New Perspective - Day Trading

[MMN]

Instead of searching for global answers from the fellow members i would suggest that u urself give answer to ur problems and let others add value to it.... Trading journey is usually painful one ...there is no set time that when that pain will end if at all... many trading legends have blown up their entire accounts multiple times... but the many traders who have blown up - never made it... blowing up accounts does not lead to success but it precedes success .. but then most of them have done it in their 20s... since u r in late 30s i would say structure urself .. dont blow up..please!!

Post your advise on this post I did some introspection and I think I need help from you or the seniors in this forum regarding below problem I am facing..

Whenever I make some good money in stock market...I get the thoughts about social service.... I will do some charity work ...I will help people etc, etc...and I blow up my account....I am not sure if there is correlation with the belief related to money which is causing this or this is my system drawdown..

I usually don't get the same thought about the income I get via other source..although I am compassionate and support/help others wherever I can.

I have a strong conviction that the belief related to money in me which is hurting me in trading...

Your thoughts please...is there a way I can differentiate if this is my regular system drawdown or it's my limiting belief related money which is causing this hurdle for me..

If this the limiting belief ...is there a way I can come out of this? Please advise.

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[Schatz]

do u do charity otherwise from ur salary? if not, then whenver u make profit from mkt u believe that u did not deserve it ...

 

[MMN]

Hmmmm....I did not realize when I started trading it could be so deep....I used to think its all about the trading system...our hidden beliefs can be of so much importance is an eye opener....

Is there a tried tested way to change our belief... I don't want to reinvent the wheel if I don't have to...

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[Schatz]

perhaps u dont really deserve it yet.. and those are occasional successes... u have not gone enough pain to truly believe that u earned it... my wild guess!

 

[MMN]

Your answer is so deep as well and I got my answer. THANK YOU!

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[Schatz]

what is worse than losing money when somebody starts trading?....

it is "making money" by chance. U start to mistake luck with skill.. and it will do tremendous damage to trading account and time...

trading is not much about making money and its about protecting what u have...

 

[MMN]

Right as Mark Douglas said in his book...You don't need any physical skill to make money it's just a click of mouse and if you are too lucky you can make fortunes as well but without a skill of right trading it's just a matter of time when you end up losing everything you have...

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[MMN]

what is worse than losing money when somebody starts trading?....

it is "making money" by chance. U start to mistake luck with skill.. and it will do tremendous damage to trading account and time...

trading is not much about making money and its about protecting what u have...

Dear Schatz/ Traderji members, I have a question related to trading system...what is the right way to calculate the profit percentage of the system if you're a day trader..

My understanding is

Profit% : no. of profitable trades/ profitable+
Loss trades

How about the trades which did not hit the Target or stop and hanging in between by days closing....

Can we add those trades just to denominator. If we do that, will the numbers get skewed?. Your thoughts/inputs

P.S - Trading system - mechanical with fixed RR.

Or we need to go by the profit expectancy formula...I was thinking I don't need to go with PE complex formula as my R:R is constant

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[Schatz]

those trades that did not hit anything is also either making profit and/or loss.... all trades must be accounted for... and what u mentioned is not profit % .. it is accuracy formula... hit ratio ...

if u mean return of capital... then it should be profit after cost divided by capital deployed .. but it is not a good way to measure performance .. because very very few large profits can make ur returns look good but it is actually not desirable..