Discussion in 'Psychology' started by OHLC, Sep 25, 2002.

  1. OHLC


    Quick question :
    What are the beliefs of 'top traders' ?

    I'm about sure there is no quick answer though...

  2. all you need to do is take a Tony Robbins course, think positive and you will become a brilliant trader. If you fail as a trader it is because you are stupid or a negative thinker. :)
  3. OHLC


    Hello ./futures,

    I'm not a failed trader, I think I am a decent position trader.
    But I have(mandatory) to switch to daytrading soon and I know I am held down by some issues.
    So instead of focusing on what is wrong or not ok with me, I thought it would be faster to ask what I should be looking at :)

  4. A Tony Robbins course isn't the answer.

    A better statement would be if you fail as a trader you didn't do what other successful traders have done. That is all it takes.

    Problem is a person forms beliefs about tradiing. The market can prove their beliefs to be wrong but to change a belief isn't an easy thing to do.

  5. Well that statement right there depends a large part on the individuals themselves. It is not hard for all traders to change a belief, because some don't hold any as absolute...

    Some have a belief structure set-up in which they can entertain a thought, concept, idea, belief, or "truth" -- without ever becoming attached to it. They hold nothing as absolute. Their minds and their "beliefs" are extremely fluid. The one thing they know for sure is that they know not one thing for sure. This perceived "weakness" in their belief structure is ironically the one thing that gives them the mental agility to quickly respond and adapt -- or simply put what gives them the strength to overcome what is hard and indomitable ------> the market...

    I believe some trader by the name of George Soros has actually built an entire career on this very principle----reflexitivity and fallibility.

    So there you go OHLC, one belief that I believe is common in the greatest traders is that they hold none of their beliefs as concrete and absolute :)

    And before some smart ass jumps in to point out the glaring contradictions in the above post -- I hereby contest that everything I have said on these boards IS A LIE! (theres my stop-loss) :D

    PEACE and good trading,
  6. First of all, I don't think 'top traders' have many beliefs about the market itself. They recognize the unpredictable nature of price action, and have conditioned themselves to react to what they see the market do, rather than have an opinion about what it should be doing.

    Instead, I think 'top traders' have many more beliefs about themselves and their chosen method of trading. A few might be:

    They believe they have a profitable method that fits them.

    They believe they have the discipline to follow their method

    They believe that, while they will have losing trades regularly, these are a necessary part of trading and if they stick to their method they will always be able to be profitable in the long run.

    They believe in their discipline to not trade larger, or more frequently than their method dictates. This protects their most precious resource: their capital

    They believe that the market is a force to be used, not fought.