This is probably a ridiculous question but what is the best way to make a bad trade good, ie if you back at say 3.5 and expect it to go down and make your lay but instead it spikes and goes rocketing upwards...is there a method for righting the wrong. I suppose the ideal way would be to lay straight away and wait for it to top out but obviously it might turn round and come steaming back. Am i misreading the ladder and the liquidity or is there something you guys can help me with
cheers
Going the Wrong Way
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ShaunWhite
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There's a wealth of information here on this topic but from my personal perspective, the key is to have a good reason to enter a trade and a good reason to close a trade...the 'cash' value of your current position in that instant is irrelevant, that is where you need to fight you natural psychology. It's about having a profitable month, not a profitable market or a profitable trade, and that's only going to happen if you are making the right calls, time and time again.
One of the best pieces of advice I received here was to stop obsessing about the P/L column. There are times when it's right to hold a position showing a loss and times when it's right to close it...the reverse is equally true when you are currently showing a profit.
I actually hid the P/L column for a day or two ...it was an interesting excersise and forced me to stay focused on what was important. Thinking about the red or green in that moment is an unwelcome distraction.
One of the best pieces of advice I received here was to stop obsessing about the P/L column. There are times when it's right to hold a position showing a loss and times when it's right to close it...the reverse is equally true when you are currently showing a profit.
I actually hid the P/L column for a day or two ...it was an interesting excersise and forced me to stay focused on what was important. Thinking about the red or green in that moment is an unwelcome distraction.
+1ShaunWhite wrote: One of the best pieces of advice I received here was to stop obsessing about the P/L column. There are times when it's right to hold a position showing a loss and times when it's right to close it...the reverse is equally true when you are currently showing a profit.
I actually hid the P/L column for a day or two ...it was an interesting excersise and forced me to stay focused on what was important. Thinking about the red or green in that moment is an unwelcome distraction.
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ShaunWhite
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I got a +1 from someone who knows his stuff.....it's a proud moment.
All I need to do now is practice what I preach.
All I need to do now is practice what I preach.
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magwitch78
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is there an option on here to hide the green/red column?
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ShaunWhite
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Settings > Ladder > Trading Profit Column ......change the width to 1....or use masking tapemagwitch78 wrote:is there an option on here to hide the green/red column?
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ShaunWhite
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D'oh....I've gone from thinking I know what I'm talking about, and feeling useful...to feeling a fool again. Groundhog day.Dallas wrote: Or you could just untick show trading profit column
I would nt worry about that minor oversight it is only a small box and i've made far dafter mistakes and will again, and i do agree with your first reply and that hiding this can often helpShaunWhite wrote:D'oh....I've gone from thinking I know what I'm talking about, and feeling useful...to feeling a fool again. Groundhog day.Dallas wrote: Or you could just untick show trading profit column
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ShaunWhite
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Paul, do you play poker?
Trading for me is like ultra high speed poker...everytime the market changes, every second, you're being dealt new hole cards; aces turn into 72os and visa versa. As in poker, what's happened prior to these new cards is unimportant, gone, done, over. The fact you won or lost up the last hand (ie what happened 200ms ago) shouldn't affect what you're playing 'now'. Why fold aces if you've just lost £500? Why play 72 if you won £500 a second ago. It's tough....and that analogy probably hasn't helped much.
Trading for me is like ultra high speed poker...everytime the market changes, every second, you're being dealt new hole cards; aces turn into 72os and visa versa. As in poker, what's happened prior to these new cards is unimportant, gone, done, over. The fact you won or lost up the last hand (ie what happened 200ms ago) shouldn't affect what you're playing 'now'. Why fold aces if you've just lost £500? Why play 72 if you won £500 a second ago. It's tough....and that analogy probably hasn't helped much.
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ShaunWhite
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- Joined: Sat Sep 03, 2016 3:42 am
Sorry to keep banging on about this but your question is one of the key questions.
What you/we are fighting to control is recentism With our simple chimp brains we try and correct what happened in the last few minutes, but never have a similar urge to fix what went wrong one Monday afternoon in August. There needs to a be a 'now' and a 'past', no matter if the past was a year ago, or just a second.
What you/we are fighting to control is recentism With our simple chimp brains we try and correct what happened in the last few minutes, but never have a similar urge to fix what went wrong one Monday afternoon in August. There needs to a be a 'now' and a 'past', no matter if the past was a year ago, or just a second.