I agree that "many" are scammers...Bernie Madoff. Donald Trump is a narcissist. Did he create anything, like maybe a real estate empire employing thousands of people? And if he becomes president...equals more achievement. You can debate if he is crooked or not, but the achievement is there! Not all are "crooks", but many are! P.S. The next level above narcissist is psychopath...Hitler.
Even a monkey has emotions , he wants greed of grapes , and what is driving his behaviour is his emotions. Most trader are like this monkey , and many trades are emotionally driven decisions.Can the monkey control his desire (For profit of grapes ) or his anger (another emotion).Humans behave the same way on trading desks.
if you talk about unexperienced people, it can be so. Newbies are very passionate by desires... If someone had enough patience to become a trader (after a pair of blown accounts ), it tells us about emotions or logic? I'd rather say it's about experience. People who had got enough experience have learned from the own mistakes. They already know what they have to do and what will be not the best variant. They won't be so much emotional as that monkey on video
You may get more fearful , greedier for revenge on market , more stress and more emotional , after blowing accounts!Then you end up like a bigger chimp.
He does not mention stress , emotional hijackings /amyglada hijackings , trader personality , beliefs ,dunning krugers behaviours etc etc etc Maybe he lacks this knowledge He may not know the mind of a trader in real trading , because he may not have traded live accounts and made any money from trading. He is right about the following OK, so here comes one of my best posts. Ready? I'll give you a view you won't hear from any mentor, coach, guru, or furu. Why do so many traders talk about trading being a mental game and making bad trades because of emotions? Why do you find yourself making the same mistakes again and again, making money only to lose it? Is it because you lack discipline? Is it because you cannot control your emotions? Is it because you don't stick with a trading process? No. You have emotional problems in markets because you're the market's bitch. You heard me right, Mr. Independent Trader who doesn't want a 9 to 5 job and wants to only work for himself. You're the market's bitch. From open to close, you're hanging on every market tick, letting it sway your thoughts and feelings. When the market treats you well, you feel good. When it treats you poorly, you feel like crap. When the market's not moving, you don't know what to do. If you behaved that way in any relationship--with your boss at work or your spouse at home--everyone would see that you're someone else's bitch. But with markets, you tell yourself it's dedication, it's a passion for trading. Bullshit. You the market's bitch. You have a relationship with the market and anytime you're controlled in a relationship, you're the bitch. The only way to have an even relationship with the market is to control when you play, so that you don't get played. That takes rules, that takes finding and sticking to edges--and it takes the willingness to not play when your edges aren't screamingly apparent. What you got ain't passion for trading; it's a need to play. If you need to play, you're going to get played. You're going to be controlled by market behavior. You're going to be the market's bitch.
I will show the stupidity of showing a youtube clip to proof anything. Even if it comes from a lecture on any university. If you take that clip for the one and only truth you are a monkey too. Only dumb people thing in black or white, yes or no... They don't know any shades going from black, over grey to white. This video is proof that all people are bad drivers: This video is proof that all people are good drivers: TEB will probably conclude also that American drivers are bad drivers and Arab drivers are good drivers. All drivers start as those in the first clip; and many stay there too. But some learn and finally get in the group of the second clip. Your personality defines where you will end. Same applies for everything in life. You create your own situation, your own life. I started as trader in the first group, like probably most of us. But now I am in the second group. Emotions, lack of confidence or stress are almost irrelevant to me. I became a completely different trader over the years. If they would refuse long enough to give the monkey grapes, he would start to eat cucumbers again. Whay other option would he have? Not eat at all? The lenght of the experiment could change the conclusion of the experiment fundamentally. Wall street occupy will one day stop too, if it has not already.
There is a saying Don't think in money value , it triggers your emotional brain of greed and despair, think in % because it is a fairer reflection of doing the job right. Many phsychologists say , don't look at your account , look at following rules. it is never a good idea to base your decisions on your P&L. The danger with watching your P&L is that it encourages gambling in the market. If you constantly watch your account to see how much you are winning or losing, then you are, in reality, unconcerned about market moves, and you are principally concerned with making money. The problem is that watching your P&L will cause your emotional senses and your stress levels to rise. You will begin to threat and sweat over every small movement in your account, I MUST MAKE 700 A DAY .DUMB STATEMENT
All this retraining takes time , money losses and effort , but there is no guarantee after 10,000 hours or 20,000 hours , that it will work . We need to set up a trader's laboratory to change people's dna , replace testotrones for risk taking and replace the ancestral emotional brain.