The day to day psychology of a trader

Discussion in 'Psychology' started by smallStops, Feb 19, 2015.

  1. cornix


    Could it be that losing money trading can be a result of false persuasions?
    #11     Feb 20, 2015
  2. One question : why do Law Courts have at least 14 professionals when a case come forward? Even a simple case ?
    Because they know that to get to the truth of a sets of criminal acts, very well trained professionals are needed. Tell me: why do you think your "gossips" gathering will be more effective than a Law Court?

    In the same vein, why do some - not me - traders have tons of stuff on their charts ?
    Because they believed that one stuff is not enough.
    #12     Feb 20, 2015
  3. Sorry, can you explain?
    #13     Feb 20, 2015
  4. cornix


    Sure. For example one may fall prey to cognitive biases starting from clustering illusion to something known under such a simple name as "wishful thinking".

    It may have to do nothing with childhood trauma or like that, but have a lot to do with random gratification. Trading in this sense is similar to gambling.
    #14     Feb 20, 2015
  5. I have to be honest a problem with the expression "wishful thinking" - as
    it seems to me that it reflects a certain mindset that I do not share.

    Here is a video of what one would have said "wishful thinking"

    I think more than 200 head of state attended his funerals.

    When he was in prison : how many people assumed "wishful thinking"?
    Now, if I am misunderstanding your meaning of "wishful thinking",
    please correct me on that.
    Last edited: Feb 20, 2015
    #15     Feb 20, 2015
  6. cornix


    Well, I agree with you on Mandela. But there's nuance. Him, Jesus or Socrates were ready to sacrifice lives if needed for their ideas. Because they goals were noble and going far beyond their own well-being.

    We trade... well, for the money. So it better be a balance of what's on the "input" vs. "output". In other words, it is unwise to sacrifice too much for HOPE of making money certain way, because there are many ways to do that without sacrificing too much.
    #16     Feb 20, 2015
  7. There are many ways to make serious money : I fully agree with you.
    Are you saying that one should look to otehr ways - including outside trading?
    Or are you saying that one should look for different method when trading?
    Or are you saying that one should look for a different environment when trading?

    Say in passing, reading their biographies, I have come to believe they were so down, that they did not have any other choice than "extremely massive success".
    #17     Feb 20, 2015
  8. cornix


    I am saying one should first: realistically view one's chances of success via chosen way of trading. Second, see if that realistic expectation satisfies the needs. If not, realistically look elsewhere, within the industry or outside, it doesn't matter.

    One beautiful thing with goals is that on the way to what we think is our dream we may find something actually more interesting for us as a goal. But only if we keep our "mental eyes" open.
    #18     Feb 20, 2015
  9. Turveyd


    Wouldn't be any fun if it was to easy!
    #19     Feb 20, 2015
  10. OK. May I ask : are you still trading or you've moved on ( as your post implies)?
    I just need to check I am reading right.
    #20     Feb 20, 2015