I try to follow my trading plan, and sometimes I get distracted by psychological factors. After this happens, I try to understand why did it happen and how to prevent it from happening again, however I often find myself in the same situation over and over again.

- How do you react when you trade out of your trading plan?
- Do you react differently when the outcome is a winning trade versus an outcome of a losing trade?
- Does it impact your trading performance?

stevewalker posted:
every rate desecion week I get mad. market stop moving and waiting for the news. At that point I loose my patient and get mad*mad*mad*mad..................

hate it.
hate to wait for news.

- for last months I can stop at some loose level. before, I was destroying my account
- sometimes
- sometimes

those answers 'sometimes' makes account profit or loss.

trader should stick to the plan.

we can not control how much we can win, but we can control how much we can lost!!!!!



Yeah, another reason for not sticking to your trading plan is indeed when the market is too 'quiet' - I then 'create' trade opportunities out of thin air.

It's really hard to identify those situations as they happen - you usually notice it only after the fact, when it is too late. What do helps me is creating a check list for my trade setups and just before a trade occurs, I go over my check list and check that everything is in order. I think the urge opening a random trade happens due to a desire to see some action for adrenaline rush (just as gamblers or even extreme sport enthusiasts).

Phew...I thought I was the only one who breaks the golden rule. I too have managed to create a few trade opportunities out of thin air, and alas, these usually end up being a disaster. There is only one thing worse than tapping your fingers waiting for a trade opportunity to appear, and that is losing your patience and jumping into a trade prematurely. What's the solution?

Thanks James_Bond. All I need now is a checklist to remind me to use the checklist! Joking aside, a checklist really is a simple solution if applied to each and every trade. Drafting my checklist this morning. Cheers, Gary.

marekvasicek posted:
I guess I'm a lost cause, because even a checklist doesn't help me, psychology is really hard stuff for me :/

yeah, following plan can cause losses... look at me. i am following the plan
but at the end winners will come. if not to follow and change the plan constantly winners will never come.