Yeah, of course I get your point, FB123, but it's hard to see it that way when you're in the middle of the trade (I can't help but taking it personally).
People cannot accept simple answers. They think an answer has to be complex to be true. The idea that we are born with all the genetic material to do anything we put our minds to is hard for people to swallow... but it seems that is where science is taking us... the real question is why can't we better take advantage of the situation, that is the real question... I recall a video I saw from a teacher that was so good, she was given all the kids that were failing in school to her classroom.. she would start the year with a report card with all A's on it. She would talk to each kid and tell them that if they listened in class, if they did the assignments, that at the end of the year they would get that report card... an astoundingly high percentage of the kids did exactly that... she woke up the genetic talent that their personal experiences had buried.... I do not listen to every clown that has his talent buried, spewing excuses, tell me that I can't do just about anything that I start out to do because so far so good in my experience... goals have to be broken down into intermediate goals and then broken down into the daily chore list. You have to focus on that chore list and learn to do them well because similar chores will appear repetitively... for trading I had to just learn, but lots of the learning involved the computer so I taught myself programming and I read, read, read, experiment, experiment, experiment, trade, trade, trade... trading is just an intermediate goal to get on to the real goals, just a way to have high income and freedom simultaneously... it's worth mastering, I'm seven part time years and three full time years along that path.. .so far so good...
Generally, I agree with your comments although you keep referring to the market not going your way as " making a mistake". As it is impossible to know what the market will do next, how can this outcome be a mistake? The art of discretionary trading is knowing amongst other things when to double down as/when statistically/ experience has shown this is the correct decision, and will be part of the risk management strategy. If it goes against you it's just one more trade. As Kenny Rogers sang - You've got to know when to hold them Know when to fold them Know when to walk away Know when to run If you want to be a successful discretionary trader, you better learn to comprehend the implications of this chorus! For the record, the answer regarding discretionary trading is not in predicting market direction, but rather clear thinking emminating from within yourself! Regards Johno
I'm not sure if you were addressing me, but that's exactly the point I was getting at myself. I believe the original poster was referring to the market going against you as a "mistake". In my opinion a true "mistake" is when you place a trade that is impulsive and not in accordance with your plan - one that has lower odds of success and one that you did not originally plan to take. THAT is a mistake, but even those trades should be accepted as part of trading, because they will occur and cannot be completely eliminated. The important thing is to accept that many trades will go against you whether you make "mistakes" or not, and not to get too emotional about it. Most traders say that they accept this, but truthfully, deep down, they still want every trade to be a winner. That's the root of most trading problems right there.
There is "knowing" something, and then there is KNOWING something. You might intellectually know that you shouldn't get emotional about a trade going against you, but that's not the same thing as truly internalizing and believing that knowledge. Just because you know on the surface that something is logical, it doesn't mean that you really KNOW it in your gut. The answer is not to force yourself through willpower to try to overcome bad habits - the answer is to realize that you still haven't truly felt at a core level why it's just fine that many trades can and will go against you. You really need to keep thinking about it, and more importantly, visualize yourself trading successfully with both winning and losing trades. Here's a tip: visualize yourself making a bad trade, one that goes against your plan and is impulsive. Visualize it immediately going against you and causing a small loss, and see yourself getting pissed off about it (because you will). Then visualize yourself walking away for 5 minutes, followed by coming right back and placing a good trade in a calm state of mind. By visualizing this scenario, you will be training yourself to have the right reaction when it inevitably occurs. Most people don't plan for what will happen when they make mistakes and don't have a plan to handle them, which is why they go off the deep end when they do make one. You need a mental plan for bad trades just as much as a plan for good trades, and you need to spend some time visualizing yourself handling them properly.
Hardly a fact. If you knew many successful traders you would know that unless you breathe and live trading with a passion it is unlikely you will get far. Passion isn't enough to make it in this business but it most definitely is not a cause of failure.
LOL!! I thought the same thing when I read that about Ballmer. You don't need the perfect cheeseburger in a hungry market! You make good points. Persistence and learning from feedback is a must. As an extreme example, a person with diminished mental capacity would certainly face challenges with certain achievements, which presupposes a certain fundamental "level of talent" is required. I propose that a modicum of aptitude, intense desire, and a mentor who has achieved what you have set as a goal would go a long way towards solving the original posters dilemma and those with similar frustration. Unfortunately many newcomers are unable to judge training and "educators" before spending exorbitant amounts of money. I'd rather be lucky than good, but good is pretty damn sweet too.