How often do you break your rules poll

[andrew_c2o]

For those of with you trading strategies I'm wondering how often you break your own rules, often, sometimes, rarely, never?

 

[andrew_c2o]

Interesting Joe Blow voted with 'Often'. I thought you had learned from these forums Joe

Come on everyone more votes!

 

[Joe Blow]

Interesting Joe Blow voted with 'Often'. I thought you had learned from these forums Joe

I lack self-discipline.

 

[RichKid]

I lack self-discipline.

The first step is recognising it- so you've done well already. So on to the next step Joe: why? and then how to stop it?

Basically it's a habit you need to develop. Just as not following rules is a habit the opposite can be made into a habit. Various books on the psychology of trading show you how to fix things. I find it helps to write down my thoughts and tactics prior to entering an order (to buy or sell) so I can reflect on it and improve. Let's hope that in a year we can have this poll again with improved results.

 

[wayneL]

One of the market wizards, can't remember who, had as one of his rules:

Know when to break your rules!

(Just to mess with your heads.) Ahahahaha

 

[ob1kenobi]

One of the market wizards, can't remember who, had as one of his rules:

Know when to break your rules!

(Just to mess with your heads.) Ahahahaha

Exactly! A trading plan is exactly that, a plan of attack. The best strategist, the best army general will stick to their plan unless circumstances emerge that requires alternative action. It's a classic example of contingency theory at work. Remember "you gotta know when to hold them, know when to fold them, know when to walk away, know when to run!" (Kenny Rogers)