Anyone Need Help?

[AbeSmith 10]

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.

[zdo 20]

Please help.

What are my issues ?

[AbeSmith 10]

Please help.

What are my issues ?

 

zdo,

 

Did you confuse this forum with he Psychic forum?

[zdo 20]

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…

[AbeSmith 10]

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.

[MC 10]

LOL zdo.

 

I think anyone that is consistently profitable at the market should get an honorary psych degree.

[trader273 10]

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:

[AbeSmith 10]

Well, I don't know what zdo's problem is. If he's serious about getting help I suggest he describes his problem. Zdo, you may also send me a PM if you want to keep it private.

[zdo 20]

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…"

[AbeSmith 10]

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?

[Kiwi 16]

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.

[zdo 20]

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 September 11, 2008 by zdo
make it more better

[wasp 10]

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!

[Sharp2Be 10]

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.

[jcavalieri 10]

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.

[jcavalieri 10]

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

[jcavalieri 10]

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

[Sharp2Be 10]

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?

[AbeSmith 10]

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.

[james_gsx 16]

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.

[AbeSmith 10]

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 September 12, 2008 by AbeSmith

[AbeSmith 10]

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.

[wasp 10]

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

[Sharp2Be 10]

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.

[jcavalieri 10]

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