes be very difficult.

Share this post


Link to post
Share on other sites
Abe, I will take your help. I will try to describe some of my recent issues:

 

- I study the markets really really hard and on a simulator (over 3 months at least) I am profitable. I have spent enough time to learn a few setups and techniques which I trust

 

My biggest issue is breaking my rules. I've had too many days when I was up for the day and gave it all back just because I wouldn't stop trading until the day was over. I have promised myself multiple times that I would stop trading once I reached X in losses but in a lot of situations I've lost 5 times X which made me feel really depressed.

 

I'm very successful in my career (outside of trading) and I know I have what it takes to succeed in trading but for some reason I just can't develop the discipline to stop trading when I reach a certain X or risk always the same amount. The more I lose the more I try to get it back and it ends up bad.

 

Your suggestions are welcome.

 

Sharpe2B,

 

Breaking money management rules in trading may be a sign of addiction. Addiction to winning, to money, to being right, and the feelings that can be associated with them. With addiction there are withdrawal symptoms. When the source of addiction is removed, feeling of anxiety and immense discomfort can follow. Withdrawal symptoms can be so intense that they will overwhelm logic.

 

I was once addicted to cigarettes. I knew it was unhealthy. Yet I continued to smoke. When my logic overpowered my need for cigarettes, or perceived need for cigarettes, was when I gained the resolve to kick the habit. I suggest you try to look into the logic of your rule. Look into it objectively. Be honest with yourself and your thoughts. This may be difficult when emotions are involved, or if you are in a rush to come to a conclusion. Concentrate on the wording to help you stay objective. It is common to slip when trying to kick the habit. Do not lose hope if you do.

 

Some things to consider when looking into the logic of your rule:

How does a money management rule protect you? Seems to me it protects you in days when your methodology is not in tune with the market. And it protects you when your state of mind or physical health might not be well. Those are times when it is in your advantage not to trade.

Edited by AbeSmith

Share this post


Link to post
Share on other sites
i seem to be over trading alot. jumping into less than quality positions just to trade it seems. or if i see that i have given back some of my profits i will jump into a position too quickly without confirming the set up. i have a good grasp on risk and i am able to get out when i am wrong or when positions start to go against me for the most part but i have had some problems with that in the past also. i feel that if i could just be more selective i guess is the word i would not run into the same problems. maybe you could help me maybe not? i should mention my commissions are minimal 2 cents for every hundred so getting in and getting right back out of large positions is not that costly but i would like to over come it all together.

 

it seems i may be having some of the same problems as the person above me sharp2be

 

jcavalieri,

 

Yes, it seems you may be having some of the same problems as Sharp2be. You said: " i seem to be over trading alot. jumping into less than quality positions just to trade it seems. or if i see that i have given back some of my profits i will jump into a position too quickly without confirming the set up." This may be due to addiction. Please review my response to Sharp2be and let me know if you have additional questions.

Share this post


Link to post
Share on other sites
wasp,

 

Do you believe the worse will probably happen, or are you concerned that it could happen? If you believe the worse will probably happen, are you using logic to reach that conclusion? Or is your belief based on a feeling? In either case, it is good to be cautious in you trading, and to prepare for the possibility of your methodology not working anymore. Do you have a money management rule that will mitigate losses in the event your methodology stops working? Are you developing new methodologies, even though your current one is profitable? Being prepared will help you deal with an uncertain future, and give you peace of mind in the present.

 

Thanks for your response Abe,

 

I have given things further thought to just what is causing my concern and have decided I need to further my risk model study.

 

Cheers

Share this post


Link to post
Share on other sites
Sharpe2B,

 

Breaking money management rules in trading may be a sign of addiction. Addiction to winning, to money, to being right, and the feelings that can be associated with them. With addiction there are withdrawal symptoms. When the source of addiction is removed, feeling of anxiety and immense discomfort can follow. Withdrawal symptoms can be so intense that they will overwhelm logic.

 

I was once addicted to cigarettes. I knew it was unhealthy. Yet I continued to smoke. When my logic overpowered my need for cigarettes, or perceived need for cigarettes, was when I gained the resolve to kick the habit. I suggest you try to look into the logic of your rule. Look into it objectively. Be honest with yourself and your thoughts. This may be difficult when emotions are involved, or if you are in a rush to come to a conclusion. Concentrate on the wording to help you stay objective. It is common to slip when trying to kick the habit. Do not lose hope if you do.

 

Some things to consider when looking into the logic of your rule:

How does a money management rule protect you? Seems to me it protects you in days when your methodology is not in tune with the market. And it protects you when your state of mind or physical health might not be well. Those are times when it is in your advantage not to trade.

 

Abe, thanks for the response, very helpful and you are absolutely right. I have to perform almost a daily mental (and some days in writing) on how money management protects me. I understand it and it's obvious but hard to execute sometimes.

