My Problem

Hi everybody. So many interesting threads and excellent posts - really thought-provoking.
I'm quite an inexperienced novice trader from Russia. I've been now for three months trading in stocks and mostly index futures in the Moscow exchanges.
My psychological problem, as I see it, is that I do not feel elated or simply happy when obtaining a profit, even a considerable one, but any loss, however small, gets me really depressed. And on experiencing a drawdown I believe myself to be just a clueless, good-for-nothing moron - and feel that trading is just not my stuff, that I don't at all have what it essentially takes.

Is this situation unique to me only, I wonder?

 

Try giving this a read. http://www.amazon.com/Stumbling-Hap...3640006?ie=UTF8&s=books&qid=1190729827&sr=8-1

Explains how humans are wired to feel the bad stuff "more" as a sort of a survival instinct. For evolution and survival, avoiding the bad is better than getting the good.

On recommendation is to switch to longer time frames so you feel fewer highs and lows.

 

Your main issue is that you have a need to be right. This is a good way to experience a lot of frustration, anger, depression, etc. This is normal for most traders. However, one way or another you will learn that losses are something you can USE to your advantage and they are a necessary part of the business (of course, many here say they never take losses).

What is your objective? To make money or to be right? If your objective is to make money, then take the loss and try to understand what it is telling you. Why did you take it and where? You can then use that to switch your bias or to use as if it is insider info.

Remember, this is not meant to be something you can do in 3 months so give yourself a break. This is a career choice; anything else is just for entertainment and will have a price ultimately.

Read: Trading In The Zone by Douglas.

Take care,
FT71/TheRock71

 

"Explains how humans are wired to feel the bad stuff "more" as a sort of a survival instinct." off topic a little but you would suppose that when people die they would bury the bad stuff, they always remember your mistakes. "He was a good guy but he drank too much"

 

I saw a "Damon Achey" on Party Poker last night, was it you? For some reason I knew I recognized that name and then seeing it here cant be a coincidence.

 

I like this book better than Douglas, but he is good too. http://www.amazon.com/Enhancing-Tra...3024809?ie=UTF8&s=books&qid=1190757253&sr=8-1

 

I think you meant Poker Stars. Yup, that was me.

 

Thanks to all of you for your kind and caring words. I'm starting to read 'Trading in the Zone' just now. BTW, it seems to me there are TWO books bearing this title - by Mark Douglas and by Ari Kiev.

 

I agree... Steenbarger is much more hands on as far as trading. I'm very impressed with this guy.

 

I've just bought a copy of 'Stumbling on Happiness'. In English. Looks like terribly interesting read.