[gifropan]

I have found that there is a wealth of good trading advice here so here is a question that I have been grappling with for some time.

I often find myself in a situation where I have failed to enter a trade at my intended price and the market has moved away in the direction I wished to trade. I often find that, out of frustration, I get tempted to chase the move saying to myself "if you had got your price you would still be in the trade" The result of this is that if I get stopped out, I loose more than I initially intended and also what would have been a scratch trade if the market came back will now be a loosing trade. I would be grateful for any ideas from TL members on how to deal with this kind of situation.

Thanks

[sevensa]

Originally Posted by gifropan »

I have found that there is a wealth of good trading advice here so here is a question that I have been grappling with for some time.

I often find myself in a situation where I have failed to enter a trade at my intended price and the market has moved away in the direction I wished to trade. I often find that, out of frustration, I get tempted to chase the move saying to myself "if you had got your price you would still be in the trade" The result of this is that if I get stopped out, I loose more than I initially intended and also what would have been a scratch trade if the market came back will now be a loosing trade. I would be grateful for any ideas from TL members on how to deal with this kind of situation.

Thanks

If I miss a trade, I wait for the next one. There is always a next one.

[brownsfan019]

I think it depends on how far it's moved in relation to your ideal entry price. If it's under 5 ticks, I would consider getting in. If there's been a big move, I would just wait for the next one.

Depends on how aggressive you want to be.

Of course the easiest way around this is to get in @ your ideal entry. Easier said than done, I know how that goes.

[1pipatatime]

The thing I do is get really really mad at myself, no no just kidding those days are behind me now.

But seriously enquire as to why you didn't execute your trading plan to the letter, is it because you don't trust your system or do you have a fear of losing.

I know for myself I have a need to be perfect when it comes to trading and if I allow this need to get in the way of my trades I freeze and no trades eventuate, so I have a sign on my trading computers to remind me that trading is all about probabilities which allows me to trade freely.

If you are blocked in anyway and you have a system that works the anwser generally lies btw ones ears.

I always look inward to find out what is going on with my trading when issues arise.

Hope this helps

cheers

1pipatatime

[JBWTrader]

Yes its a tough and very frustrating situation to be in...what is frustrating is that you had a theory and it didnt pan out the way you thought....hence the "answer" of how price actually works comes into question...yet again...

The chasing is an attempt not to miss out...ie we feel abandoned by the market and thus in turn we abandon ourselves by leaving our rational/system and hence chase price to recconnect ...

The chasing of price is an attempt to stem the unpleasant feelings we experience when we recieve that narcissistic blow that we dont know why price moved against at that point in time. Its at this moment when we truly want something to happen and it doesnt that makes us all truly vunerable as these states are an old replay of what happened to us well before we ever thought of taking up trading.

To break this pattern you have to start to feel the comulsive nature to it...the wanting to grab or push your idea onto the market. We all at some stage try to force the market to mirror our needs. When it doesnt we get very angry/frustrated. When you go down deeper about this you will see a form a mixed feelings...like a chaos...to stop ourselves from experiencing this type of state we sort of automatically grab for the first thing we think about or even the first thing we see...if you practice seeing this chaos more and more it starts to change and the automatic , comulsive side will start to abade...Hence the more conscious one is of this the better one is able to stick the ones rules and not identify with where the markets at. Instead one can stay centered and detached from it and play the game from ones own perspective.



All the Best

John

[gifropan]

Originally Posted by 1pipatatime »

The thing I do is get really really mad at myself, no no just kidding those days are behind me now.

But seriously enquire as to why you didn't execute your trading plan to the letter, is it because you don't trust your system or do you have a fear of losing.

I know for myself I have a need to be perfect when it comes to trading and if I allow this need to get in the way of my trades I freeze and no trades eventuate, so I have a sign on my trading computers to remind me that trading is all about probabilities which allows me to trade freely.

If you are blocked in anyway and you have a system that works the anwser generally lies btw ones ears.

I always look inward to find out what is going on with my trading when issues arise.

Hope this helps

cheers

1pipatatime

I am not saying that I missed the trade because of lacking the confidence in the system. Sometimes you miss a trade because the market either moved to quickly for you to act or occasionally some hesitation. Often it reaches my initial profit objective as well which is quite frustrating. Do you ever recommend chasing the market.

[1pipatatime]

Hi gifropan,

I never chase the market, if I miss an entry I grab a drink and relax while I wait for my next set up.

Being a scalper thats generally not that long away.

cheers

1pipatatime

[paulrico]

Someone says: trading is like riding the subway...always there is another trade just minutes away, the key is keeping a level mind because the will come and you have to be ready for the next.

Sure, Easier said than done. I try to keep in mind

imho