A few of beginning and more experienced traders get caught into the fallacy they can predict market most of the time. The truth is lots of very successful traders can predict the market only occasionally, in special circumstances, when they have an edge. Take time to skim fast through the book if you haven't. It's all about a trader taking a trade only when the odds are skewed into his (or her) favor. This reads that you need a statistical edge to be successful as a trader. Psychology is a great deal but only for people who mostly lack in discipline and not method.
From Bull Durham: If you believe you're playing or trading well because you're getting laid, or because you're not getting laid, or because you wear women's underwear or read a particular book, then you are!
Somehow I don't think it was his swing that deserted him following his little unscheduled visit with the fire hydrant ... :eek: (although in his quest to re-find his 'game', I think he's considered changing that too...) R
Consider this the answer to the OP's question. Because it is nebulous enough to keep new and struggling traders hopeful they can win at a game that has the odds enormously stacked against them. No different than the best bet sheets casinos give their customers giving them the highest odds at table games that have an irrefutable negative expectancy against the player. Most of you don't realize that casinos could still make a small fortune offering a fair game (no edge for player or casino) because human nature is essentially self destuctive.
I believe Rolex is right on... as i still believe that even if commissions were free the same # of people would still lose... Case in point: when i go back and look at my journal of my worst losing trades due to human emotional error ( let the loser go to far-unable to take the smaller loss) it don;t matter if the comission was $3 or $10 per contract...
Also think Check it and a few others (make valid points) that mention all the discipline and knowing yourself will not make u a winner if u donât have the skillsâ¦but it will keep u in the game much longer in order to continue your quest for the âedgsâ⦠Just because i can outlast 99% of the players at my table playing BJ does not mean im going to win...and i dont!
That's nonsense. This is one of the few useful books out there. Most are worthless, written by clueless idiots who failed miserably at trading and then figured to make money writing a book instead. You should understand though that this is indeed only 1 aspect of the game, you can't be a succesful trader by only understanding the psychology, I like the Tiger Woods analogy someone put up in this thread before. However, again, there's no book that will teach you how to trade, because succesful trader's don't write books, they trade.
Lol... to many arseh*les on ET talk about too much sex/getting laid, etc. "Money is like sex. When you have it, you think of something else." ~ Felix Dennis We all know who aint' getting any...