Pride, as I understand the word, is perpetuated by the ego's attachment to extrinsic circumstances. The wise trader will draw a clear and definite line between the external and the internal. Excessive pride will make a trader hard and rigid; to reach a state of harmony a trader must stay light and fluid.
The entire quotation is instructive:" Pride goeth before destruction, and an haughty spirit before a fall." Proverbs 16:18. I think it refers to an arrogant, know-it-all attitude that does not admit the possibility of error. This type of destructive pride can be distinguished from self-respect. Someone who takes "pride" in his work, for example, really is exhibiting self-respect.
Any emotion whether its pride, fear, greed is a handicap for traders. The unattached unemotional mind is really the key to success here. One must see trading as a game, a mere chessmatch and the outcome has no personal or hold on a person everyday life. If you lose a chessmatch you say good game, and start a new one. It should be as simple as that.
great post!!!! why is this one of my hardest lessons? the market has already humbled me for almost 5 years. do they have 12 step programs for pride/egos?????
Dance with the lady you took to the ball. If it was pride that got you there, dance with it. If you asked humility to go with you Why start fooling around with some other broad?
Re: Another good thread. quote: -------------------------------------------------------------------------------- Originally posted by Josh_B 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 -------------------------------------------------------------------------------- great post!!!! why is this one of my hardest lessons? the market has already humbled me for almost 5 years. do they have 12 step programs for pride/egos????? ---------------------------------------------------------------------------------- That is a tough one. For most of us we live in a country that is the symbol of capitalism, material possessions take high priority from a very young age. As a society we seem to value quantity over quality. Consumerism, marketing, the more the better etc, is being programmed into population from early age. We seem to equate who we are by what and how many cars we drive, how many vacation houses we have, how many digits our asset statement shows at the bottom. On top of it, trading attracts many people who are driven, go getters, ppl who want to control their destiny generally type A individuals. And yet with trading, some of the exact opposite beliefs and qualities seem more necessary in order for one to successful at it. It's simple but not as easy at it seems. Thanks. Josh