Does anyone see a psychologist on a regular basis? I'm thinking about doing so because I feel it would be a boost to my trading as it would help me work out a number of various discipline/emotional issues that come up now and then during my trading. I'm wondering where I should start looking to find someone who is qualified and ideally someone who has worked with traders before...although that may be too much to ask.
Having read your profile, I am wondering what the H stands for. As much as I respect the field of psychology, I'd like you to consider this thought: if someone is seeing a psychologist on a regular basis to help their trading, how much help can they be receiving? By that I mean, at what point is there closure? Or when is there a cure? How many different ways can a psychologist put things to help you learn to deal with the emotions of trading? Do you see what I am saying? So if I were looking for a trading psychologist, I would be asking for someone who helped me in three visits or so, vs an ongoing relationship. Maybe ask for some people to PM you who have been to such a person and have been helped. It's kind of like support groups, which ET is to an extent. People show up with problems, they talk about their problems, they leave with the same problems.... then they come back with the same problems and on and on. They never get better. They have a place to commiserate with others, go back to their lives, and come back to commiserate. Just be sure you get real help if you need it, and don't become an income property for some counselor.
Several traders at the Chicago exchanges use a sports psychologist... I think it's this guy... http://www.thestreet.com/funds/meetthestreet/10006994.html
I agree with inandlong, all they can do is to help you work on your psyche, not your trading. If you are looking for psychological help trading....go to www.innerworth.com and sign up for a free trial. I found their articles very insightful. And it is a whole lot cheaper than a live shrink. Hope this helps
inandlong, Good post. I would like to add that many traders come here to EliteTraders.com with trading problems. For example: Corallus thread http://www.elitetrader.com/vb/showthread.php?threadid=13332 paulr thread http://www.elitetrader.com/vb/showthread.php?s=&threadid=12477 Sucker thread http://www.elitetrader.com/vb/showthread.php?s=&threadid=12092 daytr8r http://www.elitetrader.com/vb/showthread.php?s=&threadid=11892 qdz thread (read Htrader cool response) http://www.elitetrader.com/vb/showthread.php?s=&threadid=11931 My point is this...traders underestimate how their trading is affected by personal issues in their lives. These issues we don't come here at ET to reveal nor discuss. In fact, its rare (it has happen) for a trader to have come to ET and specifically said these problems in their personal lives is sabotaging their trading. Instead...traders discuss why do we ignore stops, why do we ignore trade signals, why do we take trades that have no trade signals, why are we not properly capitalized, why is there no volatility to make trading easier... why...why...why? Yet, I'm also starting to notice some traders are willing to explore how issues in their personal lives is affecting their trading performance. inandlong, Should traders see psychologists about their trading problems? I would say yes and no. What I mean is this. I think if a trader has recognized that there are non-market problems affecting their trading (consistently)...they should seek professional counseling. However...if that help is still being needed after several visits...then maybe the trader should stop trading for awhile...as he/she continues to uncover or control what's sabotaging their trading. Htrader, Your profile saids: college student/daytrader I've been there and done that (I tried being a medical student and trader at the same time...didn't work out)... (Note: I am not a M.D. and am very happy with the decisions I was helped in making +12 years ago after attempting to do it all. the exam pressures, financial pressures and all...will either influence your trading or your trading will influence them...and not with a happy ending story for everything. Then...compound it more if you are in a serious relationship and/or have a family (not all students are single and 19 years old). This is not a good environment to be a serious trader. If trading is just to make a few bucks or just a hobby...enjoy it for just that and don't stress over it. Yet, if you truly want to succeed as a trader...and have recognized that there are some things that are sabotaging that goal...get help and come up with a plan for your personal life. Revisit that help only when the self-sabotaging things return with consistency. Also, here's what I especially liked about inandlong's post... "...They never get better. They have a place to commiserate with others, go back to their lives, and come back to commiserate." Think about the above paragraph very carefully!!! Here are some examples of personal issues I've come across with struggling traders that keep sabotaging their trading in the past year: 1. Recent Divorce or Seperation 2. Painful ending to a long-term relationship 3. Debts 4. Death in the family or close companion 5. Mental Illness 6. Litigation 7. Drugs 8. Lazy (wants to be hand-held) 9. College pressures I can go on and and on...but I'm sure others can add things to the above list. The above are issues that took traders a long time to admit. These are guys/gals I personally know. Geessh...who knows what's going on in the personal lives of struggling annonymous forum posters that say... why? P.S. Trading is one of the most difficult mental games in town. It requires a clear head to make consistent profits. And that list above...of the traders that finally decided to resolve or deal with the above issues...most (not all) are making money now in the markets. NihabaAshi
Thanks for the replies guys. The more I trade the more I realize just how important your psyche is for successful trading. I know this topic has been somewhat overdiscussed on this board and alot of people think that the subject is overrated but that really is not the case. Of course, if you don't have a successful strategy, then psychological analysis probably will not help you very much. But as you become increasing successful, I have found that winning larger amounts of money does something to your personality...you start getting feelings of superiority, etc. and that can affect your trading performance dramatically, and usually not in a good way. I realize going to college at the same time as trading is a distraction, but that said I'm graduating this year and the time I actually spend in classes is minimal at best.