bobbyod and Larry Wang got it right. trading correctly is not about suppressing emotions. it's about shifting negative emotions towards positive emotions. Suppressing emotions is impossible (for normal people) and it's unhealthy to try it. But you can avoid EXPRESSING that emotion. fear and greed are harmful as long as you allow yourself to express those emotions through bad trading. so what do you do? become a psychopath? no, because without fear you might become reckless either by taking bullshit trades or by overtrading. You should use your fear to avoid overtrading, but (for example) shift fear towards trust and optimism to avoid paralysis or taking winnings early. I like Ruth Barrons Roosevelt's take on the subject Chap IV, Exceptional Trading. that's why this paper is junk. it does not help me to become a better trader. it only helps the media to spread the psycho daytrader stereotype. much more interesting would be studying how many CEOs are psycho/sociopaths.. Koslowszki? Kenneth Lay? geez two stupid academic studies in a day. no link on ET for the egghead professors saying there's no housing bubble?
The sample size of this research is probably too small to be statistically significant. However, there are definitely more psychopaths in finance than other industry!!:eek:
Really? Definitely??? Since you are on the subject of statistical significance, would you care to elucidate as to what your statistically significant and unbiased source of such data is? Let me guess, gut feel...
lol so true success only costs lunch money! now i get why luch is for wimps. half of wall st is out there bangin their nuts in.
After working at the trading desks of Morgan Stanley, Goldman Sachs, Merrill Lynch, Lehman Brothers etc. for several years, you ***MAY*** come to the same conclsuion too.
1). Ahh, yes, a bit of anonymous unconfirmed name-dropping - that proves everything - Thanks. Looking forward to your publication in "Lancet". Oh yes, and please give my regards to Hank P and the soon to depart Phil P 2). This is where you have to be careful with your assumptions - you don't know where I (or anyone else here) work (or have worked)! 3). Everytime we interviewed anyone for Quant positions (whether the backcground was Maths, Physics, Engineering or Computing and even Finance), we always came to the same conclusion - poor knowledge of Statistics and more importantly, Statistical inference. No problems with Algorithms, PDEs and Sobolev spaces, but crap Stats. Can you see why I am mentioning this here. HTH PS. Dude, I am not having a go at you - its just that you have touched upon one of my pet annoyances - the assumptions and misuse of statistical inference. Re-read Taleb's book.
You just re-instated my point: "There are definitely more psychopaths in finance than other industry!!" Thank you for your contribution. Please continue.
1). Ahh yes, excellent argumentative technique. I call it the "Talk shite and divert attention from the points being discussed with insults and fabrications based on delusions and paranoid ideations". Based on your contributions so far, I'd say you are a complete egg-spurt on the subject - not to mention your cutting edge Stats. Bereft of such logic, I would hazard a guess that the only way you could get a look in to the places you mentioned, is maybe as a cleaner (with no disrespect to all cleaners worldwide that have a sound knowledge of Stats and logic). 2). Better see your doctor, he might need to up that dose of Olanzapine. Let me guess, you have the full DSM-IV Cluster B. Very sad. Hope you feel better soon. 3). SMB! 4). Have a nice day ...