I have been on a winning streak and now nervous to take new positions

mylin_m19 posted:
my currency is gbp - but i think the price levels should be the same for eurgbp and usdcad? i just get paid in gbp?

They auto convert for you back to your home currency

If you keep getting nervous I recommend looking up 'Mark Douglas trading psychology.'

He has several books and videos widely available across the web. This guy basically saved my shirt when I was going through a rough period of losing confidence several years into my trading 'career'.

My advice like others here is to risk less as you make more.

Good luck

Ok so hit my stop-losses, left with 500 now from my 700 - which is still a good return on my initial capital of 80. I need to work on how to decide when to take profit when to let it run. I wonder if there is some strategy on it? Maybe something like x = profit potential/capital at risk?

One more thing - I have been considering my capital as 80 when putting on these trades.. should I consider my daily capital as capital + previous days profit ..for ex in this case 700 as my capital and then from there on I am on a 200 loss rather than considering 80 with 420 profit?
 

Thanks Splexin - I will look him up.

mylin you are in similiar situation as I was. I have lots of success. After few months. After that i fell back close to start. It happend to me 3 times. Still dont know what to change in my mind to go throught cash barier.
But one thing I know. at one moment I had thoughts like. Ok this is still good profit. This is exactly what you have to try get out from your mind. Dont focus on cash. Like me and in my mistakes. May be this is a key to break it. And continue in profit without hurt. Try keep focus on your traiding method. And one more think. Try risk just same like when you start until you break it. And then you add just small piece to margin. So ... imagine you have just 80 pounds. And use THEM. Not your profit. Now you will risk much less then before. And if you will be good in your method may be you can go throught you fear. Iam on the same ship. This is what i found in my mind. So Iam tring do this. And yes. I see small steps forward Iam happy for it. But still many to work.

Good points and thanks for that. So everyday is a new day, with the same original capital and the same stop loss mindset.. sounds good to me =)

again but how do you decide when to take profit? if you take it too early you will miss the potential profits, if you do not take it you will miss the current profits? any ideas on that?

in my case most of my profits came from adding to winning positions, some points it seemed they were not winning but i didnt take profits.. i let it run then they became profitable again and I added extra positions - so overall my profits were huge.

Ok so I had put on 2 new trades eurgbp again as the trend was intact and usdcad again for the same reason - I am going to take off usdcad as you mentioned elerik not to risk the profits. I have managed to move my stop loss such that I make a quick profit out of it given the current jump, will stay in until it hits my stop-loss. so lets see how it goes this time.

Ok so eurgbp went well and I am up 80 pounds, now I have added another position to it so leveraged twice..

Can anyone else here that ticking sound....

I tried to be patient and take profit on farther positon (100 pips) but my system dont allow it to me. MAy be tight stop loss. So I experimenting with strict 30 pips targets. Becouse i noticed that very often price go throught this limagine line and return back, hit my stop loss and continue to farther line. So For me it is just disciplined target. And without emotion...for example 'oh it was just 30 but it go to 90, I could it have'. Understand I have problems with emotions. Therefor I have to keep this method and try get more confidence more calm. Ussually there is no rule to understand where price will move. For that you have to see the future (or know :-D ) but it is not in my strenght. So I decided just trade where I see advanced for me. And little more chance that it will happend as i thought.

umm.. ok I do exactly the opposite. I let my stop-loss exit my trade rather than the take-profit.. like even now I am down in my eurgbp trade but I will wait until my stoploss hits and only then I am out.

I did something different today (maybe shouldnt have done it) - I went and put on a gold position today... i think it might just break out. so, lets see...

ok shouldnt have done that.. umm.. well i have it now so will keep it

market runs, takes a break and then runs again - hope it does it in the same direction...!!

My father in low used this 'strategy' and lost a lots of money .. lots of money. (few milions dolars continuously)
Therefor I have a big respect and fear to do something like this. Dont underestimate it.
Well this could breake your strategy. And make your fear stronger.

which strategy? you mean market runs, takes a break and runs again? that one?
I use these strategies - both trend following :

1) long and short on breakouts and with moving stop loss
2) if it is a breakout and market rests then go long/short with tight stop loss as a smaller % of the 1st stop loss
3) i dont do 2) on the 1) market or vice-versa
4) and normally go for short/long on correlated markets or long/long on negative/uncorrelated markets

million dollars???
man thats a lot!! i talking here about like 500 pounds lol

Everything in red for me today - holding on until stop loss.

Guys, I am currently trading like with horizon of n days - i am thinking of doing intraday trading now as I am getting comfortable with the trading system.

What are the points I should consider here? Is it valid for me to me use the same strategy as I was using before and measure n in minutes rather than in days?

Any thoughts/your experiences are welcome. I know I get nervous and stuff, but I stay discipline i.e. I dont exit before stop-loss etc. Looks like it is only a feeling in stomach and I might jump around to resolve it but i dont touch my stops...

So thinking i might move to intraday???

maybe this will make u more calm... try not to watch ur charts all the time... suppose u trading 1h timeframe... so u just come before candle close with reasonable time.. to check ur strategy, open trades, or manage ur opened trades...

for me it took me around 10 mins every hour... am trying to avoid looking for the charts during the hour, since thats really playin in my emotions.. !