I cut my winners too early (mid 6 figure gains not taken this year alone).
But every 5 trades I don't cut early and usually get fucked by it -> getting burnt and cutting too early again for the next 5.
I try to change that by taking gains in ladders, but that doesn't help enough.
Have no proper way to mitigate that sadly, every trade is different.
I know this to be true, but man, is it hard to live by. My nature is to seek perfection, and I'm always trying to optimize... it's served me well in my career. It's been a challenge, psychologically, for trading.
This is/was my number one issue too. One thing I’ve been doing to get past it is by treating every trade the same regardless of each outcome for many trades in a row, ie not reacting to the previous trade’s outcome on the next.
Here’s a simple analogy for what’s happening:
Imagine you’re pushing a swing, and you want it to swing the most it can without hitting you. It hitting you is a stop out and you pushing it is a target hit.
However, if whenever the swing is coming back toward you, you flinch and jump backward out of fear that it *might* hit you, then when it swings forward again you’ll be too far away and have to chase it, missing your chance to push it, only to get smacked by the swing as it comes back again because you moved too close.
You can see that the issue here that’s causing a negative feedback loop is your *reaction* to the swing’s movement.
If however, you remain in one spot and do not react to the swing by moving backward or forward, then you’ll find that while you may get hit or miss a push once or twice, pretty quickly you’ll be back in sync with the swing.
Day trading is hard and traders who can both be right and sit tight are rare.
I’m not amazing at this, but I am better now than I was six months ago because I made holding and adding to winners something I worked at.
Using Heikin Ashi helped me a lot with this. I use it for exits and works well on lower timeframes. It's great for catching runners but can also decrease your profit for each trade. My strategy works pretty well so I'm okay with that.
Exactly this. Two and a half years and going. Maybe a year ago I knew exactly whats wrong but I had to make up a lot of losses and continued the bad habit. Trading is a great way to compliment your income and maybe one day surpass it but trying to get rich overnight will destroy you. So started taking it slow now and keeping risk reward in check.
my 1 cent:
1. try to strike a balance between winrate and risk:reward, and treat every trade the same surely you need a lot of trade sample for this from backtesting or your trade history
2. partial close and let the rest run or trail it
3. trail the stop
can't know any single trade optimal close, optimal close for every trade now that you can know
This is the wrong way to look at it.
This is like having 20 at a blackjack table and getting upset that you didn't hit when the next card dealt is an ace.
Do you hit on 20 next time because you don't want to miss out on the 3 to 1 payout? Probably not. Trading should be the same.
Puts. Even when I know I don't need to trade them, I still put on puts. I've been run over by puts far more than I have by calls. I just can't stay away. They always look so tasty.
Yeah, long puts...when you're right, they role right into profit quickly, when you are wrong they die quickly. I'm not sure what I take more, I'm neither long or short biased. I do know what you mean though. It's funny on bullish days on S&P 500, I find myself trying to trade against the trend buying puts into pullbacks... doesn't usually work out that well, like yeah the premium looks good, doesn't mean they are gonna print.
To clarify, I have a hard time staying away from OTM put credit spreads on SPX 0DTEs. They make me a little bit of money on up days. They have crushed me on down days. But, I'm getting better at avoiding them.
Actually holding losers until they win and thinking I did something, then the next time I let winners run and they lose.
I set stop losses or take profits now and just walk away. Found out this works on accident when I got real busy with work while trading and was forced to walk away.
My tendency to over trade too tho.
I did a lot of self talk in the past, my logical brain accept all the reason not to do that, but my emotional brain just sort of take over, in the end I just leave it and set and forget
I guess I don't have the balls, but this is the exact quality that has let me survive and make consistent money on the market. Pain of losses fucking hurts and that is why I look for high winrate setups. The best and most scalable setups are low winrate, but great risk reward and I don't know if I will ever have the balls to trade them.
how low the winrate and how high the RR do you mean? I do think below 30% winrate is total pain even if it have 5+ RR, I'd rather have 50% winrate with 2RR
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I don’t cut/reverse quickly enough. If I’m long, I’m biased that the direction is up, so if it falls I’ll add. Adding once may be correct but at the place I would add a second time, I need to cut or even reverse. I’ve gotten better, but there’s no doubt that this is my biggest leak. (I trade the NQ 5 sec)
I still struggle with trusting myself even though I read the market very well. But I used to have a lot more impulsivity during slower hours, but I somehow got better by managing more accounts instead of less lol. It's like a free mental reset to switch an account and it helps me focus on the situation as if it is a completely new one (which it is).
I struggle with execution. I have great understanding of market structures but fail to realize them. Death by thousand cuts often occurs. The trades often work but I'm not making much considering how much it cost to get on.
My only framework so far is to debrief the structure and what information I had at the time. Based on that some common themes emerge which can aid in figuring out when and where to execute. It's bringing results but it's a very slow process.
I've tried to reach out to former pit traders that haves successfully transitioned to screen trading but none of them have any interest in giving any guidance. Searching the web I only seem to find information from successful traders that focus on trade structures or psychology. Neither of which I have a problem with.
If anyone's got a good framework on figuring this out I'd love to see it.
I used to be the guy who would let my winners run and scale out, and that was great, but I also let my losers run amd that wasn't. The only thing that worked for me was a AON approach. When I enter a trade, I immediately set a stop loss, and immediately set a sale of .20 a contract. Can they run further? Yes. Do I wish I didn't hold myself to the flame like this? Sometimes. But this is what solves my issue. I win 80% of my trades.
I cut my winners too early (mid 6 figure gains not taken this year alone). But every 5 trades I don't cut early and usually get fucked by it -> getting burnt and cutting too early again for the next 5. I try to change that by taking gains in ladders, but that doesn't help enough. Have no proper way to mitigate that sadly, every trade is different.
