In the near future, they will invent a medical term for bad traders, and describe them as people with some sort of mental or psychological disorder and prescribe them drugs to improve their trading. It will be like this, take these two bills before you start trading and you will not feel the pain or take these bills to improve your trading and money management!
Wisdoms are kind of a dime-a-dozen, and meaningless...if they all fall on deaf or dumb ears, It's all about how you interpret it, and apply it, practically and theoretically, I could say: 'the shit is brown'...and that could sound like the most profound, and deepest, thing you've ever heard -- if your mental light is turned on at that moment, And besides, trading is one of the weirdest things to do...Some lesson or ideology or strategy could work one day, but not another, Trading is very much a skill and craft and somewhat ambiguous activity -- specially the shorter the time frame, or day, I don't think I'll ever not stop thinking about the money; and just focus Purely on the Trade. That's like asking me to see a woman, or a pretty/sexy woman, just for her inner qualities...I mean I'm human afterall with basic drives and wants,
Trading is not a normal business like a bakery. It's a business where fortunes are made and and lost daily on the dynamics of fear and greed. As fear and greed are mental mindsets, examining one's mind to help us understand the dynamics can help people in their approach to their trading plan and progress. From personal experience the biggest problem I had at one time was knowing exactly what I "should" do, then when in the trade failing to follow the plan and doing something different time and time again- very frustrating. It took effort to develop a change in mindset to break my mental reflex "go to" pattern.
If you are a successful trader, you can be sure that she is also thinking about money when she looks at you.
Been a bit sad recently, going to see if the Doc can prescribe me a few Mil, Malibu beach house and a blonde bimbo to get me started. Skip right to the good part, no trading required!
Here is a part of this book what he's quoting Mark Douglas from the book the disciplined trader. I will be ordering that book tonight.
It takes time and experience to be a good trader -if you are fearful or greedy go to Las Vegas and feed those emotions until you are sick of it, then start thinking about trading. It's a business with costs and profits, plain and simple