Joining prop trading challenges actually helped me stick to my rules. Their ridiculous limits and targets makes me realize consistency in following your rules is the key rather than aiming to hit something big.
But first you have to find any rules, which is not so easy, because we are watching all timeframes, and a fine set of rules is so detailled that you never find an ideal situation where to apply it. Then in a given situation for example a range, you have more than one trick to apply, for example volume OR volatility or from a higher TF, for example daily, to see a pattern, a rising wedge for ex. So what rule will you follow, given that if you're wrong you miss the only usable move following the range ? So lucky you if you have a rule. I have one now, but it tooks me years to find, because i'm back to simplicity, and i hope building a growing account this year.
Big thing that helped me is asking the market to convince ME to enter. Not the other way round. So when a set up and building you say right market... convince me why I should risk my capital. This keeps you patient in waiting for the right moment to hit go
Journaling to recognize these bad habits in the first place then I started to set alarms with rule reminders to keep me objective while market is open. For ex: "Trade only high quality sets ups," "3 trades max," "Choppy day?" And other alarms, specific to your rules based on what you need to improve on. I set them to snooze 15-20 minutes to remind me throughout the trading session. So far it has worked out pretty well recently to prevent over trading and rule breaking. Now just continue to follow your rules and take trades that align with your plan, planned risk and journal consistently. Over a 2-3 month period, if you have good risk management and start small, you will see great improvement in your trading and also recognize the areas in which you need improve on.
Another great video Mark. I use to have very strict rules for scalping. With 10 years in now there will be times where I'll either enter when one or more of my rules say don't, or I'll pass a trade even when all my rules align and everything on paper "looks good". I've got the experience where I can make those subjective decisions now partially based on my gut feeling. In my earlier years I didn't have enough experience to know when its O.K. to not follow very strict rules. So I think for newer traders, yes you need strict trading rules and never break them.
Not one lie told, every time I make an emotional trade it loses; instead of taking the trade based off my rules. It happenes every time I go into the market blind yet I still do it. I will get over this hump
Excellent video Mark. I'm stuck with my mind/emotions and I don't know how to deal with the situation. After couple of unsuccessful attempts at trading I sort of gave up only to return a year later but this time I have used demo account for 5-6 weeks. Hope was that along with back testing and a practice I will gain some confidence. So after being in nice profit trading on demo account I have switched to real money (I still remember your video saying "switch as soon as you can to real money"). I'm back to where I was a year ago. If first trade of the day is Loss - my mind immediatelly goes to shutdown/panic/desperation/memories from the past and unless I get the lost money back within minutes my whole day is gone and done. Immediatelly after I lose trade I'm in desperate mode to find another trade within 2-3 minutes or I know that I will slip down the slope and stop following any of the rules. Month has gone and I'm in red again. Whole last week I was sitting on my hands getting signals and not having guts to take the trades. After each signal I have managed to convince myself that this is another fake signal which will result in loss only to watch market going in my favor most of the time. Holding the trade which goes in my favor is another uphill struggle as I keep saying myself 100's of times "don't be greedy and take it or you will have nothing". Sorry for a long post and if anyone has any suggestion/s please respond. I don't want to give up but I might not be emotionaly strong enough to trade with my money (I'm investing through shares/isa and have no problem to £5k in minus but when it comes to daytrading I just can't handle it). Spreadbetting S&P 500 @ smallest possible bet £1/point (please don't laugh :) ) Thanks and good luck
"Fff-WHYY..." lol Edit - Amazing insight. My take away is "acknowledge the fear". Dont fight it or sweep it under the rug like it doesnt exist, because it does exist and will sneak attack you if you pretend not to see it. I wish there was a button that shocked me everytime I broke my rules.
👉 Trade with our Sponsor Broker: Trade Nation www.financial-spread-betting.com/ccount/click.php?id=95 Trade sensibly! 81.7% of retail investors lose money. 👉 If you have any tips on how to make the task of recording your trades easier please share them with us in the comments below! 👉 We are seeking more contributors who can produce great video educational content about trading for our channel. If you think you have what it takes please get in touch by sending a message to traderATfinancial-spread-betting.com (remove the AT and substitute by @). 👉 It seems a lot of our viewers are non-subscribers. Make sure to subscribe to our youtube channel as we upload regular videos! If you hit the “Bell” icon (🔔) you will receive a notification on youtube every time that we upload a video on our channel. Bell icon hitters are super fans of our channel 🥰
Journaling to recognize these bad habits in the first place then I started to set alarms with rule reminders to keep me objective while market is open. For ex: "Trade only high quality sets ups," "3 trades max," "Choppy day?" And other alarms, specific to your rules based on what you need to improve on. I set them to snooze 15-20 minutes to remind me throughout the trading session. So far it has worked out pretty well recently to prevent over trading and rule breaking. Now just continue to follow your rules and take trades that align with your plan, planned risk and journal consistently. Over a 2-3 month period, if you have good risk management and start small, you will see great improvement in your trading and also recognize the areas in which you need improve on.
Trading a high win rate strategy and knowing that one loser will take two-three winners to make back, so the sidelines don't look so bad. Closing flat is much better than underwater. Only take the very best setups.
Joining prop trading challenges actually helped me stick to my rules. Their ridiculous limits and targets makes me realize consistency in following your rules is the key rather than aiming to hit something big.
