Ironically to trade well you must first understand yourself

Discussion in 'Psychology' started by triggger, Oct 2, 2008.

  1. triggger


    A store owner opens up the first day of business, a week goes by and customers are not showing,
    after three months customers are not showing, instead of taking loss and relocating, he stays more and evaporates more money.

    consider for example those who emphatically cling to role of wealthy traders on ET,
    I am not talking for fun, I am talking real serious role playing.

    why do we do such things on anonymous board, its not like your girlfriend will know who you are etc etc.

    THE POINT I am making is, in any business you can not, you must not lie to yourself.

    Lying to me is fine, but lying to yourself only hurts your bottom line.

    I MAKE 150-300 a day presently

    I AM NOT ASHAMED OF IT, I have time to grow it.........I hope I do.

    did anyone see Don Bright anywhere, what's going on with them, I hope they are ok
  2. triggger


    as for me I will now click on my own thread 1000 times in order for it to look like 1000 visits :p :p :p

    some sick ET humor eh :D
  3. Where's the irony?
  4. triggger


  5. triggger


    trading is something believed to be outside, indicators, edge etc

    but its all about understanding yourself
  6. That' the same as any endeavour.

    How's that ironic?
  7. the most impt thing is not to be racist.

    most racist traders will lose.
  8. astral


    Lmao! Look at this. activity all over the place, yet alien life doesn't exist!

    "Hey mom, look! It's an elephant!"- "No, no, they don't exist, move on, now.."

    "Hey mom, look! A flying saucer!!- "Jimmie, that is a mechanical bird with LED's attached to them..

  9. pay very close attention to the beliefs lying around.
    trading is believed to be outside, and while indicators may be an "outside" thing, edge is definitely not an outside thing.

    EDGE is what sets you apart from other people.

    You may have an edge over someone having the same setup as you for identifying trades, just by acting in a different way than the other person i.e. playing your position differently, expecting a different thing from that setup.

    For example: If you trade a breakout strategy, while you both enter at the same time, you may have an edge by exiting at the first sign of that breakout not having followthrough, while the other guy is willing to sit and wait.

    Neither of you may be right or wrong. You may simply have different approaches to the exits, and while your losses are short and profits reasonable, his losses may be larger, but profits even larger by employing a different approach...

    However, the EDGE that one of you has is when he knows himself and the approach that he is using is fit to his character. Because in the long run, you'll have to stick to your strategy and if something bothers you about it, the first streak of losses, even if it doesn't do damage to your account, will surely get your moral down and you'll quit the strategy altogether or try to optimize it (therefore changing it).

    So, YES, being true to yourself is KEY and acting according to it, is the real EDGE a trader has.

    Be well.
  10. rtp100


    very well said
    #10     Oct 4, 2008