mind traps affecting traders

This is a discussion on mind traps affecting traders within the Psychology, Risk & Money Management forums, part of the Methods category; here's some fuzzy logic for you. if you are not right, you are wrong. and if you are wrong you ...

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Old Apr 23, 2017, 8:14pm   #9
 
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here's some fuzzy logic for you. if you are not right, you are wrong. and if you are wrong you are losing money.

you show me ONE instance where being wrong is a consistent strategy for being successful?
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Old Apr 23, 2017, 8:21pm   #10
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foroom lluzers started this thread
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Originally Posted by piphoe View Post
here's some fuzzy logic for you. if you are not right, you are wrong. and if you are wrong you are losing money.

you show me ONE instance where being wrong is a consistent strategy for being successful?
We all want to be right , but when trading in a choppy/mixed market , you go long ...price goes lower , you go short price goes higher , so the subconcious battle starts with auto pilot in the brain fighting the reactive patterns.

so you are long but market triggres your need to be on the right side of the trade , so you go short ......................It is a mind trap
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Old Apr 23, 2017, 8:25pm   #11
 
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Quote:
Originally Posted by foroom lluzers View Post
We all want to be right , but when trading in a choppy/mixed market , you go long ...price goes lower , you go short price goes higher , so the subconcious battle starts with auto pilot in the brain fighting the reactive patterns.

so you are long but market triggres your need to be on the right side of the trade , so you go short ......................It is a mind trap
where is the "mind trap" your trades lost. you were WRONG.

If you were RIGHT, you'd have won.

you still haven't told me why i shouldn't be right, or strive for being right.

In your example i was wrong, and i paid dearly for it.
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Old Apr 23, 2017, 8:26pm   #12
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foroom lluzers started this thread 1. ALL-OR-NOTHING THINKING You see things in black-or-white categories. If a situation is
anything less than perfect, you see it as a total failure.
2. OVERGENERALIZATION You see a single event as a never-ending pattern of defeat by
using the words ALWAYS or NEVER when you think about it.
3. MENTAL FILTER You pick out a single negative detail and dwell on it exclusively. One word of
criticism erases all the praise you've received.
4. DISCOUNTING THE POSITIVE You reject positive experiences by insisting they "don't count."
If you do a good job, you tell yourself that anyone could have done as well.
5. JUMPING TO CONCLUSIONS You interpret things negatively when there are no facts to
support your conclusion. Two common variations are MIND-READING (you arbitrarily
conclude that someone is reacting negatively to you) and FORTUNE-TELLLING (you assume
and predict that things will turn out badly.)
6. MAGNIFICATION You exaggerate the importance of your problems and shortcomings, or
you minimize your desirable qualities. This is also called the "binocular trick."
7. EMOTIONAL REASONING You assume that your negative emotions reflect the way things
really are: "I feel guilty. I must be a rotten person."
8. "SHOULD" STATEMENTS You tell yourself that things should be the way you hoped or
expected them to be. Many people try to motivate themselves with SHOULDS and
SHOULDN'TS, as if they had to be punished before the could be expected to do anything.
9. LABELING This is an extreme form of all-or-nothing thinking. Instead of saying "I made a
mistake," you attach a negative label to yourself:"I'm a loser."
10. PERSONALIZATION AND BLAME You hold yourself personally responsible for events that
aren't entirely under your control.
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Old Apr 23, 2017, 8:27pm   #13
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foroom lluzers started this thread
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Originally Posted by piphoe View Post
where is the "mind trap" your trades lost. you were WRONG.

If you were RIGHT, you'd have won.
Only real traders can experience it!
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Old Apr 23, 2017, 8:29pm   #14
 
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keep it coming i love it!

there must be more to your thesis..you are holding back on good stuff
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Old Apr 23, 2017, 8:45pm   #15
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foroom lluzers started this thread For those who want to learn about mind traps , the same type of human mind traps apply to trading .I read these and apply them to trading situations.

Deadly Mind Traps
Simple cognitive errors can have disastrous consequences—unless you know how to watch out for them.

The hiker who leaves a well-marked trail and wanders off, cross-country. The pilot who flies his perfectly maintained airplane into the ground. The kayaker who dives into a hydraulic whitewater "grinder" even though he's just seen it suck three buddies to their doom. "Gee," you think when you hear such tales, "I'd never do something like that."

https://www.psychologytoday.com/arti...dly-mind-traps

http://www.hamiltonhealthsciences.ca...atement-lw.pdf

http://botfl.nd.edu/Readings/The-Hidden-Traps.pdf

• You have incorrect or exaggerated assumptions about the way things should be.
You criticize yourself when you don’t live up to your expectations.
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Old Apr 23, 2017, 9:08pm   #16
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foroom lluzers started this thread Daytrading Mind Traps

MIND TRAPS: The fatal mistake of hanging on too long or cutting profits

Being impulsive

Winning excitement

Diluting losses by buying more shares

Not setting take profit point and stop loss for the bucket shops

Rumors and uninformed analyses

Failure to analyze losing trades

Taking trades that don’t fit your system’s criteria.

Over-trading
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