What to do to correct my mistakes ? Help me Guys

#1
Hi

I know you all do mistakes in ur trading life

I have made around 4% last week and and made 2% of my capital this week till yday.

I ended up loosing all those 2% today

Apparently i lost it due to my own mistakes...

Mistake1-Took a short call before the the news item on IIP. Shudnt be trading at all when important news item scheduled for the day

2-I took a trade which wasnt correct as per my own strat...SL triggered

3-I took another trade, some 2 or 3 minutes before the close of the candle...slapped again with a SL hit. I shud wait till the close of the candle.

4-Took another trade on which i didnot wait till the SL hit. I closed it when price came to half of the original SL...price later on went till 4 profit targets.

These are just samples. Apparently, there are many more mistakes, flouting my own rules.

I know many of u guys wud have come across these and corrected those mistakes in ur trading career. Since these are very fundamental in nature, pls help me by sharing ur experience in trading as per rules set by self.

Desperately in need of ur help guys
 

Sunny1

Well-Known Member
#2
these mistakes arises from indiscipline .....indiscipline arises when you continuously look at your profit/loss and start thinking about it....if you have even slight worry about your capital/money...you will keep do these mistakes..

One more reason could that you dont have faith in your own strategy..so you take decision again based on worry when your look profit/loss..

Mind has to be balanced while trading. So take such steps which keeps your mind balanced. like trading with less money than you have in account. back testing strategy in various conditions of market so you get an idea of max gain and max loss and behavior and time it take to reach target or Sl...etc etc
 

AW10

Well-Known Member
#3
Hi

I know you all do mistakes in ur trading life

I have made around 4% last week and and made 2% of my capital this week till yday.

I ended up loosing all those 2% today

Apparently i lost it due to my own mistakes...

Mistake1-Took a short call before the the news item on IIP. Shudnt be trading at all when important news item scheduled for the day

2-I took a trade which wasnt correct as per my own strat...SL triggered

3-I took another trade, some 2 or 3 minutes before the close of the candle...slapped again with a SL hit. I shud wait till the close of the candle.

4-Took another trade on which i didnot wait till the SL hit. I closed it when price came to half of the original SL...price later on went till 4 profit targets.

These are just samples. Apparently, there are many more mistakes, flouting my own rules.

I know many of u guys wud have come across these and corrected those mistakes in ur trading career. Since these are very fundamental in nature, pls help me by sharing ur experience in trading as per rules set by self.

Desperately in need of ur help guys
These mistakes are quite common and most of us have faced them. Plz check if they are due to your impatient nature. Our belief that comes from our education / parental and society teaching that in order to make money, we have to do something, we have to work.. --> this forces us to take trade when there is no trade. In trading, patience is great asset which not many of us come with here. But after few beating, we learn to wait for our known pattern to develop as per strategy.. that means there might be days when we don't have a setup as well.

You moved your stop on 4th trade, this might be due to immediate result of previous trades where you got stopped out hence could n't trust your strategy, yr stop, or market action .. Try to recall what was going on in your mind, in your thoughts around these trades , when you were initiating them, when they were open etc and you will get best learning from observing your own thoughts and action.

Same result might come from many sources, hence u got to know what was the source that triggered these actions.

In my experience, what u did on these trades is only fruit (even if it was sour) of something, The root is somewhere else, not in these actions. So if you don't fix the root, you can't get right fruits..

All the best. and happy trading
 

SavantGarde

Well-Known Member
#4
Hi NTM,

Let me outline the Positives from Your Post:

a) You are net Positive by 4% (Very Good)

b) REALISATION On Your Part of the mistakes committed (Most Do Not Realise The Mistakes Committed therefore a Very Very Big Positive)

Now here is a piece of unsolicited advice....

1) If Following A System... Stay True To The System Till You Gain Enough Insight To Override....

2) While Trading A System ... Never Think About Profit or Loss.. Just Trade The System To The Best of Your Ability..... Ledger Will Reflect The Robustness Of The Strategy.

.... now the thing is you will eventually get bored with a Strategy/System and will want to set your Goals Higher..... also there will be a point where Amount of Profit made will be of no consequence....

There is no System in Existence that Makes EXCEPTIONAL Traders.... Eventually.... it will be Your experience and Insight gathered.

EXCEPTIONAL Traders are those who know When To Break The Rules & Succeed..... & This cannot be Taught.


Happy & Safer Trading

SavantGarde




Hi

I know you all do mistakes in ur trading life

I have made around 4% last week and and made 2% of my capital this week till yday.

I ended up loosing all those 2% today

Apparently i lost it due to my own mistakes...

