My experience is the opposite of yours so I want to see how it helps you. Before I became an expert trader psychology seemed to be important because my technique honestly had more holes than Swiss cheese and I needed to believe in the numbers. However as I spent many years filling the knowledge gaps psychology became less and less important until it was totally irrelevant. I've made so many mistakes over the years that when I train traders I can get inside their heads in minutes and fix mistakes real fast, but there's no psychology involved. The rules and techniques I use are very clear so I can see technical errors and correct them. I have had a very few failed trainees but they just couldn't see the event until it had just passed or was pointed out to them. That was not psychological. They just didn't have (at that time) what it takes to trade very fast so I cut them back to a much slower time frame like the 5 mins in order to let them gain eye speed. I am interested to see how you have found psychology helps you and how you apply it as my journey has totally eliminated it. We all have different paths and can learn from one another.
"Emotional traits of the best traders" Contrarian, cynic, skeptic, with a wee bit of misanthropy but a sense of humor big enough to be self-effacing. In other words, visits Elite Trader only for amusement NEVER for information.
I have NEVER met or witnessed any successful person (trading or otherwise) who are "contrarian, cynic, skeptic...". The negative persons I have met in life are usually the ones who are not successful and struggling through life. They are the ones who are weak and not making any money. I have only participated on this website for a short time yet have been accused of different things and attitude seems to be rather extreme. I see people combing for strategies, any strategy. Hostility seems rather high. These are not the actions of guys who are making money, but of those who are losing it daily and losing it big. This seems like the "Loser's Lounge" of websites in my humble opinion.
Almost all "psychological" rules compensate for lack of, in order of importance: a) No reliable edge. b) Improperly capitalized. Cannot pay bills during bad stretch. If you cannot pay bills because you have not made money in three months, but you do have edge, you are poorly capitalized. c) Poor cost structure to trade. If you cannot take reasonable profits because taking the position off and putting it back on removes almost all profit, you have a bomb waiting to explode. d) Lack of adequate information and technology. e) Trading scared money. If you have those things, and you still lose, find another career. Otherwise, don't start without all those ducks in place.
exactly...having a well funded account and no worries whatsoever about bills being paid or not for a couple of years.... your odds increase exponentially. I am talking no worries at all..like having a sugar momma or in some cases a sugar daddy...you know who you are
Yep. If you remember one thing and only one thing from anything I have ever posted, trading is a rich person's game. Work for someone else and learn. Pride is not a good quality in this business. Don't trade your own money unless you have tons of experience under your belt and have plenty put away for a rainy year. Recognize that every year you do this and don't get anywhere, your resume looks worse, and any other skill set you may have is atrophied.
Your resume is virtually useless and means nothing. The main qualities that companies look for in hiring and promoting is 1) a high level of likeability and persuasiveness, 2) superior communications skills(do people listen to you and do they like what they hear when you speak?), 3) excellent work ethic and reliability, 4) ability to pick-up complex tasks quickly and execute in a hasty, but accurate, manner and 5) ability to sell. If you have those skills, then you will be hired by anyone and they will teach you the business. During the first minute of the interview process, these traits are usually abundantly clear. Older workers are being put out of work and its not because they do not know the job, but its because their communications skills have lessened over time. They have become jaded because of life's little difficulties. I wouldnt worry about wasting your time with the trading enterprise. If you can't communicate effectively and are not that likeable of a person then you probably wont get hired anyway.