A Rough November!

Hello Decisive traders and anyone that’s new to the site. Today I’m going to take you over my trading for November and also show you how I’ve been dealing with what was a pretty slow and difficult month. 

First of all, how did you all get on this month? I’d really like to see in the comment section how people generally performed because it certainly was a tricky one for me!

The first week started off pretty typical for me, I was on multiple markets and timeframes chopping and changing to find entries wherever I could. This lead to a down week of 1.5% and in my usual frustration as I took the final loss of the week, I was so close to just taking my funds out, telling myself “this doesn’t work” “I can’t stick to anything” “I’m useless” etc etc 

This is a pattern I have repeated time and time again over the last 6 months and I believe it has truly held me back. November in a sense has been a breakthrough month for me in my psychology as I resolved to leave the account as it is and continue trading through the pain of those losses, that glared at me through my now reduced fund size.

My typical routine at this moment, would be to clear out the account resolve to not bother with trading anymore whilst secretly knowing deep down that in a few days I would refund the account in full ie. adding back the funds of those losses so I was starting with a new fresh account, the mistakes and losses casually swept under the carpet and I’m back, a new better unblemished trader with nothing to hide!!!

This is pain avoidance at its best and I became a professional at this, if anyone wants tips on how to bullshit themselves you have come to the right place 🙂

I knew I couldn’t continue with this and the second week of November became the moment where I hopped over that hurdle and just said, “I have to just press on, baring the battle scars of my losses and mistakes” 

Why is this pain avoidance so dangerous? You could argue that I was clearly not trading well, so shutting down shop probably saved me from losing more money. This is actually a valid point and for anyone who is haemorrhaging money through poor trading, I absolutely encourage reducing position sizes or just taking a break. That is totally different however, to reimbursing your account and pretending like its a fresh start each time and now you’re suddenly perfect and mistake free again.

You actually become a worse trader, because your mind now has found a way for you to make silly mistakes, be lazy and undisciplined, take a few emotion based gamble trades without the true negative implications of potentially taking a loss. You know that if you do it a few times, you can just put more money in and pretend like nothing happened. 

Following the break of this pattern, I embarked on probably the best trading streak I have ever been on and managed to hit 15 days (3 trading weeks) without any mistakes at all and it feels incredible. Conquering this problem for me has been a true success and I believe this will be a pivotal moment in my trading career. 

So what were my results, after such a positive build up there, you’re probably expecting some fairy tale ending to how I turned it around and Made a small fortune. Well welcome to the world of trading, get ready for your slap back to reality;

Week 1 –  (-1.5%) (still in pain avoidance mode)

Week 2 – +1.5%

Week 3 – (- 1%)

Week 4 – +0.5%

Total = (-0.5%)  

November for me, despite trading at my very best was still; 1) very quiet for setups and 2) harsh on how they played out.

How do I deal with it? I have mentioned this in other posts, I simply track my performance using green counters (green circles I draw on my white board) James, I believe suggests using a connect 4 thingy. This is simply a clear visual representation of giving yourself a solid Tick for the trade being a good one, whether it wins or not! Let me repeat that, Whether it wins or NOT! Once you master shifting your focus onto this rather than how much money you are winning or losing, you are a getting a lot closer to becoming a professional trader. Having this system in front of me is incredibly useful as it helps me be more robotic in my execution, all I care about now is, “does this trade get me a green counter?” and that’s it. 

Let me break this system down even further. Back to my first week of trading I mentioned chopping and changing markets and time frames to find and force entries. Well I identified this as a huge weakness and an area where my trading is suffering so I also started a Green counter line on my board for sticking to just the FTSE and just the 5 min time frame. Everyday I managed to just trade this, I get a green counter. So try breaking down your inconsistencies and track those as well, maybe you take good entries but always move your stop, every trade you don’t move your stop give yourself a bit of credit. 

In trading we are so quick to punish ourselves mentally, how long does a loss or mistake bother and hurt you. Id imagine the time and magnitude would far outstrip any positive feelings you get from a win. I have had whole weekends ruined from a poor Friday, the high I get from a trade working out usually at most feels good for a couple of hours. It’s so important to work on the positive mini wins you are having that are going unnoticed and uncelebrated. On my board as you will see, I have added in small prize funds for me to build up to, again I am rewarding the emotional part of my brain for performing emotionally well. 

You will see My prizes are in this case totally designer and materialistic which couldn’t be further from who I am, it just happens to be that I wanted to buy this particular aftershave for while and after a recent date, a girl described my current boots as “Homeless mans shoes” I thought I’d better treat myself to some nice ones, If I can do another solid week that is!!

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Thank you for taking the time to read my post, it has been a rough November for me in terms of financial results but these months are going to happen. Stick to your plan and consistency and just push on through the hard times. Please make sure to comment on how you did this Month below, I really would love to see how you all got on. You can also connect with me via instagram at Darrenboness or message me directly at darrenboness@hotmail.com 

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