How do you get rid of the "ego"

Discussion in 'Psychology' started by bat1, Jun 8, 2012.

  1. bat1


    My ego is killing me!
    Making me stay in losing trades.
  2. ocean5


    It is not an ego,it is a rationalism.
  3. Re prioritize your definition of pride...

    Be proud of your discipline/patience... not the fact that you "guessed" correctly the "current" direction

    Nobody knows with certainty which direction the market will go at any given moment...
    The market creates patterns, from this we develop our strategies but these patterns are not guaranteed, they have a statistical chance of succeeding, which by definition, they have a statistical chance of failing...

    Discipline, risk mgmt, money mgmt are your tools... Emotions and psyche your enemy....

    Understand expectancy, you can be wrong more often than you are right in direction and be profitable

    Embrace losses and relish wins....

    Take your stops [small loss] wait for your targets [larger win], take all your signals, don't second guess... follow your rule set...

    If your psyche requires that you be right all the time... then approach it with entry, target, stop preplanned [as it should be]

    When your trading signal fires, you know that it will either reach your target or you will be stopped out at a small loss... guess what you were 100% right... you followed your plan, your respected your risk profile, you were disciplined... BE PROUD

    The market is going to rally today - it did, I was right... it didn't, I was wrong is the equivalent of flipping a coin and being proud you called heads....

    If calling direction correctly is what makes you proud, you are most definitely in the wrong career field...

    This is a business, a vehicle to support our families and provide financial security, that's all... if you are doing that, Be Proud...

    Ego doesn't pay the bills...
  4. find an edge and manage your risk
  5. This is the whole ballgame...
    People are dredging pop psychology...
    Because they have no edge or cannot execute basic hedging.
  6. Don't get into a trade unless you have a predetermined stop. Stroke your ego by letting your profits run.
  7. ammo


    you don't count, the market doesn't know you exist,so your ego is a backpack you take off when trading,same as your winter coat when you come in from the cold,you don't need it at all times,it's a tool,put it in the drawer when not in use,you needed it as an infant for survival,you are in charge ,not the ego, teach it that
  8. Redneck


    Make a choice… (call it a commitment) – then stick to it

    Takes discipline to trade with our ego… AND all our other human characteristics/ traits/ frailties

    Humans, as a rule, make damn poor traders…. But a trader can be forged out of a human

    Quirky how that works… but it does

  9. c0l$il


    Use a STOP!
  10. At least for some period of time enter only trades where you can use both a fixed stop and fixed profit target. Make you only function trade selection and make management mechanical.
    #10     Jun 8, 2012