 

Regarding addiction, yes, it feels like sometimes and the withdraw efects are also there, I feel depressed sometime -- not for losing the money but for NOT following my rules.

 

Thanks for your help.

Share this post


Link to post
Share on other sites

sharp2be i am a prop. trader and my loss limits are imposed upon me so i have no choice but to follow them. and Abe regarding what you said about addiction i think you may be on to something. i have a plan although its not entirely rigid, but i am taking this weekend to rework some of it in a way that i think will help. i've also done a lot research into trading psychology and impulsive and compulsive trades. Im trying to incorporate what i learned into my new plan

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Bitcoin (BTC) Drops To $6,828 After A Sudden Price Spike To $7,283 Key Resistance Zones: $10,000, $11,000, $12,000 Key Support Zones: $7, 000, $6, 000, $5,000 BTC/USD Long-term Trend: Bearish On March 2, there was a price spike as Bitcoin reached a high of $7,283.50. The bulls could not sustain the upward move as Bitcoin fell to $6,828. The bears are defending intensively the $7,000 overhead resistance. BTC is now fluctuating above $6,800. The bears will further sink BTC if the bulls fail to move up. Bitcoin may fall to the low of the breakout level of $6,400. However, if this level also cracks, the market will further fall to the next support. BTC/USD – Daily Chart Daily Chart Indicators Reading: Bitcoin is above 60% range of the daily stochastic. This is given the recent price spike which tested the resistance line of the descending channel. However, if price breaks and closes above the resistance line, there will be a change in the trend. BTC will resume an uptrend. BTC/USD Medium-term Trend: Bullish Yesterday, BTC was making an upward move to retest the $7,000 resistance. The price has earlier moved up to $6,800 before the commencement of price spike. The market moved above the resistance level but could not sustain above $7,000 because of the selling pressure. BTC/USD 4-hour Chart Indicators Reading The Relative Strength Index has risen to level 66. It indicates that BTC is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the upward move. General Outlook for Bitcoin (BTC) Yesterday, Bitcoin rose to $7,283 in a price spike. The bulls could not sustain the upward move because of the presence of sellers at the price level. BTC dropped to a low of $6,800. The price has since been fluctuating above that level. Instrument: BTC/USD Order: Sell Entry price: $6,784.00 Stop: $6,850.00 Target: $6,584.00   Source: https://learn2.trade 
    • EURJPY Extends Decline Lower Past The Level At 117.08 EURJPY Price Analysis – April 3 The FX cross extends its lower fall into the European session early underneath the price level at 117.08 as the pair resumed lower. EURJPY acceleration downside remains intact, as sellers tend to force down prices. The pair’s potential target will be on the 116.00 marks. Key Levels Resistance Levels: 122.87, 121.15, 118.87 Support Levels: 116.12, 115.83, 114.39 EURJPY Long term Trend: Bearish EURJPY is sliding towards the lows of 2020, as the pair trades below its key daily 5 and 13 MAs and signals an apparent bearish trajectory. The pattern remains bearish in the larger sense as the cross stays well within the falling channel formed from 122.87 (high) level. The downtrend will continue to 109.48 (low) level as long as the resistance level holds at 122.87. Continuous 122.87 level break may, however, conclude a double bottom at (115.83, 116.12) levels which may indicate medium to long-term bullish reversals. EURJPY Short term Trend: Bearish The emphasis is now on EURJPY support levels of 115.83/116.12. There the definitive break may accelerate the larger downward trend. Next, a relatively close-term goal would be a 100 percent forecast of 122.87 to 116.12 at 114.39 levels from 121.15. Nonetheless, on the upside, the break of 118.87 minor level of resistance may assert that consolidation from 115.83 level is increasing with yet another upward step. Intraday bias for resistance level of 121.15 may be shifted further to the upside. Instrument: EURJPY Order: Sell Entry price: 117.08 Stop: 117.71 Target: 116.12   Source: https://learn2.trade 
    • Date : 3rd April 2020. Inured to the bad news.The markets are relatively inured to the bad news, as the weekly jobless claims have already given us the increasingly ugly news on the labor market. US equities are modestly weaker amid risk-off sentiment and an employment report that revealed a much larger than anticipated -701k plunge in March and a jump in the jobless rate to 8.7% from 7.0%.Meanwhile, the Dollar showed mixed reaction to the employment report. These numbers were worse than expected, though shouldn’t really be a surprise given the more timely surge in jobless claims figures seen the past two weeks. USDJPY initially fell to 108.25 before turning back up again at 108.60, while EURUSD fell to 1.0780 from 1.0800. USDCHF extended gains up to 0.9794, reversing nearly 76% of the decline seen since March 20.EURUSD