Mistake1-Took a short call before the the news item on IIP. Shudnt be trading at all when important news item scheduled for the day

2-I took a trade which wasnt correct as per my own strat...SL triggered

3-I took another trade, some 2 or 3 minutes before the close of the candle...slapped again with a SL hit. I shud wait till the close of the candle.

4-Took another trade on which i didnot wait till the SL hit. I closed it when price came to half of the original SL...price later on went till 4 profit targets.

These are just samples. Apparently, there are many more mistakes, flouting my own rules.

I know many of u guys wud have come across these and corrected those mistakes in ur trading career. Since these are very fundamental in nature, pls help me by sharing ur experience in trading as per rules set by self.

Desperately in need of ur help guys
 
#5
These mistakes are quite common and most of us have faced them. Plz check if they are due to your impatient nature. Our belief that comes from our education / parental and society teaching that in order to make money, we have to do something, we have to work.. --> this forces us to take trade when there is no trade. In trading, patience is great asset which not many of us come with here. But after few beating, we learn to wait for our known pattern to develop as per strategy.. that means there might be days when we don't have a setup as well.

You moved your stop on 4th trade, this might be due to immediate result of previous trades where you got stopped out hence could n't trust your strategy, yr stop, or market action .. Try to recall what was going on in your mind, in your thoughts around these trades , when you were initiating them, when they were open etc and you will get best learning from observing your own thoughts and action.

Same result might come from many sources, hence u got to know what was the source that triggered these actions.

In my experience, what u did on these trades is only fruit (even if it was sour) of something, The root is somewhere else, not in these actions. So if you don't fix the root, you can't get right fruits..

All the best. and happy trading

Yeah, perfect analysis and very good guess from u...

I cud be an impatient trader...and also the SL hit in the very first trade wud have made me more impatient...coupled(while in 4th trade) with me getting to know that i sucked when i took a trade without even knowing the important news item slated for that day...guilt consciousness??

As far as ur 2nd para goes, u suggest me to recall what was in my mind while i was carrying out those actions/trades...will try to do those

I also feel one more thing. I look at 4 different stock charts + 1 Nifty chart. These 4 charts fit nicely in my screen. When i look those charts simultaneously, there is some amount of cross expectation. The urge that stock2 will move in tandem with stock1, after seeing some big moves from stock1. This may :confused: be the source from where my mistake no 3 comes in . I might be expecting that stock2 will also perform as per other stocks and i pounce on it before candle closing. Solicit u to think thru this and suggest me..

As far as ur para4 is concerned, pls write more on it for my understanding
 

Taurus1

Well-Known Member
#6
IMO, the strategy is not sufficiently robust.
 
#7
Hi NTM,

Let me outline the Positives from Your Post:

a) You are net Positive by 4% (Very Good)

b) REALISATION On Your Part of the mistakes committed (Most Do Not Realise The Mistakes Committed therefore a Very Very Big Positive)

Now here is a piece of unsolicited advice....

1) If Following A System... Stay True To The System Till You Gain Enough Insight To Override....

2) While Trading A System ... Never Think About Profit or Loss.. Just Trade The System To The Best of Your Ability..... Ledger Will Reflect The Robustness Of The Strategy.

.... now the thing is you will eventually get bored with a Strategy/System and will want to set your Goals Higher..... also there will be a point where Amount of Profit made will be of no consequence....

There is no System in Existence that Makes EXCEPTIONAL Traders.... Eventually.... it will be Your experience and Insight gathered.

EXCEPTIONAL Traders are those who know When To Break The Rules & Succeed..... & This cannot be Taught.


Happy & Safer Trading

SavantGarde

I shud try to implement ur unsolicited advice no2. Let me take it into my mind for action.

And also, when we were at learning stage, there were so many things which have gone into our mind. Studied many strategies, systems, setups, combinations, patterns, volume studies etc etc etc. And after seeing all those and when i finally settle for a simple setup to trade, those learnings i acquired in my initial days, does it play a spoil sport now?
 

SavantGarde

Well-Known Member
#8
My uneducated guess would be... that it differs from a person to person.
...and if you had string of losses following your present strategy then you would be more prone to thinking about earlier learnings....

....if you were the type of person more attracted to things that you didn't have .... then your earlier learnings definitely would play spoil sport....therefore, ..... it would depend on a Individual and his personality Traits.

One would think... results would be similar if not exact....if two traders were given exact Strategy/System to follow with same capital to start with...... to trade for a month.... One would be extremely surprised at results at the end of the month.


Happy & Safer Trading

SavantGarde

I shud try to implement ur unsolicited advice no2. Let me take it into my mind for action.

And also, when we were at learning stage, there were so many things which have gone into our mind. Studied many strategies, systems, setups, combinations, patterns, volume studies etc etc etc. And after seeing all those and when i finally settle for a simple setup to trade, those learnings i acquired in my initial days, does it play a spoil sport now?