Psychology... the poll

This is a discussion on Psychology... the poll within the Psychology, Risk & Money Management forums, part of the Methods category; Originally Posted by shadowninja Yes, I spent some time trying to reword it. It is vague even if I put ...

View Poll Results: Does psychology matter in trading?
Yes, without it, you are doomed to failure. 113 87.60%
No, it is overhyped. 16 12.40%
Voters: 129. You may not vote on this poll

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Old Mar 16, 2008, 1:54pm   #9
 
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Originally Posted by shadowninja View Post
Yes, I spent some time trying to reword it. It is vague even if I put a "good psychological make-up". Care to suggest a rephrase?

That said, it could mean, "Does it have a strong influence on your success?"

Im not sure if its a question of " rephrasing " as such - and as i can only say for myself,i personally have always been most interested in the psychology side of all this than the " technology side " of things - (not being of the computer age as such - didnt see a pc in school until i was about 16) - (and that about 20 years before the internet existed),so please bare with me -

Take all the " old time " BIG traders out there - and even some of the BIGGEST trades in history -
Soros for example - (Black Wed) and Stanley Druckenmiller -(who has a few quid) - (who he sacked for taking losses on tech stocks in the dot com bubble) - )see, even the pros get it wrong) , (he did most of the research and Soros pulled the trigger).. !!
That must have been like a $10 BILLION short - (i would have like to have been a fly on the wall during his breakfast when he was contemplating that one) - its just interesting to think about how his psychology/mental state would have been like at that time..?
- (I suppose a chap called Norman lamont learned the hard way not to take on currency traders) - (especially ones called Soros) -

I just find it interesting that him, and traders like say Monroe trout, Michael Marcus,Kovner etc etc, all VASTLY wealthy people are all into their institutes and foundations and philosophies and are all disciples of this person and that person - Ayn Rand etc etc - they get to some kind of " higher plane " - where its actually nothing to do with money AT ALL - and maybe thats the psychological bit too ? (sorry i know that sounds crazy)
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Old Mar 16, 2008, 7:03pm   #10
 
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shadowninja started this thread Indeed, some people say it's a load of bull****. I was just interested to see the various opinions.
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Old Mar 16, 2008, 9:29pm   #11
 
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Originally Posted by shadowninja View Post
Indeed, some people say it's a load of bull****. I was just interested to see the various opinions.

Yea,your totally right on that - a great majority seem to overlook it for some reason - like its all just common sense, without looking deeper at it - or some kind of " pseudo " philosophy clap trap etc etc -
But i think its interesting how ALL traders at " some point" in their trading lives/career - have all made the SAME mistakes - (if they say they havent, well thats not true im sure) -
Ive always compared learning to trade - a bit like learning to drive - you have the theory bit and then you have the actual practical skill and after that youve got to learn to " read the road " so to speak ..

It just seems like all in the books/expensive training courses in the world, cant prepare you for the " psychological " hits/battles that will be with YOURSELF..... !!
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Old Mar 18, 2008, 2:16am   #12
 
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Old Mar 18, 2008, 10:57am   #13
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I think maintenance of discipline is the key to successful trading.

But psychological factors do affect one's ability to be disciplined.

So if you have a problem with maintaining discipline, you need to look inside your head and figure out a way that you can maintain control of your natural impulses.

So, I would say that without addressing the psychological factors that sometimes cause indiscipline, one might be doomed to failure in the long term.

Last edited by yacarob1; Mar 18, 2008 at 11:42am.
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Old Mar 21, 2008, 1:23am   #14
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its not just success in trading where psychology is important, its all aspects of life.

if you dont have the necessary attitude and approach, could you be successful at anything?
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Old Mar 21, 2008, 6:12am   #15
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Charliechan,

I think success and compotence need to be differentiated. Someone can perform there job at the required level (or above) but still hate it. I reckon that would cover the majority of the working population be they they manual of professional.

Further, there may be external contributory factors to "success" beyond our control.

Grant.
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Old Mar 21, 2008, 8:14am   #16
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Since psychologically inspired discipline is so fundamental to trading success I am not surprised to hear that most aspiring traders actually end up as failures.

A lack of obvious discipline is evident across every thread on the T2W website in the writings and uneducated ramblings of a very large proportion of contributors.

If such indiscipline were to be translated to the trading arena, as I am sure it is on a daily basis, then these undisciplined people are certain to end up as miserable LOOSERS.



Witch of coarse, is guud four mee, innit mate, cos I aint no LOOSER.
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