You obviously haven't been around this game long enough. And being humbled doesn't mean getting your ass kicked. In this context, we're just saying that being humble means knowing that the market is bigger than you... and it can crush anyone who doesn't repect it.
So you measure your own self-worth/accomplishement by your PnL? That seems a bit harsh considering how challenging certain days can be. Some days, not losing too much money is the most critical aspect. Today was a tough day for me. Kept taking small losses and small winners all day and was never able to make any real progress. I was trading well but the moves were not easily readable and my focus was draining quickly towards the close. I let one trade go too far into the red and cut half the losing position at the close (I usually carry a core position and add/reduce during the day). I gave myself a pat on the back for taking away size from this trade. Given my frustration and fatigue I would've waited until my stop to just take me out but I overcame that and booked a loss early. Well I ended the day -700, a small loss considering the circumstances and overall I feel good about my trading. Considering how draining today was for me, I kept good focus even after many setbacks and more importantly I kept losses under control. The types of emotions I was controlling today would've most likely amounted to a 3k loss a few years ago and a resulting anger with myself. Well, now losses have no effect on me and neither do winners. I guess that is what I am getting at - winners and loser should have no effect on one's self perception. It is tough to isolate that link though. Generalyl, in my trading it is days like today that make all the difference. They are difficult but the key is to not get frustrated and not get in your own way. You have to have confidence to take the losers early and not get feelings of frustration or lose any confidence. It is purely psychological at this point, the winners will always take care of themselves and do everything you can to not let the losers bite you too hard.
yup when i keep my mouth shut i make money, when i blabber about my trades to my buddies you know what happens
Well, hell, everyone needs to think well of themselves and their skills. Now the truth about trading. Trading knowledgeably is not attempted by the all and sundry who try to become (or stay) independent traders. Best it gets is interpretations of live price on a chart to try anticipate what comes next. That takes you about as far as knowing how to drive a car by looking at its outside color.
First you should explain what your definition of humbling means. 1) You blow out your trading capital = humbled? Thats more like the issue of the trader then market "doing things to you" 2) You being stopped out = humbled? Nope, Trader picking wrong places to enter 3) Being stopped out multiple times = humbled? Nope, Markets just telling you you are being chopped, stay out for your own good. 4) Being Gapped down because of some drug company getting their license revoked = humbled? You just have bad luck, should have known the risks trading pharm companies. 5) Losing 10 trades in a row (same as being stopped out) = humbled? Nope, Again market is not doing this to you, You are doing this to yourself. So exactly what is the meaning of being humbled. A person is only humbled in the begining when he is LEARNING many of the novice trading skills , such as price action, how to recognize trends, how to avoid things, how to place stops correctly. After he finished the intermediate level, there is very little places where the market can HUMBLE you. You think a Warren buffet is every humbled just because he got stopped out? I think not, it just means that position was not working. The market never does things to traders, only the traders to themselves. Theres only 2 methods for a trader to lose money after he finished the novice stages of learning 1) Unexpected things Bad luck 2) Stopped out. Both things do not humble me, maybe they humble you? Some people are humbled easily I assume.
vhehn, Say no more, Just saying "hurts you" already tells me how you view trading, unless you care to elaborate if you had to a) get stiches after a big lost? b) can't walk for a few days? c) emotionally heart broken after you got stopped out? d) can not speak to anyone because of intense anger of the markets disobedience e) panic attacks once the marketmaker decided to run your stops f) some other tragedy you care to elaborate? Traded since 99 and still hurt these days huh? Tsk Tsk Tsk...
Okay - some things that humble me. I'll add to this as these things occur. -- Took a 2k share position on a 12 dollar stock. Added 2k as it went to 13 and held. Got annoyed waiting for movement (low volume and no action) - kept thinking I should take my 50k and plop it elsewhere. I did. Sold at 13 and change. Watched the stock gap-up the next day and follow-through to 16. No love for me, I know I have little discipline - thank you market for teaching me this about my-self, I forget about my flaws - you keep reminding me but I do not listen. Next time I will hold longer. I am humbled by your ability to teach me these lessons, they are valuable yet I am still trying to evolve into something that is not a fool. -- So I pulled 1.8k out of you (the market) today. By no means does that amount to anything, fuck - I might as well believe I am the best thing to ever walk this earth - yep (sarcasm here). Someone probably took 1.8mil in a matter of hours. I am so small it doesn't even matter what I do let alone what I believe. Thank you for providing perspective. It really is just a number you know (sigh).