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DaveN
Registered: Feb 2001
Posts: 533 |
12-14-08 12:13 AM
Awesome thread, Eric. Thanks for seeding these ideas. I'm looking forward to following all the thoughts (and perhaps debates) that branch out of this.
There's an aspect of HUMBLE that you discussed above that jumps into my mind, and that's the aspect of an associated openness. By that I'm referring to thought and a trader's mindset.
The trader is not quick to judge and remains open to observe, record, and quantify without bias. Rather than trying to fit market action into a predefined set of beliefs, the trader observes and adapts, with a clear head that's open to new ideas and associations.
I agree with what you stated above, great emotional swings are counterproductive. While it may seem motivating to some, I think it may be a hindrance or barrier to engaging with the market in an open way. Keepin' the "heat" out of the head, as it were...
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caementarius
Registered: Jul 2007
Posts: 476 |
12-14-08 12:14 AM
Quote from Dackster:
If there was a secret solution then there would be no market!
The way I look at it is there is no secret solution to many things where some do better than others. It doesn't have to be a secret if it's hard.
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EricP
Registered: Dec 2001
Posts: 883 |
12-14-08 12:27 AM
A thanks to trackstar for reminding me (with his excellent daily read) of the critical importance of personal responsibility.
Successful traders ARE RESPONSIBLE for their results. They take ownership of their bad trades, while sometimes crediting good fortune for their good trades.
First and foremost, though, they accept responsibility for all trading results. It was NOT the fault of the stock broker (who chose them?). It was NOT the fault of the internet connection (who picked the ISP, or didn't have a backup?). It was NOT the fault of their trading buddy that recommended the trade (who chose to take the trade?).
Successful traders DO NOT, EVER blame other people or events for their failures. Successful traders accept responsibility, and where ever possible, seek to prevent future recurrences as much as possible.
Failing traders, on the other hand, make excuses.
=> Don't make excuses. Be accountable to yourself in your trading.
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EricP
Registered: Dec 2001
Posts: 883 |
12-14-08 12:29 AM
Quote from DaveN:
The trader is not quick to judge and remains open to observe, record, and quantify without bias. Rather than trying to fit market action into a predefined set of beliefs, the trader observes and adapts, with a clear head that's open to new ideas and associations.
Very well written. I agree 100%.
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traderpro
Registered: Feb 2003
Posts: 641 |
12-14-08 12:49 AM
=> Don't make excuses. Be accountable to yourself in your trading. [/B]
I agree. We have some traders who are verbal. Trading with no emotion is key, hardest thing to do. With all that emotion in your trading it will take its toll on your body and mind. In the end the money wont be worth it.
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trackstar
Registered: Sep 2007
Posts: 2093 |
12-14-08 01:11 AM
Quote from traderpro:
I agree. We have some traders who are verbal. Trading with no emotion is key, hardest thing to do. With all that emotion in your trading it will take its toll on your body and mind. In the end the money wont be worth it.
A terrible toll. I am very young and in amazing shape and experienced a big ding in my health.
Blood pressure at high 130s to low 140s. I am 6'2 190lbs that runs 5-10 miles 3 times a week and lifts weights religiously. Needless to say once I got true emotional control my blood pressure dropped like a rock and is back to a perfect 120/65.
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