Better days….

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Finally it seems the better weather is here to stay (hopefully) today i barely had the chance to trade and was busy with some other stuff but i noticed a massive amount of bikers appearning on the roads now the weather has changed… and it made me feel rather sick as i sold my pride and joy (as above) at the end of last summer, wounder!
This lead me to thinking how everything i ever seem interested in is classed as risky to a certain degree, a flaw in my charachter perhaps? my job, motorbikes, adrenaline sports oh and of course trading! LOL ….and it would seem it is a flaw as far as trading is concerned at least as to make money in this game quite simply all you have to do is be consistent and manage risk accordingly.. the one thing i let myself down with time and time again, but why do i do it? I go on long stints of consistency playing the game as it should before a sharp blow, and 99% of the time its due to not managing my stakes correctly and getting over excited with the clicking. Its really starting to get to me after today i spent an hour trading and finished a measly £3 up… had i not made 2 mistakes in that hour overstaking and getting click happy i would have been £34 up, this happens almost daily at the moment and seems the only difference between when im having a good streak and my results this month… this week alone i have made around £230 but lost £200 due to this kind of behaviour. The worst thing its starting to effect my state of mind towards trading again, something that definately needs adressing, any suggestions welcome 🙂

6 thoughts on “Better days….

  1. Hi,
    Not long ago read about it in “trading psychology”, writer says that we have two different minds, and one always takes place over another. And these two minds take trades for different purposes, one needs money(consistent winner) and other need lets say excitement, adrenaline or to prove something that you are cool etc etc. So you need to catch yourself when you trade consistently, and when your different brain hemisphere enters. You always can notice different self talk, different emotions. Author suggest that we traders always need to stimulate that good trader in our selfs, probably you noticed that your best trades are made when you are very focused and calmed – “in the zone”, so you need to stimulate that emotional state, I personally do this with “brain synchronization” audio “high focus”,”total relaxation” etc., others with meditation or other calming and focusing exercise. And of course when you catch yourself with “another” trader in yourself you need to stop trading and try to stimulate consistent one.
    Wish it helps.
    Good luck.

  2. Nice bike (take it you’re bit of a rossi fan – can’t blame you for that).
    I think I’m a bigger risk taker than you as far as I can tell and I’ve never let that get in my way, in fact I’ve turned it into a major plus. It seems to me that you’re in too much of a hurry, always with the notion of going full time with the need to prove to yourself that you can do it.
    I’ve not been trading for getting on 3 months now. In fact I don’t believe I’ve traded for longer than 6 hours in one week. The more I did the greater the realisation was that trading whilst profitable was akin to playing a striker always putting the ball wide of the goal post when my true intention was to score a goal.
    I started a business just after joing the geeks forum and that is proving a true money spinner which allowed me to trade (when I did) far more successfully than if I hadn’t had a sideline. I never carried the notion that one day I would be a full timer (I’ll still trade on and off in the future though).
    I’m waffling a bit now but all I’m saying is that maybe looking elsewhere may help your trading come on leaps. Worth thinking about as not many full timers can say they own a 700bhp (modded) at the wheel gtr black edition with a yellow duke to keep it company.
    I look forward to you buying yourself a great bike in the future and then we’ll race each other on some moorland roads.

  3. scale down the size of your bank so the psychology of money doesn’t interfere, I made the same mistakes until I tried what i was told which was this…..trade with a £100 bank, if you cant look after that and increase it then you cant do it with any other amount, you may only make a few pence per day but it will help train your mind to follow your strategy and not be emotionally attached to the amount you are trading. Reading books can only arm you with the information actually using it is the hard part.

  4. Hey all, thanks for the feedback! …za1jcas your bang on there matey, need to work a way of getting it right. Anon, i can see your point having read alot of articles… trading without pressure, yet again and again i tend to start pressuring myself once i start making ok money. Jim, i’ve taken a little out my bank to serve as reminder each time i log in… hopefully the next post will be rather more posative 🙂

  5. Caan , Hi Mate , Targets mate , targets , set your self a goal to aim at and once achieved stop , i am always the greatest advocate of my own advice however i am learning slowly to maintain my discipline and curtail the gambling persona inside, once that has been achieved your a winner..do some homework on each race your playing , make your decisions and stick with them , and set targets ( did i mention that ? ) , then your mind will feel like you have won on every account, the gambling bit has been fed , the ego has been lifted , your moral will have improved and over time the rewards will come…and you’ll soon be talking about £280k a year with steady growth….in 3 years with the right levels of maintenance you’ll have a garage of bikes 😉

  6. za1jcas is right to touch on adrenaline, you need to get your adrenaline fix for the day by whatever means otherwise you may finding yourself trying to get that fix when you are trading ie letting a trade go inplay, have a look at this:

    http://www.youtube.com/watch?v=MhZcFJVGqq0

    It explains a hell of a lot.

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