" Any person can start with an open mind and in ten months make 1 million a day " http://www.elitetrader.com/et/index...nd-in-ten-months-make-1-million-a-day.287083/ Now I really really want to be an open minded trader! Sometimes I think I am an open mind person (I do - Sometimes!) - LOL. But what exactly is an "Open Mind" in trading? http://www.elitetrader.com/et/index.php?threads/is-day-trading-worth-it.275680/page-100
Hey Odd, In general terms – its having a mind open to all things…, yet judgmental to none Admittedly I fall way.., way short of this =============================== So let me focus on trading Having an open mind…, is synonymous with being completely detached Ultimately – its that no matter what happens in the mkt – one never filters / or shields their self – in any way – from that And no matter what occurs – it evokes zero emotional response within us It is simply data upon which we act…, or not – depending on the most prudent course for us at that tick / moment ================ SS We’re human – we all have psychological baggage – and it never goes away (memories never die – but they can certainly be de-energized) What’s necessary.., is to clear past enough of one’s mental crap – so one can live…, fully function…, and thrive – within the environment the mkt creates No matter what that environment.., at this tick / moment.., may be Trade after trade…, day after day…, week over week…, year over year ============= Now gents allow be to be perfectly clear I am not.., in any way…, trying to explain what Jack is saying…, what he means…, anything related to him…, how he trades…, what he can…, or cannot do I am breaking down this thread’s subject line – only RN
Reality is probabilistic and therefore there can be no absolutes (so you could disregard this statement). We often rationalize our beliefs about our reality with rigid assumptions, which are often inaccurate or false. An open mind is the realization anything can happen and our acceptance that there's a lot we don't know. IMO, IMO, IMO, ...
Reality == People == Markets There's always a bit more to 'em. ---- In trading an open mind means thinking in probabilities: X has happened and Y has happened so Z is P% likely to happen, where 0 < P < 100. The significance of X and Y need to be determined... which is where observation, testing and practice come in. Observing X or/and Y and assuming Z 100% is not having an open mind. Observing X or/and Y and accepting you don't fully understand their significances is having an open mind. Changing your mind based on (cold, hard, numerical) evidence is compatible with having an open mind.
Jack has always said that it is very difficult to get rid of the baggage of conventional thinking.The more trading experience you have in conventional trading makes it more difficult to accept and apply his methodology. It is hard to break old habits. The more ingrained they are the more difficult they are to change.For example I am having a time adjusting to traversing my rocky/hilly property with a leg that has suddenly lost 90 percent of its strength (pinched nerve). Getting there but have lapses called falls.