Trading Psychology Podcast Ep35: After a Huge Win

You may have thought we've been over this already, but the swirl of unique emotions that take place after a giant win, especially that first one, are unique to anything you'll ever experience in trading. On top of that, VP and Robb argue about the best way to approach this, and a very interesting solution comes out of it all.
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[@rafaeluribe577]

I think I speak for the majority when I say that we will gratefully hear any and all episodes you guys can come up with 😅🙏🙌🔥

[@safwanrana8422]

Hey Rob, VP, I wanted to extend my gratitude for taking the time to produce this podcast; it is much appreciated. As a regular silent listener, I have a couple of questions that I'd love to hear your feedback on: 1) Throughout your trading career, have you ever reached a point where, following a series of losses, you were on the verge of quitting trading? If so, could you share what happened, and what advice would you give to your listeners about not giving up? 2) I am aware of VP's stance on this, but I'd like to ask Rob, given that you manage a prop firm and see traders' performances daily: What would you consider a good annual percentage return that would categorise a trader in your firm as 'average'? What distinguishes an 'average' trader from a 'good' one? And what is the difference in percentage earnings between these two categories? Thank you

[@philnewpower]

Ive heard this money management strategy from ICT: Knowing your win% after forward testing can give you an equity curve edge. For example if you're normally getting losses in a row, limit your risk until you get one more winner, then start raising your equity/risk, knowing you have more winners down the line. never tried this but i find it incredibly insightful.

[@2321brendan]

If you are a discretionary trader listen to Rob. If you are algo boss listen to VP. Try sticking to the often flexible rules of discretionary trading after a big bounce up in your account. I tried. I cant. So I turn off the computer for the night and read a good old fashioned book ,and took off the Mt4 app from ph. Cut myself off for a couple days . It works ,and allows the dopamine/adrenaline to subside for clear thought. I like the idea of taking the $$ out of the trading account too. Maybe adding back over 5 weeks.👍👍

[@TyronicTrader]

This makes so much sense why Patric came up with NNFX the way it was designed. Meaning 'On-Off/Yes-No' way of thinking and I love that, though the adaption of that into percentage thinking has always been so difficult because of the variable line of how many 'On-Off/Yes-No' results that can still give big gains. Then Rob saying after a big gain then take some time off can also apply to some who have a series of average gains or period of consistant wins over time. Not everyone goes all in with NNFX way of trading and will have a hybrid approach that works best for their psychology. Really great episode this time.. Thanks

[@Ramboja]

Great lesson ❤❤❤❤

[@KyleBaran90]

Yes, Robb has mentioned this concept a few times offhandedly in a few episodes (other traders that would scale up/down depending on wins and losses). If you have your system and you've traded enough blocks, then you should have a good idea of what your WL% is going to be, and now I wonder if it would make sense to scale your risk up or down depending on your performance within that block (eg if you're outperforming, then you scale back). Or maybe even a "reset" back to whatever account balance after a block. Lots of ways to play around with it, and that's just something that will probably work on an individual level

[@jacobnotte3699]

Thanks again guys!

[@scottbeck7227]

Good comments guys. I take a little different approach to the gains and automatically increase my positions. After one month of trading I will review the status for the month and only then increase or decrease my position amounts. It takes the emotion out of a good week vs bad week because its all about the long term growth of the account. Get rich quick trading is a killer.

[@willspeakman2461]

Good timing for me. I was just starting to back test ideas for locking in profits. Based on Vps suggestion to take profits on the way up and add some back in during drops.

[@Cywerker]

Awesome 🫵

[@carlosseddik2149]

Hey Guys what you think of my methodologie of sizing trades? I trade normal size when the market is really trendy and easy to follow. But every time the market takes a small dump i am cautious and cut my size to 1/4 until the market is finding back to is trend. For Example i traded every day from 12 of july until 19 of july Nasaq whit my normal size. After 19 of july i cut my size by 1/4, now i am waiting for better conditions to trade. Love your Podcast!!! It really helped my allot keep going💪

[@fetti9532]

Hey VP, thanks again for the content Do you think there is scope for an episode on automation? I feel like even when you opt to automate, there are possibly psychological barriers or reasons one chooses to automate that should be addressed. There are different aspects to automated trading aswell, which could be individually touched on

[@NoNonsenseForex]

It's on the spreadsheet for sure.

[@Ramboja]

Good morning Mr Patrick good morning Mr Rob taking the line of least resistance, make all rivers and some man crooked there is no shot, cut in trading thank vp am proud to call my mentor Mr rob I can also call you my mentor

[@smokingbianco85]

I’m a J as well and I just can’t help keep going on with my system in good and bad times.. still working on adjusting my system though😅

[@Khngsley]

What about a situation where i create a really good system that outperforms expectations everytime and it makes me wanna project plans into my future and the icing on the cake is it’s really really easy to execute… Is it a bad thing to feel euphoric about the system and try to suppress any of these feelings if they come?

[@NoNonsenseForex]

It absolutely is, because it's not realistic. Celebrate after.

[@abdalrahmanayman7069]

❤🤗🤗

[@AndrewUKESSEx]

shuld you increase your postion size after say 10% win, or decrease your postion size after 10% lost, so you can maintain 2% risk at all times?

[@NoNonsenseForex]

Correct. See my Risk video.

[@bsmitty07o]

Stay the course….Trade your system, Stay the f*** out of the way,Repeat! We should have the mentality of a robot when trading our systems big win or not.

[@Ramboja]

Spirit in psychology is the main pillow of trading a captain without a destination, will never find the right win to sale

[@zs9293]

Crypto gets complicated when gas fees were 600 dollars. I was in the position where I would of waisted all my profits trying to sell it

[@NoNonsenseForex]

If I ever make transactions, I make them late at night when fees are lower. ETH chain is still a nightmare.

[@sevyusevs2008]

when i feel like a trading god i remove all my indicators and continue backtesting.

[@AnoNymousMO0720]

The best suggestion i could ever hear so far