I am again reading the book: The Power of Habit. It's about how habits are built and then brain goes on autopilot once the habits are ingrained. It even gives us the 'urges' to engage in those habits when similar cues are present. For a trader this means trading without a proper plan would instill all kinds of habit based on probably price cues and the automation of these habits isn't easy to undo. The links formed remain and can be activated again if trader falls into the previous trap after replacing the undesirable behavior. As a damaged trader I took a few years from trading to clear my mind before re-engaging the markets. Those who are randomly doing stuff in hopes of getting better at his craft better care more about instilling wrong habits than making some money. Those habits can cause havoc because they are like simmering lava waiting for an opening. Gringo
BTW, there's an existing thread from 2010 that even starts out with almost the exact same points: http://www.elitetrader.com/et/index.php?threads/trading-without-ego.204587/
Perhaps my own perceived difference in my own trading now, is that I don’t associate my ego anymore from my trades. If the FED intervened today, giving me a good profit, I don’t pat myself on the back, telling myself how good I am. I just consider it as a really lucky event, and thankful that it happened. I am not hating myself today, why I only had that sized position. I know that when I made my plan, I traded it and I’m basing all my trades from that plan. I don’t care whether I should have earned twice or thrice, had I taken a larger position.
Few people read old threads. Few people read anything other than the most recent post to a thread. It's a sort of ADHD
[Partial QUOTE="Redneck, post: 4116791, member: 126776"]We are human To say... no ego..., or no emotion .............................. We however do not need to allow these weaknesses to rule over us.. or dictate our actions RN[/QUOTE] %%%%%%%%%%%%%%%%%%% True, sounds like he meant excess ego; which he should have written that. Do enough trend study could show the same thing; ego is not that helpful ........................................
DB, you post on average 30 quite lengthy posts per day, what's the crack with that? Judging by your posts you're into ego stroking, yet you suggest to trade without an ego. Ironic?