zippus wrote: ↑Mon Mar 29, 2021 8:19 pmYeah I do agree, without wanting to be disrespectful to those that have taken the time to comment. I’m really looking for hints and tips to overcome basic human frailties, rather than a personality diagnosis.darchas wrote: ↑Mon Mar 29, 2021 7:53 pmI think some of the above discussion might be better off in its own thread or maybe over DM. I do think it's good that threads can go off on interesting tangents at times, but they should at least be semi-related/something that might be of use to the original poster and/or a user that might be interested in the topic.
Best way to stop chasing and blowing banks etc is to start winning. It’s a lot easier to remain disciplined and to stick to your strategy/ plan if you are winning.
The easiest way to start winning is to lower your stakes right down to a level where you can trade in and out as you please , without feeling uncomfortable if a trade starts to move against you. Then build back up from there. Building both your bank, and your confidence to up your stakes again.
The trouble with chasing and losing is that you can only feel the pain in the present. When you chase and end up losing everything it can feel as if your world has ended. It’s so bad that you swear you will never do it again. However, a few weeks down the line, when presented with another similar scenario, the pain has gone, and the temptation to chase instead of take the losses is right back with you.
The other trouble with chasing is that sometimes you win. If you were guaranteed to lose every time you chased then nobody would do it. Trouble is often you win. In fact you probably win a lot more often than you lose, however those times are easily forgot about, or sometimes even put down as being a shrewd play. Ie “ market got it wrong “, “ market was crazy” , you can almost justify not taking the loss.
But every once in a while, one bet leads to another, and when luck finally catches up with you, the bank is blown, and you are left with that empty feeling, that numb feeling you get when you do the lot in. That’s when you decide it was the wrong thing to do, and vow never to do it again.
It’s the worst feeling in the world, however, it passes. On the flip side of that, I probably shouldn’t admit it, though that feeling of relief you get when you’ve been on the chase and finally get that winner that puts you back level, that’s one of the best feelings ever !