I think Resilience is one of the most useful things anyone can have...especially those seeking success and achievement beyond mediocrity. Relating to trading i see having high resilience as being able to handle losses with more relaxed calm allowing you to better release them when it is time. More importantly i think a person of high resilience as able to bounce back faster after defeat/big loss and less likely to seek comfort via alcohol or drugs or other harmful temporary distractions. The common cliché is that we are supposed to "fail forward" and what truly separates the successful from the rest is how we handle failure. Getting knocked down is part of the process...and hurting is only natural...but not staying down too long can only be an advantage IMO. Do you consider resilience as a skill that can be developed/honed/improved? Or is it more so bound by nature? Do you recommend any methods, books or videos on the subject?
I'm not going to be liked for saying this, but I'm going to anyway. You only need "resilience" when you've screwed up big time. If you've done your homework... and you approach appears to work in sim... and you've been successful trading your plan with "small money for practice".... then, and only then are you "good to go". Once you learn to "trade correctly"... that is (1) your trades are technically correct and in-tune with the market's/issue's bias, and (2) you're disciplined about stops.... there is nothing to "rebound" from. Other than some black swan event or you got caught making a big, "too greedy" of a play that didn't work out (AND failed on your stop execution)... the market's bias and the correlations are strong enough that it's virtually impossible to lose.
I can see your point and like what you said about only needing resilience after you messed up big time...so the solution is to not mess up big time lol. Which to me means proper discipline and preparation reduces ones need for super-power level resilience...If i understood you correctly. What is your opinion on more of a small scale example that i struggle with: My mood is affected by my performance. I am more irritable on red days than green. I see this as having fragile emotions and a complete weakness. I don't freak out by any means but I allow my trading performance to affect my joy levels, big red days tend to make me big grumpy, big green days tend to make me big happy...I feel like I should remain more in the middle no matter what my gain/loss is.
You're correct on both points. How you "feel" about the market at any time is of no concern to it. Discipline is like "analysis and logic over everything". I've often thought the best market player would be Mr. Spock, if you get the drift.
I couldn't believe that someone can think like that, the first time i heard him. ,,You have to be huunGryy !" Timestamped
If you want a thing bad enough to go out and fight for it, to work day and night for it, to give up your time, your peace and sleep for it. If all that you dream and scheme is about it, and life seems useless and worthless without it. If you gladly sweat for it and fret for it and plan for it and lose all your terror of the opposition for it. If you simply go after that thing that you want with all your capacity, strength and sagacity, faith, hope and confidence and stern pertinacity. If neither cold, poverty, famine, nor gout, sickness nor pain, of body and brain, can keep you away from the thing that you want. If dogged and grim you besiege and beset it, with the help of God, YOU WILL GET IT! — Les Brown