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Self Sabotage is a *****

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Super Contributor
Yesterday I re-entered the market, after about 2 months, on borrowed money nogal. I follow my system and enter and exit beautifully catching a little over 200 points of profit on the ALSI futs. Today I think I know it all and disregard my entry and trade in the opposite direction that my system tells me. What is still wrong with me? Havn't I gotten over the self sabotage phase that wiped me out two months ago. Studying the physcology of trading is one thing. Experiencing it is another. I might have caught myself today and turned the trade around but I'm still in a loss. Bummer!
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16 REPLIES 16
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Regular Contributor
geese on borrowed money ! rather you than me.
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Valued Contributor
self-sabotage occurs when you keep repeating the same mistakes over and over and over again. ..

ask yourself why you didn't follow the rules today ..
coz you let your thinking get in the way of your trading ??
coz you wanted to trade so you just jumped in ??
coz after one day you thinks you the man ??
coz you lack elief in your self and/or abaility ??
coz you can't believe money is so easy ??

could be any or all or other reasons .. you have to hunt it down, and only you can find it .. good news is that you don't have to look far as it is self ..
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Super Contributor
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Regular Contributor
This could not have come at a better time , I am in a trade and almost did no 1
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Not applicable
Hi HG I have the following advice to u. Maybe u have a system but do u believe the system can work?U can not test the system in 1 day. Did u read the book SUPER TRADER (BY VAN K. THARP)If not read it. After u read the book go down in position size (Almi instead of Alsi) Test your system even if it is only 1 Almi contract and i would say for at least 2 weaks before going back to the alsi. Please note that i also fail on my dicipline and am now consentrating to sort it out.
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Super Contributor
Heya Christos. Been looking at the system for a week now. It's fine. It's just me.
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Not applicable
Even if it only u still go down in position size until u sorted yourself out.
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Super Contributor
Here's a positive response from a pessimistic cynic by nature. Your postings keep on beating the "I'm no good - it's all my fault" drum. Stop it! AND you'll have cured a good part of your problem. It's a version of a self-fulfilling prophecy. Also - stop trying to "trade like a pro" nobody does - not even the pro's. One last suggestion (and here Simon would take issue) - but go for the more conservative stocks - (companies that you truely like and would happily own) - widen your stop-losses and ride the shares for longer. The lower risk profile will allow this and you will be under less pressure to act. The INDEX is a soleless beast.
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Super Contributor
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Regular Contributor
HG, please post your e-mail address.
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Super Contributor
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Valued Contributor
yip .. seldom the system .. always the person ..
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Super Contributor
I use 10, 20, 50 and 89 EMAs on 15min chart (50 and 89 more for direction). Incidently, I just got a strong buy signal. The 50 crossed the 89 and the price closed above the 10 EMA after a pullback. Price also crossed the 10 EMA on the UK 100 chart. (Sorry Simon but I find the 7/21 MAs picks up too much noise!)
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Super Contributor
. . . and then the drop starts . . .
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Valued Contributor
use whatever .. but don't get all excited because now we drop .. all you have is the immediate ..
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Valued Contributor
an now you self sabotaging your self sabotage .. telling yourself 'see I was right' .. and that's how you went bust previously and how you'll go bust this time ..
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