DAY TRADING: Cannot sustain change, progress or profit in 12 months
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Paul McCabe.
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someone 99Hi all,
I have been using PSTEC for a few years and have had some help from Jeff in the past. I am quite familiar with the all tools.
I will try to detail everything to see if I can get some help from you guys and a new perspective on how to use the tools for my current issue.
BACKGROUND:
In the last 12 months I have started day trading and i am yet to make a single profit. I really am not expecting a million dollars tomorrow but after every single working on this topic, at least some small progress every month would be great. Just a green month of $1 profit would be a huge success. Sounds funny, $1 a month should be profitable real easy right? Let me explain.
A best friend of mine has giving me working profitable setups (i.e. entry signals) and has mentored me. In this respect I am very fortunate to have something that works and access to such
If anyone has day traded, then you might understand how hard this is, 1 mistake costs you $10, then ten mistakes cost you $100. So you have -$100 for the day, then comes the next day and now you have to make up for yesterdays disaster of -$100. PLUS your daily target of $30 for example. More mistakes. More bad days and you have left the week with $-300. And such is the cycle.
Mistakes are costly, give a bone here and a bone there, and it adds up. All of a sudden you are in a hole and its difficult to dig out either that day or even to make it up the next day, the next week, the next month.
CURRENT SITUATION:
I am confident that it can be done and my goals can be reached. But somehow i ignore the signs, for example right now i placed a trade, when i “knew” that the move had run out of gas, but thought lets try it. $-10, bad start to the day.
i understand that a loss is part of the business and a business expense, sure i need to pay to play to see if there move is gone. But not to ignore a sign, it means a mistake.
Or for example, the market might be moving quickly and instead of getting in at the start of the move, i might get in 2-3 bars later – its too late.
Once these errors start piling up, i start losing hope and giving up, but rather than accept defeat i continue trading. -$100 turns into -$150. At this point i just start clicking and thinking this is impossible.
Next, i get so angry and hulk like that there have been a few times i have smashed my keyboard. It felt good. But i dont want to be this person. What will happen when i lose -$1000?.
WHAT I THINK I NEED TO BE SUCCESSFUL, open to suggestions.
1. i need to wait for the right setup, but also feel and know when the setup COULD be in a bad area. If it is, i need to let it go.
2. I need to accept that i missed a move and not get in and wait. Just wait for another chance.
3. Be resilient in the face of diversity, keep my cool and not lose my objectivity. Its normal and the reality of the business to be $-1000 but keep trying and dig out of the hole to $2000 – my professional trading friends do this regular.
4. With respect to point 3, its ok to get to -$1000 if the market just isnt working with you, but not to blindly “give things a go”, ignore the the signs and read of the market, and/or BREAK THE RULES
5. If i cant follow the rules like a militant general, i wont be successful
6. Only take the setups, criteria for entries
7. Never blame the market, “this is impossible”, “everything i do is wrong”.SOME OTHER THINGS THAT COME UP:
1. if this doesn’t work, ill need to go back to work
2. i know I’m close but so far
3. my friends laughing at me or not understanding why i haven’t turned a profit in 12 months
4. i keep on working harder and harder and no results – i want to have a life outside of trading too. But its a tough gig working 12 hours a day. But would it be ok if i was profitable? But i am not.
5. anger at the market, myself, my friends, pstec. At everything. The anger comes and goes, but it doesnt go awayI have click track, done BB, and installed some positive stuff – its had an impact. But i cant get the lasting feeling, beliefs i need.
Im looking fwd to suggestions, I will add to the above as it comes to me.
Thanks everyone.
Paul McCabeHi gdogg9999,
Thanks for your post. I appreciate your patience in waiting for a response.
As ever, there will be a range of ways to use the PSTEC tools to tackle the issues you have identified.
As such, it is impractical to be completely prescriptive, but I can still offer some suggestions that will allow you to formulate a gameplan.
Firstly, I would recommend focusing on all the things over which you feel angry. Let it all simmer.
Make a note of the specific things that trigger anger in you and see if you can follow the pattern back as far as possible in your life (to, for example, early childhood).
These triggers might help:
– losing money
– things not going your way, or the idea they never will
– the idea that you are missing out and will miss out
– the idea that you have wasted your time, energy and money
– other people seemingly sailing through life or striking rich, getting lucky, having some magic or secret you feel you lack.
– making mistakes and not knowing how to correct them… or simply feeling you are behind the curve
– working hard and not getting the results you desire or believe you deserve
– going on a losing streak, especially whilst seeing others thriving
– people ridiculing you or your decisions
– not being able to survive and thrive
– life not being fair, or rewarding people who do not work as meticulously as you
Yes, there may be other emotions (namely, fear and sadness) linked to these concepts, but I would encourage you to run a Click Track and try hard to get REALLY angry.
Attach these concepts to specific experiences you have had, or fear you might have. In other words, bring this to life.
As you imagine these things and people, also think of other times in your life where these patterns played out. There will likely be other, more causal events that are impacting your current experience of life and day trading.
The Long Click Track 2015 would lend itself to this work. However, the other Click Tracks will still facilitate you in getting this handled.
It is important that you really try to feel the anger as you do the tracks; rate the SUD before and after using the track. Keep CTing until you can think of these events, memories, concepts and imagined outcomes and feel neutral about them (or 0 or 1 on the SUD scale).
One or two CTs per day will help you crack this. Whether it takes one round, two rounds or more… I highly recommend that you keep going until you genuinely do feel OK about these things. Getting to that point is tremendously liberating.
After this, you can see if the following beliefs resonate (say them out loud) and, if they do, I highly recommend that you put them into the past tense and run them through the Belief Blaster track (any length) :
– “Life is a struggle”
– “I can’t get what I want”
– “I don’t have what it takes”
– “I’m a failure”
– “Money is a struggle”
– “You need to be lucky to be rich”
– “You need to work hard to make money”
– “I’m just not lucky”
– “Mistakes are bad”
– “If I make a mistake, people will mock me”
– “I’m not supported”
Take your time with this. For every belief you eliminate, I recommend layering in at least one PQT suggestion. This is not a rule, of course, but it tends to work very well.
Clear the heavy emotions, the unwanted beliefs and layer in powerful suggestions of change. Work this around your schedule.
There are some very powerful “general purpose” suggestions sprinkled throughout the forum. You could use these, or you could modify the suggestions so they really speak to and for you.
I hope this is helpful.
Please keep the thread updated with your progress and feel free to dialogue further about this.
Kind Regards,
Paul
Paul McCabe – PSTEC Master Practitioner
http://www.lifestyleforchange.com
Please contact me anytime if you want any assistance in utilising PSTEC to help you live a life of tremendous freedom & possibility.
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