Quote:
|
Originally Posted by iiiqqqeg
in every book i read about stocks or Forex or any basic tutorials i read DON'T TRADE WITH UR EMOTIONS .... i have developed my own strategy which works great for me but the problem is to have the nerve to do it as it should be done ...
yesterday for example wasn't a bad day for me but last 2 trades instead of making around 100$ i made like 3 $ only just cause i didn't follow my rules , this is the first day from long that i let my emotions take over like that ....
today i was thinking about it , did any experinced trader here get rid of trading with his emotions period? or it will still come over sometime?
|
The best traders I've read of are cold as
ice water. Read up about Mark V. Houghton-Berry, who was, for a long time, chief of proprietary trading of Goldman Sachs. He worked out of the London unit trading Short-Sterling (GBP) contracts {futes}.
In ONE TRADE, he lost $80 million.
And that was in the 80s. So $80 million then would be comparable to $200 million now.
Think about that.
NOW, I'm not saying take big risks. But some of my best trades--in the options game (I haven't really committed to the forex)--have been the ones where I've blocked out my emotions. Namely, I have not been afraid when the position turns sour.
I was down $3500 on a RIMM option that turned out to make me $6500. It was a $7000 position.
Scared the living hell out of me.
But I "stayed the course."
NOW, should you always do that? HELL NO! But when the criteria for the trade doesn't change, don't let your emotions take you out of the trade. That's the only thing that I'm trying to get across. And don't add either: typically, you do not want to increase your risk exposure (unless you entered with the intention of adding).
Trading is a very imperfect science. What works perfectly sometimes works terribly the next time. But, as your experience grows, you get a 'feel' for it. Sometimes, I can just 'feel' that I am set up to hit a home-run. It's times like this when I sit--cold as ice--and wait for the outcome.
Take this all for what it's worth: just my 2 pennies.
