frugi
1
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Objectivity helps:
You feel no pressure to do anything
You have no feeling of fear
You feel no sense of rejection
There is no right or wrong
You recognise that this is what the market is telling me, this is what I do
You can observe the market from the perspective as if you were not in a postion, even when you are
You are not focused on money but on market structure
To stay objective anticipate as many possibilities as you can and how probable each of these possibilites are. Then decide in advance what you are going to do in each situation. If none of your scenarios is working out as you anticipated, then get out. Release yourself from the need to be right. The more uncommitted your assessments are, the less potential for distortion and experiencing a painful forced awareness.
(Mark Douglas)
Avoid being impulsive. Develop a plan, trade it and refine it.
Impulsive people have a way of understanding and a mode of action that, in comparison with normal deliberation and intentions, we would consider impaired. The impaired way of behaviour shows itself as a lack of control - acting on a whim, giving in to temptation, doing what you have told yourself not to do. A person who decides to trade 10 lots and then trades 100 and says "I just did it - I don't know why" is acting impulsively.
All varieties of impulse, whim, or urge are essentially the same: a distortion of normal desires and wants, a sort of seizure that overrides good sense. Impulsive people are not self confident but simply hope and wish for results. They have no long term goals, only immediate urges. Their behaviour is abrupt and unplanned. The net outcome of unplanned behaviour is that when failure occurs, the integrated process malfunctions and the person cannot accrue effective lessons from the loss. Without a plan, impulsive people cannot develop sustained methods to determine what works and what doesn't. They can't understand why they failed, and they can't understand, as good traders do, that a failed plan is beneficial because it leads to avoiding the same mistakes in the future.
(Sperandeo)
You feel no pressure to do anything
You have no feeling of fear
You feel no sense of rejection
There is no right or wrong
You recognise that this is what the market is telling me, this is what I do
You can observe the market from the perspective as if you were not in a postion, even when you are
You are not focused on money but on market structure
To stay objective anticipate as many possibilities as you can and how probable each of these possibilites are. Then decide in advance what you are going to do in each situation. If none of your scenarios is working out as you anticipated, then get out. Release yourself from the need to be right. The more uncommitted your assessments are, the less potential for distortion and experiencing a painful forced awareness.
(Mark Douglas)
Avoid being impulsive. Develop a plan, trade it and refine it.
Impulsive people have a way of understanding and a mode of action that, in comparison with normal deliberation and intentions, we would consider impaired. The impaired way of behaviour shows itself as a lack of control - acting on a whim, giving in to temptation, doing what you have told yourself not to do. A person who decides to trade 10 lots and then trades 100 and says "I just did it - I don't know why" is acting impulsively.
All varieties of impulse, whim, or urge are essentially the same: a distortion of normal desires and wants, a sort of seizure that overrides good sense. Impulsive people are not self confident but simply hope and wish for results. They have no long term goals, only immediate urges. Their behaviour is abrupt and unplanned. The net outcome of unplanned behaviour is that when failure occurs, the integrated process malfunctions and the person cannot accrue effective lessons from the loss. Without a plan, impulsive people cannot develop sustained methods to determine what works and what doesn't. They can't understand why they failed, and they can't understand, as good traders do, that a failed plan is beneficial because it leads to avoiding the same mistakes in the future.
(Sperandeo)
Rhody Trader
Senior member
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Realize that at the bottom line it's about making money. Nothing else should matter. If it's about proving how smart you are or for the excitement or anything else, then you need to rethink what you're doing.
