I have rules to protect myself from myself.

I just posted up yesterdays trades on my scalping page and wrote a small piece about the days trading which I’ve copied here for those that aren’t interested in my trades. It wasn’t a good day. At least today was a BE day, hopefully putting the brakes on.

Monday 26 Jan

I should really only analyse this day in one way. It should never happen again. I shouldn’t have been trading. I’d just finished my block of 4 night shifts this morning and got 4 hours sleep, I was tired, my mind numb in a daze, it’s always like this even if I get more hours sleep on the first day after nights. I was exhausted and out of control. I’m going to set up a new page on this site on ‘trading rules’, a list of rules that I will repeat over and over. Rule 1, don’t open the charts on the afternoon of my first day after night shifts. Aka, don’t trade when exhausted, tired, full of flu, got shit on my mind etc. I will probably need some do’s and don’ts to add to this rule. It must be set to memory, become a mantra, repeated over and over. As Hubert Senters said on the traderspodcast, ” I have rules to protect myself from myself.”

”What to say when you talk to yourself.” by Shad Helmstetter, comes to mind. A book I read a few years ago.

A while back I went to a bar on my first evening after a block of night shifts. I’d only had a couple of pints. I was sat on my own, mulling over some things. And then I was chucked out of the bar. The Smithfield, in Derby. I’d been talking to myself. I’d lost control in a state of exhaustion. Pity I wasn’t repeating my new rule over and over. It would have saved me today.

7 responses

  1. hey FXoutlier. It’s all mental my friend. As you know about me from the chat, as a new trader I suffer from this too. I had some great trades this week. I’m 12-5 this week for +7 pips and all my 5 losses were massive and were emotional stuff, not listening to my rules. Thats why I’m going to focus on the emotional side and steadily clean up my act. that is the only thing thats getting in the way of success. Check out the book I bought (posted on the forum). It looks good.

    And another thing, smart not to trade when you’re tired. Good rule. This is a long term project bro. As driven as we are, and we know we are, we dont need to trade all the time and we dont need to obsess about it. We need to keep our equilibrium. We will progress slowly and ultimately become consistently profitable. We have what it takes. Lets not get in the way of ourselves and slowly but surely progress. Thanks for the post, Dave (DDTrader)

  2. Cheers Dave, thanks for the comments. I just listened to mondays thetraderspodcast, it’s a good un. I’m just going to thank Rob Booker for it. I think being open about stuff helps to come out through the other side rather than pretending it never happened not to hurt my ego.

  3. Keep it up! Thanks for the post.

  4. Cheers jon, hope your trading is going well

  5. you like booker, huh? i saw you have him as best book #2. do you use his methods from 5 bullets?

  6. I like Rob Booker’s traderspodcast as it’s mainly about the emotional side of trading. I listen twice a week and add that to reading James Clear’s twice weekly letter on habit changing. Both these sources are free. I’ve got about 6 books on mindset and psychology I’ve yet to read and may take a while to get around to the book you’ve recommended, but I more than likely will read it in the future.The 5 Bullets book you’re referring to is by Rob Wilson about trading the EURO in the London session on the 1 minute chart. And no I don’t use this method but I would have done if Rob had set is course up as he intended. Instead he made a killing trading bitcoin and set up the company Bitscan.
    I’m trying to learn traderAllen’s method based on Bob Volman like yourself, with a bit of other stuff for long term trend analysis and trend reversal indication, similar to how Allen uses fxa. I don’t understand much of what was written in Tim Lucarreli’s Dark Secrets fxa, although traderAllen seems to, and that’s fair since he is a succesful trader and I’m not and so I really shouldn’t recommend things. However I’ve kept this blog for over two years now as a sort of journal of my journey and feel here that I can possibly stretch things as far as recommending stuff here. I have thought things were good before and have since completely changed my mind as I may do so again. The top book list seems to fit in with trading the Euro as I’m trying to do now and I’ve felt they all have some little thing to offer, even if I wouldn’t try to trade them on my own.
    What makes traderAllen unique is he has set up his forum and chat like a course that others may charge large amounts for. One day when he gets every thing in order, he may decide to charge for his services and I feel lucky to have found him in the early stages of what he’s doing and get it free. With only a few of us involved we are almost get a personal service and I fully want to give it a go. Whilst some may get it all straight away I always take a while to do anything, due to issues of confidence, natural ability and emotions. Unlike others attempting forex I’ve never been successful at any ventures in my life, business or other pastimes but I’m trying to turn things around. I’m ready for plenty of ups and downs, even if the everyday reality is emotionally hard and I can only try a push through. I think we will all do things in our own way to try this and it is plain to see that most won’t make it. After a few months following traderAllen I realise I am still only at the start of my journey and hoping for too much too soon would create the same anxiety as a series of failed breakouts then price plummeting away without me. All the best with your own trading. You seem to be taking to it like a duck to water and maybe I will one day be recommending a book about forex by you.
    Presently reading Bob V’s second book and slowly working my way through!

  7. thanks for this reply. i didnt read it till now. it really is a rare opportunity to have the chatroom and forum and, as i see all over the place, you can be successful in forex. it just takes dedication, which you have. not everybody is writing notes on notes on Bob’s book, like you did. “It will take longer than we hoped but shorter than we feared” to become profitable but it is us dedicated few that will weather the ups and downs and become the small percent that is succesful

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