Hey - you're correct. It is the ONLY way. Ultimately we are responsible for our own success or failure. We are not animals, but real live free moral agents with the ability to make decisions and abide by them. It is all about choice. People do EXACTLY what they WANT TO DO. Nothing more, nothing less. Everything is in our control. Nothing is fate.
I am an utter failure when it comes to discipline. If it were left up to me and my strength and character and all of that...I would fail. I know this about myself... I have a system that I follow and all that I can say is that my success is built around whether I follow it or not. So for me the system must have an edge and that is all I need. The minute I start second guessing the system, then something is wrong. Stay focused and look straight into your goals and reward yourself when you follow your plan. But first understand yourself. To teach a proud person some of the things that the posters in this thread bring out is impossible. Michael B. P.S. When praying...never pray for patience!... pray for wisdom.
===Everything is in our control. === Well, IMHO within certain limitations...And different people have different limitations... ==Nothing is fate.=== I personally would not be so maximalistic. For example: I ,unfortunately, was not born in USA - that's fate... Each and every time when it is not a matter of choice it is fate... The problem is sometimes we think that certain things are a matter of choice... sometimes we are correct in that sometimes we are incorrect. In many aspects our choices are a matter of our personal genetics: certain people are wired certain way, and not much can be really done about that...
I disagree. You were born in the country your parents chose to live in. Not fate. Genetics play a part, but not the final word. Choice is king. Believing anything else makes one prone to blame everything around himself and fail to take responsibility. It is a disease in the world today. How we are wired should be the first considerationon how we trade. You are fat because you eat to much and much of it is crap. You don't exercise. Those are choices. (Yes - some people have disorders physical in nature....) You fail at trading because you don't do your homework and/or you don't trade it with teh correct discipline. You may have been abused as a child and hence suffer damage. Guess what - you are STILL in control. My personal philosophy is simple. I do not worry about things I cannot control (like other people). I can't control them, so why worry? It is a waste of effort and energy. I don't worry about the things I can control either. I control them. Worry is stupid in this case. Perhaps you can see how this applies to trading? I cannot control the markets. I do not worry about them. I can absolutely control how I react to them though. I have the capacity to maintain 100% control over my actions. Discipline (SELF discipline) is the key. I spent 6 months learning and observing the markets (Forex) and developing a very simple approach. (Brutally simple - simple is best!) I have been trading for 6 months live. In six months I have not had a losing week. Came close twice! I know when to trade, so I do. I know when to not trade - so I don't. Speculation is a losers game for me. It runs contrary to my personal philosophy. I do not expect a lifetime of perfect weeks - I am still human! I could care less about other approaches. Some work better - but they are not to my personal taste. Ultimately, success or failure is 100% in my control. Letting my emotions get the best of me is also a choice - one I choose not to indulge in. I do that playing Golf or Hockey! Success or it is a choice I make. No fate. No genes. No outside influence. It is me and only me. Trading is the ultimate test of independence and provides 100% freedom. The choice is ours.
See what I mean??? You made a choice. The choice did not erupt into a flame war, and that is nice. Funny thing about the post - it is all about me. Everyone has their own choices to make. Thanks!
SP, You hit the nail on the head. In the US we are a country full of finger pointers that don't want to take responsibility. This is a generality, there are of course exceptions. I always consider this truth when reading complaints about brokers on NFA/CFTC when ppl file a complaint. Did they really get churned or were they just stupid? In this business it could go either way. Some ppl are more adapt at controlling themselves than others. I do think that genetics and social upbringing play a role.