Why it happens? Because yes I'm afraid to loose the trade when I have to possibility to close it with profit. Why? Because I've lost so much that it is like when you get bitten by a dog and see one in your direction on the sidewalk, you just manage to cross to the other side, or be ready to kill that bastard at the first bark.
Yes its a matter of build more confidence. As Dragon suggested, is a good start to close a portion of it to secure profit, and let the rest run.
es/pip wrote:cfabian wrote:Totally agreed, I was like that too...
Now my problem is getting to the other extreme, where letting it run is kind of hard when already in profit...pablo101 wrote:lukx wrote:another loosing day:
It sounds like a broken record.
You had some trades in green yet you didn't take profit. Sounds to me like you're holding on for the big moves and .... hope comes in play.
I was like this when I blew my very first account. I had a 'horse racing' mentality. You place a bet because you are absolutely sure that your horse will win and when the race starts, you are screaming and shouting, cheering your horse to run faster. Even when your horse starts faltering, you KNOW it will win. This is hope and when money comes in play you will find you lose it all.
Time for a "REALITY CHECK" lukx. Take smaller moves and be happy with it. Or I'll come over and slap your head (hard if necessary) until it sinks in
this is interesting because it has to do with 90ish% of trading----emotions and psychology.
you have acknowledged what your problem is---- " letting it run is kind of hard when already in profit"
now that you know that is a problem you can now correct it.
all you have to do is answer WHY, WHAT is causing you to feel that way.
is it fear of losing
fear of giving back profit that u are up in the trade-- if so--- why- what exactly
is the trade size too large for your emotions to handle the ups and downs while it ticks for or against you
or what is the reason.
once you define it and acknowledge it is the cause, then drop your trade size down to an acceptable level and start again. While starting this new increase on your trade size you will be aware of why you started over, the exact reason. Then as you progress through time you will be able to hold your trades while mentally understanding what the cause was and how to fix it in the future. Then knowing that you defined the exact problem and solved it you can move forward---emoitionaly.
The mind is a complex little thing.
you have to detach yourself from the monetary value of money and trade the trade for what it is. It is just a trade. After all the market does not know if you are trading at 1 per pip or 1k per pip. It will do what it does regardless.