Manual trade – reverse psychology.
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Well I would just have to manual trade in my usual way and that should empty the account in no time at all 🙂
Which is exactly why I auto trade only!
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Time and exposure is all it takes to get used to anything. After a while you just look at your trades in the morning and say ‘that one’s down a thousand, that one’s down a thousand, and that ones down a thousand – oh well probably better to let the algos do their thing’.
I hope you don’t mind but I will correct the spelling of psychology in your topic title – just because I am a neat freak sometimes and it was bugging me!
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What I mean by noise is that I can stare at 1000 bars on a five minute chart and persuade myself that the market is going up. Zoom out to ten minutes and 1000 bars persuades me that it is going down, zoom out to one hour and it’s going up again. Zoom out to daily or weekly – oh it is definitely going down. Plus candle sticks on longer time frames can be read and generally read correctly. A five minute candle is just a mess of sentiment in comparison and generally has no relationship with the next or the last candle. Maybe I just like slow moving things as they are easier to catch!
Yes MTF is long awaited to make this all a lot easier.
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What this “reverse reading” taught me is to be more careful with entry and exit points. I was determined to get max profit possible with min loss. I took it seriously and did not play a game.
I only used 20,50,100 and 200 MA, MCD and RSI as indicators.I had recently fallen in to costly bad habits on live account and the only way for me to break it is to trade on demo account for a while. Go back to basics and practise what one have learned.
I just found it strange (for me) that in live trading I would let some positions go in to negative territory and I would have to wait until they (hopefully) go positive again. That gets me worked up and can I get worked up then!! But with the “reverse phycology” trading I would close a position almost immediately if it goes a few points against me and open another position in the right direction.
This seems to have worked as I had many small losses but the gains were bigger.
I learned if I have any doubts about opening a position then I would not enter a trade. Have nothing to lose. Risk VS Reward. This saved me a lot. There is always the next time frame..Anton Kreil said something like: “See/read/note what the market is doing but don’t try and be too much ahead of the market. If you do you will find yourself ahead of yourself and the market and that is a dangerous position to be in”.
With manual trading I won’t take as big draw downs as with auto-trading. With auto-trading you need a bigger balance and nerves to handle the draw downs.
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