Sitting on my hands...

I'm just writing this as I sit here, trying to occupy my mind on something other than trading.

I was lazy today, not paying attention really and missed the opportunity on a couple of great trades this morning. No big deal, as I always say, the market will still be there tomorrow (or later today after the US opens...)

The desire to trade though, is almost overwhelming. It's been four hours now and still no signals. Sure, a couple have been close to fitting my criteria but nothing definite. I can feel the demons eating away at my brain.

Hmm, that does look like a really strong move, maybe I should just...
Well, that signal was very very close to being full, so maybe I should just...
I really wanted to be done by lunchtime today, so maybe I should just...

Schoolboy(girl) errors... being impatient, fear of missing out and changing the rules of the system.

Half the battle with trading is having the discipline to follow your system. Sometimes it's like being on crack and you need that 'fix' of seeing a winning trade. At least now I can (usually..) recognise the symptoms and walk away.

I know where it all leads to you see. You make a stupid trade to get that 'fix' and it goes wrong. Then you start 'revenge trading', trying to punish the market for taking your money. Top tip, the markets doesn't care neither do they owe you anything.

I think I'll make a nice cup of tea and watch a movie or something, sit on my hands for a bit. It's just as important knowing when not to trade and preserve capital than follow the demons in your head.

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Disclaimer : If you blindly act on the advice of strangers from the internet then you're an idiot and probably deserve to lose all your money. There's no fast track to success. Do your own research and only make informed decisions.

True. Keep calm and carry on.

Thanks. I wish I could follow my own advice though...

I couldn't resist, fired up my demo account and started trading. In profit at the moment but it was stupid and I expect it to go horribly wrong soon. But I'll post an adendum to this post explaining all the things I did wrong so someone else might avoid the same mistake...

I'll look forward to reading the addendum post. Cheers!

lol, I got lucky, I managed to get out of the trade with a tiny profit, like 2 pips and it took 4 hours of pain watching it... Stupid stupid stupid though, just pure luck. At least it was demo and not real money (no excuse, I know....)

Are you a professional trader?

I'm a professional retail trader, which means I work for myself and trade my own money for my main income.

I see. That’s cool, but not for me. I tried it though. Decided it was not for me.

Ah yes...needing that 'fix' and 'revenge trading'. I've been there and it can easily eat away at your equity. I've had to ban myself from trading certain symbols so I don't try to seek 'revenge' for prior losses.

me too brother, me too.... lol One day I will settle them... revenge will be mine !!!!

I been there done it all..it took many losses to realize we are Waiters (not Traders) are a paid to wait.

Warren Buffet once said

The stock market is a device for transferring money from the impatient to the patient

Nicely put, I like that.