One important distinction is this this. You don't have to be in optimal mental state 100% of the time during the trading day, but only when you have to make trading decision. Therefore in my opinion it is okay to vent off your emotions instead of stuffing them up.
That's because I have learned that I CANNOT control the "MARKET", it is totally out of my control. However I can control "MYSELF", so my focus is on "INTERNAL CONTROL".
Good. So you know all about: http://arxiv.org/PS_cache/hep-th/pdf/9709/9709015v3.pdf ... just by looking into yourself. Help society solve the Grand Unification Theory now.
Psychology (Greek: Ψυχολογία, lit. "study of the mind", from ψυχή psykhē "breath, spirit, soul"; and -λογία, -logia "study of"[1]) is an academic and applied discipline involving the systematic, and often scientific, study of human mental functions and behavior. http://en.wikipedia.org/wiki/Psychology To have knowledge isn't enough, one must know what to do with that knowledge. I know guys on both ends of the spectrum, emotional and unemotional. So I know success can be had either way. At the end of the day (life), I would prefer a proper balance which ultimately leads to a healthier lifestyle. You can't cheat the God(s)
Of course....... but without first solving the absolute differences of each dimensional (theory), the particle reference of any constant will not contain enough mass to conclusively identify any holistic (holographic) singular, dualistic, quantum, etc string without first identifying the radius of oneself. All theory, dear friend, is grey, but the golden tree of life springs ever green ~Goethe
I didn't mean for this to get into a large drawn out debate becasue both sides will stick with their views either way. With that said, you post some interesting points and seem well thought out. Especially with your turtle "rebuttle", you very well may know more then I do on that experiment as I have just learned little tid bits here and there. However, I still respectfully disagree. I think the inner psychological aspect is extremely important. I will agree that a sound strategy (or edge) and risk management parameters are essential, but I do not believe that those two things are what is holding most traders back. Maybe the turtles wasn't a perfect example, but the point was that you can give a profitable system to a random unsuccessful trader and because of their lack of discipline and psychological make up, which stems from how they handle their inevitable emotions of fear and greed, will leave them still unsuccessful long term, unless they eventually address their inner problems. Your example of Tiger Woods is more of an example to prove my point, that the inner person or psychology of a person is very important at higher levels of mastery and success. In all of the Woods biography material that I have read and seen, he was shown to make considerable effort with honing his inner emotional and mental or psychological strengths. He was known to often and extensively use affirmations, visualizations, probably meditation, etc. to hone these areas. It is my belief that aside from constant and relentless physical practice, it is his complete focus, emotional awareness, and mental stamina which allows him to keep his, almost surreal, focus to perform EXTREMELY well under the intense pressures of competing against the best golfers in the world on international television, month after month. So my final opinion is that yes, sound strategy and money management are surly vital to success and need to be practiced, but I believe that many aspects of a persons psychological make-up, both emotional and mental, are also extremely important, if not more important, to success. Especially when it comes to outlier type success, like mastery for example. Another words, I believe what separates the good from the truly great is mostly psychological in nature. Let me also be clear that I am not referring to how a person acts after, or in response to, a gain or loss in the chosen field. A person can be emotionally and overall psychologically balanced during the performing of the task but then be an emotional wreck afterwords. These psychological and emotional strengths can, and often times are, compartmentalized in the extremely successful person or master in their field. Another words, an extremely successful person can perform flawlessly while performing and then later on show great emotion in response to the result of their performance (The earlier statement of seeing a successful person crying, for example). Just my opinion of course as there is really no way to prove this with facts either way.
I think it's time, I stop playing and we get this cleared out. 1. I've never been against psychology. Re-read my rebuttal #3. 2. Everyone agrees that you need an edge. Most people debating agrees that you need the psychological setup to utilize the edge "wisely". I can't throw a ball without a ball in my hands. I can't focus on something without knowing what to focus on. I wrote specifically, that "NEWBIES" need to focus on studying to markets... Re-read my first post where I wrote that character and emotional traits have nothing to do with trading. -------------------------------------------------------------------------- It's interesting how people who talk about psychology and perceptions, are the ones who need help on those the most. Please... re-read my posts in this thread... digest it... and think again... What and where are you disagree with me about? You guys merely take a snippets of what I wrote and obsess over it. You take one quote... forget the prior... take another quote... and forget the prior... Actually, I can see why you guys are so protective over "psychology". Do people emphasize on psychology because they consciously or un-consciously understand their handicap? or... Does the emphasis over psychology make them blindsighted by it, leading their perception narrow? Anyways, it's very ironic... (as usual)
I was under the impression from your post that you were disagreeing with me in that a person's psychological make-up or strength, for lack of a better word, plays a vital role in a trader's consistent success. My post was made to address a few of your points and then to further, and more thoroughly, state my reasoning for my conclusions. If you find my previous post to mostly ring true to you then I guess we just had a lack of communication and I do not disagree with you.
Relax, if I misunderstood you or offended you then I apologize, but there is no reason to get judgmental. I state that I think psychological aspects are an important, and often overlooked, element to a trader's success because this is what I have experienced during my journey to my personal success and it is what I have noticed when working with and talking to unprofitable traders. That's it. You quoted my post so I was under the impression that you disagreed.