Your post is quite timely. I just wrote in my journal about this topic this morning. Here is what I wrote: The proper mindset is to have an unshakable belief in one's self. But this belief is not dependent on outcome. In fact, you must let go of the need for a specific outcome. You may desire the outcome and ultimately you need to truly believe you deserve the outcome and that you will eventually get there but you don't need a specific outcome to define who you are. In this state of mind you're free from self-preservation instincts and your ego as there is no fear of failure or embarrassment You just focus on the process of improving and mastering your craft. There is no need to be perfect -- perfection is impossible anyway. When Rickey Henderson struck out, other players often heard him walk back to the dugout saying, "Don't worry, Rickey, you're still the best." And while many folks made fun of his talking about himself in the third person, he was truly a master of the proper mindset which included positive self-talk. Rickey didn't care what others thought of him, and he knew what he needed to do to maintain the proper mindset. Listen to this interview below with MMA fighter, Michael Chandler by Jim Harshaw. Both Michael and Jim talked about how each struggled to get to the top until they let go of the need for the outcome. Michael said he had to come to a point where he didn't care so much and acknowledge that his wins and losses don't define him. He stopped putting pressure on himself. What defines him is trying to become the best version of himself. The problem with many traders is that they want proof that they will be successful -- so their mindset is always waiting for external validation that they are successful, whether by recognition, profitable trades, etc. True confidence needs to be something that is just a matter-of-fact to you -- that is the way you survive this game. You may need to utilize visualization to develop that level of confidence. Visualize it all, not just the goal but the challenges you will need to overcome in reaching that goal. But see yourself, in your mind, achieving that goal. So take a different perspective - start believing in the process, stop putting pressure on yourself and have fun with the journey! http://jimharshawjr.com/99/
comparing anyone to Phil Ivey maturity level is a bit unfair. He has been through a lot of cash management battles that made him what he is today. You cant get to this level unless you been through a lot of mental pain. Once you been through such experiences, you start doing what's right, not what is intuitive.
This is a lot easier said than done, I find it very hard not to care about the money and be motivated at the same time. Starting at charts is not fun, if not for the money, why do it?
The old saying that nobody ever went broke taking a profit. I'm going to tell you one thing that's really two things. Most important is to reduce your commission fees to as low as you can. Now you can do it. In my day you really couldn't do much about it so you needed to make killer trades all the time. Second, take profits. Don't look for a skyrocket. Plot the trend and get out early. Everybody is doing it and they control the market. If you hang for the last penny, you will lose your last dollar. You can see it in any chart. It's musical chairs....look it up if you were born after 1911. So cheap trades and pick up loose change along the way. Wade Cook, now out of business, I think, had the right idea. Look up his philosophy. I'll sum it up in a nutshell. Trade in and out according to the limits of the trend. ie. highs and lows. Keep taking in pocket change and you will be rich. Remember to get CHEAP rates on your trades. Don't settle for promises. Everybody lies...except me.
were you born before 1911? just wondering, seems like arbitrary number not sure abt stocks, haven't touched that game for a while, futures rates quite ok for most large brokers
As usually, the big money is in being the casino/broker: "He once played heads-up poker (a one-on-one version of the game) against Texan billionaire Andy Beal for three straight days and walked away $16m richer as a result. During his divorce hearing in 2011 it was revealed in news reports that he received almost £700,000 a month from his stake in a poker company."
Thinking about the money behind a trade can be purely detrimental to one's psyche and current state of mind. It's important a trader get over that hump. If you think in terms of a cup of coffee, or a dinner, or an ebay laptop, or Porsche car, or home...that's when you become a Completely nervous wreck. Trading is an immense psychological thriller battle with yourself -- you're constantly thinking and second guessing and assuming things about yourself. Like alot of things in life...looking at things in hindsight, you'll realize you created a whole bunch of hoopla about nothing. If only you remained calm, and logical and rational and stopped second-guessing yourself...you would win big, and relatively easily. Look at things from a greater, calmer, wider perspective. from multiple angles. Focus on the collective process. I personally hate comparing trading to gambling/casinos; the variables and skills and intuition in each game are completely different. Good luck in predicting and/or managing the future, ET extraterrestrial traders, Make Trading Great Again,...High-Five, d08 and Pekelo. #Lollipops2017
Some winning poker players are degenerates as well. They play too high, play lots of other games with minus-ev, do lots of drugs, drink like fish and give the rest to strippers and hookers.
trading, gambling, any business can be run in the ground from lack of discipline, experience and as others have said an edge. if you have no edge, how can you have anything else that is required to support success?