concurrently carved out a 9-day low at 1.0774, making this the 5th consecutive day of lower lows while extending the correction from the 17-day high that was seen last Friday at 1.1148. The pair still remains above the low seen during the recent Dollar liquidity crunch, at 1.0637, before the Fed and other central banks stepped in to try and satiate the demand for cash dollars. Its overall outlook meanwhile, remains negative, with the asset extending well below all 3 daily SMAs and with its daily momentum indicators negatively configured. Hence the Dollar bid looks to hold.The March establishment and household employment surveys captured more of the early layoffs than the markets had assumed, with massive declines for payrolls and hours-worked, big drops for civilian employment, the labor force, and the participation rate, and the start of the upward march for the jobless rate. Wages were also firm, likely due to the concentration of job loss among lower-paid workers.The specifics: March nonfarm payrolls dropped -701k after February’s 275k increase (was 273k), which ended a 9.5 year run of employment gains. The employment in the goods-producing sector fell -54k from the 57k (was 61k) rise. Service sector jobs slumped -659k after rising 185k (was 167k) in February. Leisure/hospitality jobs plunged -459k from the prior 45k (was 51k) increase. Education/health care jobs were down -76k versus a 65k (was 54k) increase previously. Government jobs edged up 12k, with 18k added to the Federal payroll. The unemployment rate jumped to 4.4% (4.38%) from 3.5%. Average hourly earnings rose 0.4% versus the prior 0.3% gain.The weakness captured in the mid-month March jobs report may prompt downward revisions in the Q1 GDP estimate, on the assumption that the Quarter may capture more of the economic plunge than previously assumed.Beyond the timing of Q1 versus Q2 growth figures, however, the surprise in today‘s report is more the degree to which the surveys captured late-March events than the magnitude of declines, since the bulk of the jobs loss will still be captured in the surveys for April.Since the Fed is already in maximum easing mode, it is unlikely that reports like today‘s will alter the monetary policy path.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Since Yesterday 02 April 2020 CorsaForex Binary Options Broker is out from business We recommend you to trade with Binary. com (Online since 1999) with Binary Options 20$ No Deposit Bonus https://binaryoptionsfree.eu/binary-com-review-great-binary-options-customers-support/
    • re: stocks.  Imo,we have a long ways to go down before we get to ‘value’ .  “Even at the March 23rd low...the Wilshire 5000-to-GDP ratio was at 101.38 percent, the 73rd percentile”   No place to be shopping for 'value' Yet, with all the fake money flooding in, the stock mkt could still soar.  But - up is not really up.  The long ‘bull of the last dacade + was actually ‘bull’sht.  Bullsht = steady injections of more fiat, taking on cash flow dependent corporate debt to finance ‘supply reducing’ buybacks,  malinvestments galore, capital DESTRUCTION - all clouded by a steady stream of FALSE msm narratives and fake numbers - from top numbers (ie GDP, etc.) all the way down to individual corp reports and reporting. ... ie Any ‘bull’ action now is in the  category of obese elephant bull sht... And as I have been posting for years, we can’t use dollars as a measure anymore.  ie  Up is not really up https://mises.org/wire/what-if-fed-did-nothing and using dollars as a measure is getting worse and worse.  ‘money’ not ‘working’ anymore. .. https://alhambrapartners.com/2020/03/31/what-is-the-feds-new-fima-the-potential-for-a-shadow-shadow-run-is-very-real/ https://alhambrapartners.com/2020/03/30/no-dollars-and-no-sense-eighty-argentinas/ ... ” Another day, another trillion dollars.”   re:  “all clouded by a steady stream of FALSE narratives. “  Yes, sweetheart the same thing has been happening in the covidity lockdown ... a steady stream of FALSE narratives  https://medium.com/@caityjohnstone/peoples-skepticism-about-covid-19-is-the-fault-of-the-lying-mass-media-91216ad7fcf3  ... I just chuckle now anytime I hear any US press comment on/ criticise Russia or Chinese ‘disinformation’ .  Imo, China’s ‘Police State’ is currently only a tiny click or two worse than our ‘Pharm State’.   Re:  trading.  It’s been a wild wonderful wide range last six + weeks  to trade.  I have been preparing for it a long time and still didn’t capture as much as possible... for one thing, didn't increase/balance sizing for  those outlier bounces as robustly as I should have, etc ... but still it’s been amazing.  First signs starting to show up that ‘volatility’ is slowing down ... will deal with that by up sizing all positions appropriately. I’m no longer ‘trading’ fx.  I’m now speculating in fx.  ... gradually scaling into a pretty good sized dollar short...  do you make a distinction btwn ‘trading’ and ‘speculating’?   btw atlas shrugged about a “secret coin”.... I’m just sayin’    later... maybe
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.