nice post. my biggest obstacle is me. i like how ed seykota put it, "everyone gets what they want". a very provacative statement. most of us don't really know (subconciously ) what it is we truly want......we tell our selves consciously that we trade to make $, but i believe that other subconscious reasons exist that get in the way of the conscious one....to be a hero....or to prove something...etc.
Howdy Everyone, I just read through all the very kind comments regarding my post â I am truly humbled and honored A Sincere Thank You right back to Y'all Redneck
Doug, The biggest obstacle to success for traders is themselves without question. No other business punishes those who lose their cool or make what are seemingly minor mistakes in other areas of their lives as quickly as trading does. With great possible rewards, comes great responsibility. Markets provide tremendous freedom and with that freedom they cannot protect people from themselves (nor should they IMHO). There is the rub. Denial and the blame game donât work in trading over the long run whereas you can get away with it in many aspects of normal life and employment. Most people in all activities of life know what they SHOULD do most of the time. Everyone on some level knows how to lose weight. They know that they shouldnât smoke or drink and drive and so on. Most just donât have the discipline to do what they know they need to succeed. Todayâs society seems to make it ok for people to distance themselves from the fact that they are personally responsible for themselves and they arenât owed anything. The sooner someone takes personal responsibility for their actions in all of lifeâs activities, the more successful they are in whatever they choose to do with their lives. Until someone does that, they have no chance at success in trading. Just look throughout ET for examples of many who don't every day. Good trading BM
A common pattern is there but it cannot be fixed for most because they don't have the temperament or underlying savvy to trade as winners and make themselves rich. Lets journey a little among the causes. The need to lose is a primary reason. This is a consious or subconscious need. You know your place in the great kingdom of loserdom. It is crowded, welcoming and accepts allcomers. Here you can revel in the comfort of victimhood knowing with certainty that it is the will of the powerful that you are relegated to your lowly status. Embellish this, your comfort zone, if it is your wish, with stories of conspiracy, corruption and unfairness which you challenged 'bravely' but were overcome by daunting odds. In this great kingdom of the many, all wishes you have to make excuses for yourself are granted. Now, tell me, who would want to leave?
FWIW & IMHO Is it really the âneedâ to lose, or the inability to accept a (small) loser - and move on to the next trade? I believe by denying the inevitable (that some trades WILL be losers) - one is ultimately consumed and unable to escape⦠Maybe we're saying the same thing, but in a different way Your thoughts Sir? Thanks Redneck
Just one request Sir.... - Please make it you own - else it won't be worth the paper it is written on Good Luck Sir Redneck