It really comes down to emotions.
This is right and wrong. Sure, if you are unable to control your emotions then nothing will work. BUT the MOST IMPORTANT THING is: You have to know what you are doing. So: I need rules! Rules make me confident. Confidence helps to control the emotions.
So the main thing is: I need rules which have an edge!
I dont mean this kind of emotions.
What I ment was really more of a "mindset", things like:
1) You dont hope you really trade what is happening at the moment
2) You feel confident about puting on a trade (dont metter if its going to be a winner or a loser)
3) Your losers / winners dont affect Your future decisions - every trade is a different event ALTHOUGH You know that trading is a process
And one thing that is INDESCRIBABLE in my opinion. There are moments when You get "in the zone" and You get that feeling that You just cant fckn lose. You just have to trade. Im mainly a scalper so it's probably a little different for me but I think it is possible to be easily winning the same way as 95% are constantly losing.
Of course it is really hard to disassociate Yourself from money and Your ego. Even though You might think You're doing it it's still affecting Your decisions.
You (and almost everyone) probably see Yourself as a rational person and You think that Your trading is also rational and objective. Lets give some examples based on Your trades:
Good entry. Stop move to BE. Probably the most common irrational decision in trading of all time. It ONLY gives You fake safe feeling that You cant lose on a trade BUT You took the initial risk so it's risking money for 0 profit most of the time.
Remember that You trade against some guys that are for example 30 years in the game and they can move the market. They know where You move Your stops and also entry price almost always has no technical relevance. It's better to take 2 - 3 pips than to HOPE that the market will turn and miss Your stop by few ticks.
also You are trading ZLs and You got ZLed on the first one.
What I do is I exit a trade if it misses my target by a few pips / ticks OR I look for a setup in opposite direction and it was there.
Once again good entry! But You gave it all back again. Watch out for extremes. Double top formed and You were HOPING that it'll continue anyway. You had no momo UP. If those trades are based on M15 than first targets should be first M15 zones. Price SHOULD stop there and if market PROVES that it wants to go further than You hold. Based on facts not expectations.
Risky trade. Profit margin was small but it's possible that I would take it also. s**t happens. The only thing that would do different is that I wont take a full stop on that one.
Out of frustration probably You just settled for +10 on this one and I think that actually it was a good place to exit. You could have hold it because price closed strongly in Your favor etc. But that's just hindsight talk.
You cant count on trades to be that big so that +70 really doesnt metter. You can always reenter. It's not like price moved +70 because of reaction to Your level. Sellers need to exceed buyers on every level of that move and You cant really predict that.
Homeruns are RARE and that exit dont change nothing.
It was a good trade.
Actually it looks like You're basing Your entries on facts and exits on emotions.
To sum that UP
Market is objective if You scroll through the past and it WILL be objective in the future. When You use tools like ZLs, MOMOS, SRs, EXTREMES, SDs You know the edge and YOU GOT IT. You dont need more information. The only thing that stops us from trading it profitably with no effort are ourselves.
Even if You trade demo account there is a part in every human that wants to be right and that also stands in the way of objectively viewing the market in real time. Also trading demo comes together with that excitement that if You start winning there You can start winning real money. Problems with trading with real money are obvious.
Stop concentrating on negatives because You're just going to get more of them this way. Think of ways how to solve the problem. What I did and it really helped me out is I traded like it's a game. The fact is that You learn more while You're having fun. I hided the money lowered my lots and started trading for points. Like every other game. I just reframed that s**t. I dont know if I'll help but the point is YOU NEED TO SHIFT YOUR THINKING. Otherwise You will be getting the same results.
fck me that is long
sorry for any mistakes