I wanted to start a thread to discuss the hindrance or empowerment of PRIDE in the game... I was going to start the thread off with some of my own thoughts -- but after some reflection I think it might be a better idea to let the thread take on a life of its own; for the intention is to have an open discussion on the topic and not my particular views... PEACE and good-trading, Commisso
Pride is a sense of worth from something that is not organically part of us, while self-esteem derives from the potentialities and achievements of the self. We are proud when we identify with an imaginary self, a leader, a holy cause, a collective body or possessions. There is fear and intolerance in pride; it is sensitive and uncompromising. The less promise and potency in the self, the more imperative is the need for pride. The core of pride is self-rejection. Eric Hoffer ------------------------------------------------------------------------------------
Along the same lines-" It was a great height from which to view the world, it was a great height from which to fall"
One thing I think about any negative aspects for psychology is to separate it from the actual trade. But seems to be positive for how you approach trading or yourself as a trader, to an extent. I'm proud to be a trader and to be trading. But there's none of that pride for my trades.
"PRIDE goeth before destruction." The old maxim is applicable not only to trading, but essentially to the adventure of life. It can be destructive because the motive for pride, more often than not, is a false premise. cpo
Pride is a deadly sickness ; prefer the cure as follows. ''The best traders are humble'' accurate paraphrase of Mark Weinstein, nickname -high percentage trader. Solomon said the same, more or less.
I wonder if "Pride goeth before destruction" is an example of two types of biased perception. First, I suspect a visibility bias -- prideful people make themselves more visible and that makes their falls more noticeable. Would anyone notice if the invisible "millionaire next door" blew up their account on a bad futures play? Thus our data on the correlation between pride and destruction is skewed. Second, I suspect a causal bias -- prideful people are more likely to attempt ambitious risky endeavours to feed their pride. Thus prideful people are more likely to attain the great heights that make their fall so notable. Could we not say "Lack of pride forgoeth construction" to go with "Pride goeth before destruction"?? Hmmm.... so does pride really increase the probability of the destruction of a successful trader? Maybe the real issue is a distinction between two types of pride: an ambitious forward-looking pride that does what needs to be done to achieve success vs. an self-congratulatory backward-looking pride that presumes that the world will bend to that prideful, egotistical person. Ambitious pride is good in a trader since it will drive them to continually change, adapt, and improve their trading. Self-congratulatory pride is disastrous when the cold cruel calculus of the market refuses to bend for the egotistical trader. Like all adages, "Pride goeth before destruction" holds a dangerous falsehood and an interesting truth. Wishing all ambition without hubris, Traden4Alpha
I agree. It's probably a principle of trading. There isn't much room for pride in an environment where not having to know is the best policy. cpo
Most of the good traders understand that their self worth is not identified or defined by their net worth. Pride should not be a part of the trading equation. Josh
Can anyone stay humble after a streak of winning trades? How? Or is that another answer that only "price and time" will give us? cpo