Discussion in 'Psychology' started by The Ross Hook, Dec 3, 2008.
There you go bro, downloaded, then PM
Thank you for the good info, emotion is the biggest enemy of trading sucessfully.
Borrowed from NQoos site no doubt.
It is polite to give credit to your source of material whether his or someone elses.
FWIW. Attempting to be free of emotion is not the secret of success.
Discipline Emotions plus good money management do 2/3rd of the job.........of course having a system with 60% win-loss ratio and 3 to 1 ratio of profits in winners vrs losers.
If trading was that easy, several industries would shut down as getting 6% ROI in many is a steller year.
This info was forwarded to me about two years ago, and, I am not sure where he/she got it from, so I could not give credit to NQoos site. I have also seeing the file here on ET, it was posted by Compulsive last year
It really does not matter where the original source comes from, but to use the principals wisely.
You mention that this is not the secret of success, YOU are right. However, most people would not comprehend or accept the secret to success as man likes to conjure up difficult things to the most simplest things is life.
If I share with you the secret, "you" man or woman would think of a million reasons as to why it is not.
To my friend who asked for help, keep reading it my friend and PM after you have done your homework for this is only the beginning. There is a level of harmony most people only dream of it as only a few elite individuals will achieve it in their lifetime
All of the most positive and powerful thinking you can summon won't cause a trade to go your way if the market has something else in mind.
Having said that, the PDF is one of the best pieces I've read on the overall subject of discipline, and it sure speaks directly to many of the problems I've faced over the years.
How many of us have pissed away hard earned system profits by then "winging" it while watching charts when we should have been doing something - anything - else. Or how many trades have busted our P&L when we took a small system loss and felt we had to get it back, only to lose even more?
(Recommendation for any traders struggling with this. Everytime you wing it outside your rules, slap yourself in the face. It works for me.)
IMO, understanding your psychological makeup, and conforming it to the needs of the trading environment, is a very, very difficult thing to do. But a key to survival.
Hopefully, stock_trader gets that.
U cannot be free from emotion, in fact there is no need to. But u have to keep them down in trading. That is part of the discipline I guess. The core of productive self-discipline is constant & conscious self-awarness. Fundamentally, it is always; but here we need more of it)
Thanks for the book. I will read it
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