But first you have to find any rules, which is not so easy, because we are watching all timeframes, and a fine set of rules is so detailled that you never find an ideal situation where to apply it. Then in a given situation for example a range, you have more than one trick to apply, for example volume OR volatility or from a higher TF, for example daily, to see a pattern, a rising wedge for ex. So what rule will you follow, given that if you're wrong you miss the only usable move following the range ? So lucky you if you have a rule. I have one now, but it tooks me years to find, because i'm back to simplicity, and i hope building a growing account this year.
Big thing that helped me is asking the market to convince ME to enter. Not the other way round. So when a set up and building you say right market... convince me why I should risk my capital. This keeps you patient in waiting for the right moment to hit go
Journaling to recognize these bad habits in the first place then I started to set alarms with rule reminders to keep me objective while market is open.
For ex:
"Trade only high quality sets ups,"
"3 trades max,"
"Choppy day?" And other alarms, specific to your rules based on what you need to improve on.
I set them to snooze 15-20 minutes to remind me throughout the trading session.
So far it has worked out pretty well recently to prevent over trading and rule breaking. Now just continue to follow your rules and take trades that align with your plan, planned risk and journal consistently.
Over a 2-3 month period, if you have good risk management and start small, you will see great improvement in your trading and also recognize the areas in which you need improve on.
Another great video Mark. I use to have very strict rules for scalping. With 10 years in now there will be times where I'll either enter when one or more of my rules say don't, or I'll pass a trade even when all my rules align and everything on paper "looks good". I've got the experience where I can make those subjective decisions now partially based on my gut feeling. In my earlier years I didn't have enough experience to know when its O.K. to not follow very strict rules. So I think for newer traders, yes you need strict trading rules and never break them.
Not one lie told, every time I make an emotional trade it loses; instead of taking the trade based off my rules.
It happenes every time I go into the market blind yet I still do it.
I will get over this hump
You really good at teaching and explaining trading pyschology😤🔥
Excellent video Mark.
I'm stuck with my mind/emotions and I don't know how to deal with the situation.
After couple of unsuccessful attempts at trading I sort of gave up only to return a year later but this time I have used demo account for 5-6 weeks.
Hope was that along with back testing and a practice I will gain some confidence.
So after being in nice profit trading on demo account I have switched to real money (I still remember your video saying "switch as soon as you can to real money").
I'm back to where I was a year ago.
If first trade of the day is Loss - my mind immediatelly goes to shutdown/panic/desperation/memories from the past and unless I get the lost money back within minutes my whole day is gone and done. Immediatelly after I lose trade I'm in desperate mode to find another trade within 2-3 minutes or I know that I will slip down the slope and stop following any of the rules.
Month has gone and I'm in red again. Whole last week I was sitting on my hands getting signals and not having guts to take the trades.
After each signal I have managed to convince myself that this is another fake signal which will result in loss only to watch market going in my favor most of the time.
Holding the trade which goes in my favor is another uphill struggle as I keep saying myself 100's of times "don't be greedy and take it or you will have nothing".
Sorry for a long post and if anyone has any suggestion/s please respond.
I don't want to give up but I might not be emotionaly strong enough to trade with my money (I'm investing through shares/isa and have no problem to £5k in minus but when it comes to daytrading I just can't handle it).
Spreadbetting S&P 500 @ smallest possible bet £1/point (please don't laugh :) )
Thanks and good luck
So much truth in this video
Marry Christmas! Thanks for the video. Great tips :)
Thanks mark i love the vid this helps me with trading psychology
Yeah some of my actions need psychoanalysis. Trade the plan!
Thank you
Merry Christmas sir.
the channel is great for upcoming traders and season traders help me got funded keep up the good work
"Fff-WHYY..." lol
Edit - Amazing insight. My take away is "acknowledge the fear". Dont fight it or sweep it under the rug like it doesnt exist, because it does exist and will sneak attack you if you pretend not to see it.
I wish there was a button that shocked me everytime I broke my rules.
👉 Trade with our Sponsor Broker: Trade Nation www.financial-spread-betting.com/ccount/click.php?id=95 Trade sensibly! 81.7% of retail investors lose money.
👉 If you have any tips on how to make the task of recording your trades easier please share them with us in the comments below!
👉 We are seeking more contributors who can produce great video educational content about trading for our channel. If you think you have what it takes please get in touch by sending a message to traderATfinancial-spread-betting.com (remove the AT and substitute by @).
👉 It seems a lot of our viewers are non-subscribers. Make sure to subscribe to our youtube channel as we upload regular videos! If you hit the “Bell” icon (🔔) you will receive a notification on youtube every time that we upload a video on our channel. Bell icon hitters are super fans of our channel 🥰
What helped you to stick to your trading rules?
Losing tons of money
Ask my self before trade who trade right now discipline me or this second one who overtrade.
experience
Journaling to recognize these bad habits in the first place then I started to set alarms with rule reminders to keep me objective while market is open.
For ex:
"Trade only high quality sets ups,"
"3 trades max,"
"Choppy day?" And other alarms, specific to your rules based on what you need to improve on.
I set them to snooze 15-20 minutes to remind me throughout the trading session.
So far it has worked out pretty well recently to prevent over trading and rule breaking. Now just continue to follow your rules and take trades that align with your plan, planned risk and journal consistently.
Over a 2-3 month period, if you have good risk management and start small, you will see great improvement in your trading and also recognize the areas in which you need improve on.
Trading a high win rate strategy and knowing that one loser will take two-three winners to make back, so the sidelines don't look so bad. Closing flat is much better than underwater. Only take the very best setups.
Thought it was just me. I can't stick to boiling eggs, right
I'm big fan of you.i am from India. I trading in in India stock market
Rules are made to be broken lol