Thanks eightbo - some really great (positive) thoughts and ideas there.eightbo wrote: ↑Tue Jun 16, 2020 3:06 amInteresting situation. I was going to say you sounded like you were concerned before you've seen any evidence that you're not producing the results you need to, but it sounds like that was the case and that you've now had a positive sign in the form of today's result.stueytrader wrote: ↑Tue Jun 16, 2020 12:26 amThanks Kai - yes, I'm currently alternating between thinking this is the best and worst situation I could have hoped for. I would not have chosen to be so reliant on my trading income, but it sure focuses the mind!Kai wrote: ↑Mon Jun 15, 2020 1:12 pm
I'm sure he doesn't mind, that couldn't be more on topic. Best of luck though, sounds like a proper test of character and mentality, but not necessarily your trading ability! You can see it as a big opportunity too, like a little push to make the step that you maybe would not do on your own.
I am fairly confident in the general side of trading ability, because I can see my lengthy positive records. But, the nagging doubt is the thought that it would be the worst time to hit a downturn.
Not that I have an awful lot of choice currently. Necessity really is a crucial factor sometimes.
Funnily, just as a flipside, I did have a small upturn in my 'plan b' earnings since I actually posted earlier, but still not on the scale needed. I am maybe looking at some eventual compromise - some from trading, some from my other income. But the next 3 or 4 months will be interesting, for sure.
I traded well enough today, so I'm hopeful to just grind this period away, to be honest.
For me it wasn't a black and white sort of situation — the degree to which you "need" to perform will probably translate into a certain amount of pressure that you feel. The Negativity Bias is always going to make it FEEL (and correlating thoughts which arise) worse than it is in reality, which may provide some comfort.
Your "compromise" with trading/plan b sounds like a good idea. Returns from plan b should alleviate a good chunk of any pressure off the bat, and any improvements you can make will help further.
Idk if it will help or not but here are some of my thoughts:
It's easy to just say keep doing what you're doing and follow the same process but underlying psychological forces are powerful forces and whilst they can definitely get in your way, you can also make them work for you. Frame the situation in a positive light, not a negative one. It's an opportunity, a chance to prove yourself. That unexpected moment which if you are successful, could change your life for the better. Whatever's going to work for you. Then stay in that mental lane as it were consistently through the 4 months.
I'd just say seek to keep it simple and maintain a balanced lifestyle, particularly exercise, rest, diet, but also activities, habits, social stuff.
Do the things you'd normally do outside of the markets and don't spend too high of a percentage of your focus on trading.
The objective should be to emotionally invest as little as possible into the idea of this next 4 months needing to work out.
Get an action plan together at the start then stop giving energy to it where possible. When you catch an unnecessary thought relating to the idea, just redirect it, framing it in a positive light, such as your proven track record, and remind yourself that by following your process day-to-day, you can achieve what you need to (or whatever self-talk you prefer). Act as if it's business as usual and it should turn out that way.
Make sure you're familiar with normal drawdowns for your strategy and even if things don't FEEL right, check back and make sure everything's within expected performance. Even if you do hit the rough patch, your best chance of recovery should be to continually execute your process as you have previously so nothing should be changing either way. Give your best performance and at the end of the day, that's all you can do.
A common mental trick used by ultra-marathon runners is to chunk up the seemingly insurmountable obstacle into small chunks so that they seem far more manageable. There are races which are legit 200miles long. Even though the runner has scaled up to the event and has the track record to say it's possible, when they start the race, and even at different times throughout the race, the mind
Pick a suitable timeframe and instead of performing for 4months, view it as only having to perform for X. After X, check it off and do another X, and another one. See if you can settle into a nice rhythm and before you know it that 4months will be up.
Luckily, I think, I am by nature something of an optimist. So, I tend to think positively about the possible time and outcomes in general. I think that can help with some of the suggestions you make too.
I agree about keeping balance, I don't want to obsess about my trading, for sure. I am aiming to balance wider, and you make some key points there about different factors in lifestyle.
I think I also agree about breaking up time - I will probably feel happier for example if the first month passes well at the end point. Then move steadily into the next one, after that.
So far, I don't think I'm altering anything in my trading approach - I think that is my main aim. If I can keep on plan at all times, I should be able to replicate. One good thing is that this is summer and markets are now at least supportive again for sport trading.
Hope things are going well for you too. Cheers, Stu.