davidh
11-09-2007, 05:27 AM
Thought you might enjoy (?) this extract from an email I was sent by a website called traderpsyches. So bad it's funny....
It could be an ad for MTP!
"That was a good trade, wow, I'm a great trader, I just take my setup and leave the room and hey presto, everything works brilliantly, but the trend isn't over, let's get the next push down, it's going to turn here - press button - oh shi**t, maybe that was premature, yes it was, but perhaps I can get out with just 10 instead, yes I've done it and it's reversing now so I was right, amazing timing. But of course that last one wasn't actually a proper planned trade, I just knew it would work because I'm so good. Right that was actually perfect timing, let's do it again. Whoops that wasn't a great entry, why did you hesitate? I'm going to get stopped out. There we are I knew it. What an idiot. Now I'm down from where I should be if I'd stopped when I should have stopped after the first proper trade. I must get back to where I was at least. Now that last move is working out but I'm not in it. You bloody idiot. Don't impulse trade don't impulse trade don't impulse trade, don't do it don't do it, but it really is going to make new lows this time, it's surely not going to retrace again, it's OK to try again there I'm in. And it's already against me. I just shorted the low of that move without a setup bar. So I just did what I said I was not going to do. What shall I do now? I deserve to get stopped out for being a complete dick. If it gets to the previous low, I'll be approaching where I was in cash terms if I hadn't made any impulse trades. That's not a reason for placing a target there, why don't I just get out now for a small loss? Because I don't want to make another small loss, and there was real volume in that last move. Except it's just stopped me out again. It's reversing. No it's not. I'm stuck in chop and I should walk away, but I'm not going to because I am such an idiot. Now it actually is moving, I only got stopped because I made a poor entry. Right in again. Up 10, keep going, I want 20, even though this isn't a proper setup so I have no idea why I should want 20 rather than 5 or 10, and now the ten has evaporated and I'm under water again. Leave the room. But I heard it anyway - 'your stop has been hit' . Of course it's bloody been hit you moron. Oh my God now I'm getting a legitimate setup. How much am I down now? Below breakeven for the day. Excellent. So I'll just take this one more trade and get stopped out. Oh but it's counter trend and needs an extra big stop. I'll take it with a normal stop and standard size because I don't want to sit and watch it go -40, and in any case it's never going to go up 40 now. I'm in. 5 minutes later I'm stopped out. 10 minutes later it works for +20, then +40, but I'm not with it, because I'm too afraid of taking the setup properly after being an idiot and have lost my sensitivity to what the market is actually doing."
It could be an ad for MTP!
"That was a good trade, wow, I'm a great trader, I just take my setup and leave the room and hey presto, everything works brilliantly, but the trend isn't over, let's get the next push down, it's going to turn here - press button - oh shi**t, maybe that was premature, yes it was, but perhaps I can get out with just 10 instead, yes I've done it and it's reversing now so I was right, amazing timing. But of course that last one wasn't actually a proper planned trade, I just knew it would work because I'm so good. Right that was actually perfect timing, let's do it again. Whoops that wasn't a great entry, why did you hesitate? I'm going to get stopped out. There we are I knew it. What an idiot. Now I'm down from where I should be if I'd stopped when I should have stopped after the first proper trade. I must get back to where I was at least. Now that last move is working out but I'm not in it. You bloody idiot. Don't impulse trade don't impulse trade don't impulse trade, don't do it don't do it, but it really is going to make new lows this time, it's surely not going to retrace again, it's OK to try again there I'm in. And it's already against me. I just shorted the low of that move without a setup bar. So I just did what I said I was not going to do. What shall I do now? I deserve to get stopped out for being a complete dick. If it gets to the previous low, I'll be approaching where I was in cash terms if I hadn't made any impulse trades. That's not a reason for placing a target there, why don't I just get out now for a small loss? Because I don't want to make another small loss, and there was real volume in that last move. Except it's just stopped me out again. It's reversing. No it's not. I'm stuck in chop and I should walk away, but I'm not going to because I am such an idiot. Now it actually is moving, I only got stopped because I made a poor entry. Right in again. Up 10, keep going, I want 20, even though this isn't a proper setup so I have no idea why I should want 20 rather than 5 or 10, and now the ten has evaporated and I'm under water again. Leave the room. But I heard it anyway - 'your stop has been hit' . Of course it's bloody been hit you moron. Oh my God now I'm getting a legitimate setup. How much am I down now? Below breakeven for the day. Excellent. So I'll just take this one more trade and get stopped out. Oh but it's counter trend and needs an extra big stop. I'll take it with a normal stop and standard size because I don't want to sit and watch it go -40, and in any case it's never going to go up 40 now. I'm in. 5 minutes later I'm stopped out. 10 minutes later it works for +20, then +40, but I'm not with it, because I'm too afraid of taking the setup properly after being an idiot and have lost my sensitivity to what the market is actually doing."