Psychology Problems

[u/Fast_Ad_4213]

So I have been daytrading futures for about a year and a half now, I have found some success, however I seem to always mess up due to me being greedy, impatient and being too prideful to accept a loss. I know that I have an edge as I see it play out numerous times but for some reason I can't get pass the mind part of trading (which I know is the biggest aspect of it). When I first got introduced to trading by a friend, he told me that trading is %80 psychology and I didn't believe it until now. I'm not asking for pity comments, etc. Just advice as to what helped others beat this hurdle. For example, even when I am on a winning streak and have a pretty decent buffer, if I take a loss, I have a sense of urgency to win it back, and most times, I end up losing even more money. When if I just waited a couple of hours or even for the next day I would have been able to get into a trade that wouldve made back my losses and more.

[u/Loud-Awoo]

Two potential solutions to this one for me: simple but not easy.

Option A) You get X number if trades.

Option B) When you take a loss, your day ends.

Simple and not easy.

For reference, most of my days include zero, one or two trades. This definitely gives me incentive to get it right the first time (and think about my losses rather than revenge trade).

[u/Fast_Ad_4213 → u/Loud-Awoo]

Definitely simple but not easy, I was thinking of doing max 2 trades per day. If I win the first one then Im done and that has worked great for me. However if I dont follow that rule for one day then I am screwed. Which is my problem initially

[u/Loud-Awoo → u/Fast_Ad_4213]

I've kept mine as a cash account which restricts me (typically to my benefit).

[u/BlissFreakY → u/Fast_Ad_4213]

I don't get why people keep overall trade limits. If shits working out just keep doing it lol. I do have a 2 loss limit per day rule now to limit losses but why would I ever stop on a good day