[rxs0005]

Hi

i need some advice i have been paper trading on a strategy i have had quite a decent success with about 76% wins


but i just cant seem to pull the trigger in the real market

what do i do


thanks for your advice

cheers

rxs0005

[thalestrader]

Originally Posted by rxs0005 »

... i just cant seem to pull the trigger in the real market

what do i do...

You die ...



I don't mean to sound facetious, but a few years ago I had a terrible, terrible loss, and for several weeks I was unable to pull the trigger. I said the same thing to a friend of mine, and he sent me an email with the same message and that picture. Woke me right up and I've been fine ever since.

Bottom line, if you don't have the nerve to trade, you need to move on to something else. If you are trading with money you cannot afford to lose, then go away and come back when you have some you can afford to lose. What are you looking to trade, anyway? if you are trading stocks, just bring position size down. If you are trading futures, trade the mini-ags or even a microFX account where you can keep risk in the single and double digits at first.

If you are afraid to pull the trigger, you fear losing. Find something you can trade where you won't have to fear the loss.

Best Wishes,

Thales

[Gabe2004]

Originally Posted by thalestrader »

if you are trading stocks, just bring position size down. If you are trading futures, trade the mini-ags or even a microFX account where you can keep risk in the single and double digits at first.

You can try the ETFs that mimic the indexes (SPY, IWM, QQQQ)
500 SPY = 1 ES

Gabe

[rxs0005]

thanks guys

for the RAW advice also realized if i want to make money i should put my money down and more importantly FAITH in my set up and strategy

i think i fear more of being wrong than losing money as i can get out quick i think my ego would be hurt that i am stupid and got whipsawed

but i will focus on improving the strategy as i get my feet wet and hopefully i can trade fearless someday.

i know i will get there -- its the starting trouble

BTW i trade only ETF's

thanks y'all

[Charlton]

Originally Posted by rxs0005 »

Hi

i need some advice i have been paper trading on a strategy i have had quite a decent success with about 76% wins


but i just cant seem to pull the trigger in the real market

what do i do


thanks for your advice

cheers

rxs0005

You make sure you have a suitable stop-loss or you reduce position size so it won't hurt too much and then just pull it.......pull it ...........pull it '..........PULL IT ........ DO IT !!!!!!

Like any phobia it's all in the mind and you will only get over it by facing it and taking action.

Afterwards you will find it wasn't so bad after all. The next time it will be easier still.

Charlton

[ochie]

IMO, a lot of these common issues such as a fear of loosing or fear-based errors can be eliminated by developing a strong core belief in probabilities associated with your edge. This thought is from a Douglas quote that stuck a long time ago.

[DugDug]

reminds me of an old saying

"The first step in a 1000 mile journey is the hardest"

Try and work out WHY you have a fear.
If its just about stepping into the unknown, then there is no other answer but to just jump and pull the trigger.
If its about the fear of loosing. Then you need to understand the probabilities behind the strategy and remind your self that losses ARE inevitable.
As a suggestion just buy and sell a few times on something liquid, whereby you will pay a little bit of brokerage, and cross the spread - take a small loss and just get into the vibe of the thing ( reference The Castle - an Australian movie from about 8 years ago)

[FXGirl]

Dear Shy Guy: All the advice given here, reduce your lot size, recognize that losses are a part of trading, develop faith in the probabilities of your system, and ‘just do it’, are all good suggestions.

But what I heard you say was that you are afraid that you might be wrong and that would mean you are stupid and you would feel like a fool.

If you had a way to deal with the internal dialogue telling you that the market might prove that you are stupid, and you would hate feeling that way, any of the above suggestions would work for you – and you never would have started this thread. But until you deal with what is generating the internal dialogue, you will probably struggle with implementing any of this good advice.

Right now, your strategy for dealing with the emotions you feel is to avoid taking a trade. That is a strategy that works – emotionally. If you don’t take a trade, you won’t feel like a fool, and the market can’t give you any evidence that you are stupid. But this strategy doesn’t work if you want to become a successful trader. You have to develop a new strategy for dealing with your internal dialogue and the emotions it generates.

First, talk out loud. Get what you are saying internally out in the open where you can examine it. Writing it down will work too. You may be surprised to find that there is quite a lot you’ve been saying to yourself. You need this information to understand what is happening in your trading. Once you know what you are saying to yourself, ask, “Have I heard those words before?” “Is it my voice I’m hearing or is it someone else’s voice?”

If this dialogue is something you haven’t heard before and it is in your own voice, then most likely it is trading specific and you can deal with it fairly easily. This is the place where we need feedback from you. Tell us what you found out about your dialogue. But in any case, be sure you ask yourself these questions: “Is there something about my strategy that I’m not fully comfortable with?” and “Do I, and the people who depend on me, have realistic expectations about how long it takes to become a successful trader?”

If the dialogue is something you have heard yourself say before, ask, “What is it about trading that triggers this dialogue?” and “Is it true?” Then give us your feedback and we’ll go from there.

If the dialogue is something you have heard before, especially if you have heard it all your life, and it isn’t in your voice, then you have a bigger issue and will need to deal with it before for you can reasonably expect to be a successful trader. If you don’t, it will continue to interfere with your trading in surprisingly negative ways. Although it is certainly possible to deal with this on your own, generally, you can make much faster progress with a little help. Look for a psychologist, someone with a PhD who specializes in brief therapy or cognitive behavioral therapy – there are a few good ones out there. Feel free to interview them before deciding whom to work with.

In the meantime, while we are waiting for your feedback, I want you to know these things:

The market makes fools of us all - we are all wrong on occasion. We were wrong a lot in the beginning; now it's better.

Though smart helps, trading the market is more about persistence than it is about being smart.

Trading is the grandest game out there – but that’s what it is, it’s a game. It isn’t who you are.

Yours,
Dr. FxGirl