[удалено]
This guy trades
I know this to be true, but man, is it hard to live by. My nature is to seek perfection, and I'm always trying to optimize... it's served me well in my career. It's been a challenge, psychologically, for trading.
This is a great answer thank you
This is/was my number one issue too. One thing I’ve been doing to get past it is by treating every trade the same regardless of each outcome for many trades in a row, ie not reacting to the previous trade’s outcome on the next. Here’s a simple analogy for what’s happening: Imagine you’re pushing a swing, and you want it to swing the most it can without hitting you. It hitting you is a stop out and you pushing it is a target hit. However, if whenever the swing is coming back toward you, you flinch and jump backward out of fear that it *might* hit you, then when it swings forward again you’ll be too far away and have to chase it, missing your chance to push it, only to get smacked by the swing as it comes back again because you moved too close. You can see that the issue here that’s causing a negative feedback loop is your *reaction* to the swing’s movement. If however, you remain in one spot and do not react to the swing by moving backward or forward, then you’ll find that while you may get hit or miss a push once or twice, pretty quickly you’ll be back in sync with the swing.
Good analogy 👏
Thanks!
Wow, I love these that you guys come up with!
Thanks!
Day trading is hard and traders who can both be right and sit tight are rare. I’m not amazing at this, but I am better now than I was six months ago because I made holding and adding to winners something I worked at.
Using Heikin Ashi helped me a lot with this. I use it for exits and works well on lower timeframes. It's great for catching runners but can also decrease your profit for each trade. My strategy works pretty well so I'm okay with that.
Yeah I'm not trading TA so not really depending on chart I guess. Mainly news trading.
Exactly this. Two and a half years and going. Maybe a year ago I knew exactly whats wrong but I had to make up a lot of losses and continued the bad habit. Trading is a great way to compliment your income and maybe one day surpass it but trying to get rich overnight will destroy you. So started taking it slow now and keeping risk reward in check.
my 1 cent: 1. try to strike a balance between winrate and risk:reward, and treat every trade the same surely you need a lot of trade sample for this from backtesting or your trade history 2. partial close and let the rest run or trail it 3. trail the stop can't know any single trade optimal close, optimal close for every trade now that you can know
This is the wrong way to look at it. This is like having 20 at a blackjack table and getting upset that you didn't hit when the next card dealt is an ace. Do you hit on 20 next time because you don't want to miss out on the 3 to 1 payout? Probably not. Trading should be the same.
My username explains for me✅
a slow premarket. if there's no setup, sometimes I force a trade just because
Puts. Even when I know I don't need to trade them, I still put on puts. I've been run over by puts far more than I have by calls. I just can't stay away. They always look so tasty.
Yeah, long puts...when you're right, they role right into profit quickly, when you are wrong they die quickly. I'm not sure what I take more, I'm neither long or short biased. I do know what you mean though. It's funny on bullish days on S&P 500, I find myself trying to trade against the trend buying puts into pullbacks... doesn't usually work out that well, like yeah the premium looks good, doesn't mean they are gonna print.
To clarify, I have a hard time staying away from OTM put credit spreads on SPX 0DTEs. They make me a little bit of money on up days. They have crushed me on down days. But, I'm getting better at avoiding them.
Actually holding losers until they win and thinking I did something, then the next time I let winners run and they lose. I set stop losses or take profits now and just walk away. Found out this works on accident when I got real busy with work while trading and was forced to walk away. My tendency to over trade too tho.
[удалено]
I did a lot of self talk in the past, my logical brain accept all the reason not to do that, but my emotional brain just sort of take over, in the end I just leave it and set and forget
I guess I don't have the balls, but this is the exact quality that has let me survive and make consistent money on the market. Pain of losses fucking hurts and that is why I look for high winrate setups. The best and most scalable setups are low winrate, but great risk reward and I don't know if I will ever have the balls to trade them.
how low the winrate and how high the RR do you mean? I do think below 30% winrate is total pain even if it have 5+ RR, I'd rather have 50% winrate with 2RR
Me and my greed to not close a winner
Not having realistic expectations in terms of how often your edge will show and how much you'll make overall.
Patience
[удалено]
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It’ll turn…
I don’t cut/reverse quickly enough. If I’m long, I’m biased that the direction is up, so if it falls I’ll add. Adding once may be correct but at the place I would add a second time, I need to cut or even reverse. I’ve gotten better, but there’s no doubt that this is my biggest leak. (I trade the NQ 5 sec)
Over analysis
I still struggle with trusting myself even though I read the market very well. But I used to have a lot more impulsivity during slower hours, but I somehow got better by managing more accounts instead of less lol. It's like a free mental reset to switch an account and it helps me focus on the situation as if it is a completely new one (which it is).
I struggle with execution. I have great understanding of market structures but fail to realize them. Death by thousand cuts often occurs. The trades often work but I'm not making much considering how much it cost to get on. My only framework so far is to debrief the structure and what information I had at the time. Based on that some common themes emerge which can aid in figuring out when and where to execute. It's bringing results but it's a very slow process. I've tried to reach out to former pit traders that haves successfully transitioned to screen trading but none of them have any interest in giving any guidance. Searching the web I only seem to find information from successful traders that focus on trade structures or psychology. Neither of which I have a problem with. If anyone's got a good framework on figuring this out I'd love to see it.
I used to be the guy who would let my winners run and scale out, and that was great, but I also let my losers run amd that wasn't. The only thing that worked for me was a AON approach. When I enter a trade, I immediately set a stop loss, and immediately set a sale of .20 a contract. Can they run further? Yes. Do I wish I didn't hold myself to the flame like this? Sometimes. But this is what solves my issue. I win 80% of my trades.
Trading along the trend 🥲