A good trader must have a personality that is always honest with himself?

Discussion in 'Psychology' started by OddTrader, Jun 14, 2006.

A good trader must have a personality that is always honest with himself?

Poll closed Jun 24, 2006.
  1. Yes

    40 vote(s)
    87.0%
  2. No

    1 vote(s)
    2.2%
  3. Doesn't matter

    3 vote(s)
    6.5%
  4. Not sure

    2 vote(s)
    4.3%
  1. Agree.

    Probable results:

    Q
    http://www.asic.gov.au/asic/ASIC_PU...nd+guilty+on+ASIC+charges?OpenDocument&Click=

    06-168 Former NAB foreign currency options traders found guilty on ASIC charges

    Monday 29 May 2006

    Mr Jeffrey Lucy, ASIC Chairman, has noted the guilty finding against two former National Australia Bank (NAB) foreign currency options traders on charges of dishonestly using their positions as employees of NAB in order to gain an advantage for themselves and others.

    UQ
     
    #11     Jun 15, 2006
  2. nick leeson.

    the guys at Long Term.

    George Soros when he thinks he's God.

    Taleb when he thinks he's humble.

    Anyone when he thinks there is no God.

    Jesse Livermore when he refused to hope.

    90% of all traders, taken in aggregate.

    90% of the sell side.

    99.999% of the buy side.

    Any of us, when we hope the market will bail us out of bad position.

    Any of us, when we take a trade for "fun," diversion, machismo, or any other reason that isn't in the plan.

    ***

    denial is a house of cards. trading is a windy environment.
     
    #12     Jun 15, 2006
  3. ... because we think we're smarter and more flexible than the plan. :D
     
    #13     Jun 15, 2006
  4. "always follow the rules.

    know when to break the rules."
     
    #14     Jun 15, 2006
  5. Adobian

    Adobian

    All traders are in denial.
     
    #15     Jun 15, 2006
  6. Love it!
     
    #16     Jun 15, 2006
  7. I haven't made up my mind as to the issue of "God" in trading.

    As far as Jesus (also known affectionately as "JJ") currently I am of the opinion that he was the illegitimate son of Joseph and one of the local dance hall tarts, a spicy little trollop named Mary Magdalene. Based on recent evidence, I would say that they probably got wasted on locally produced wine, and then did the deed at the local "Motel 6"....

    So for people who have to include "God" in with the subject of trading, IF it is true that one must always be honest with oneself, I think one has to entertain the possibility that "GOD" doesnt give a damn about trading, or even worse, doesnt even exist (ooooh).
     
    #17     Jul 25, 2006
  8. fttrader

    fttrader


    Well put, if I may say so.
     
    #18     Jul 28, 2006
  9. This is beyond nonsense.

    One becomes a successful trader over time...
    ONLY by constantly being super self-critical and self-analytical.

    And as a result...
    One learns from one's mistakes... and eventually stops repeating them.

    The main difference between a highly profitable trader...
    And a break-even mookster...
    Is how you avoid pitfalls and how you manage your losing positions.
    (Note: a stop loss order is NOT "managing your losing positions").

    Someone who is in denial and believes his own lies...
    Will never make an honest living at anything...
    And should become a stockbroker or music biz executive.
     
    #19     Jul 28, 2006
  10. i agree with most your post, but whats so bad about stock brokers?..someone's gotta do it :p.
     
    #20     Jul 28, 2006