A trader in the swiss franc pit once said that the best guys on the floor were sadists. He said that sadism is the key and you really want to have to stick it to people in order to do really well in this business. I find this somewhat true but not completely. Any thoughts?
I doubt it. I have a closet full of whips and chains and belong to several pay only sadism-related websites and I'm probably one of the most consistent losers the market has ever seen.
On the floor, yes. But a better word is "ruthless". I spent time in a futures pit... And did not have or want that level of ruthlessness. But "upstairs trading" via computer... this does not apply. You can make a LOT of money by grinding out small profits... And it "feels" completely "victimless"... And I have been VERY successful for many years. A poker analogy is in order: In Pro Poker you play the MAN... More than you play the CARDS... Meaning... You READ opponents and CRUSH them psychologically... More than you beat them with better cards. Even though I've made millions trading via computer... I do not believe I could ever be a top Pro Poker player... Because I do not have the necessary "ruthless streak"... And would have to spend years developing it. My very successful trading "arbitrage psychology"... Is exactly the opposite of what's required in Pro Poker.
I somewhat agree with you guys but in my experience (especially trading intraday) I find that the more I want to screw somebody the better my trading gets. This is probably not very healthy to think like this but it works for me so I don't really care. Im just wondering if anybody else thinks this way and how it affects their trading.
Personally, I would not like to go through life this way. If I found such a mindset necessary for success in trading, I would abandon trading in a heartbeat.
Yeah I hear you there... Just give some of the money to charity and you'll feel better...That's what I always say. I am aware that when I win it could have been somebody's mortgage payment or maybe their wife's chemo money. That sucks, but they shouldn't be putting that money into the market. Kind of like if a starving guy tries to rob me in an alley to feed his kids..I am gonna stomp his ass even if I feel bad for him later.... He should have gone through the proper channels to get what he needed...but no, he chose to compete in a grown-ups game. Can't afford to make Christ-like sacrifices in the markets over feeling sympathy for others... I give back to society by volunteering and donating to charities. Kind of like being in war...you don't really want to kill anyone...but if you know you're gonna die if you don't pull the trigger, it makes the reasoning a little easier on the mind to do what you gotta do.
or..you are gonna stomp his ass, but before you do it you have a knife between your ribs.... why such a violent tone? anyway, yes it´s my belief great trading comes out of some kind of killer instinct.
Being driven is the key, if that's what drives them then good luck with the high blood pressure and rage counselling later in life