psycology in trading!

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pelzar

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Has anyone here ever used a psycologist to help them with their trading?
 
I use a lovely lady called Stella. She is a highly qualified behaviourist, psychologist and motivational trainer.
PM me for contact details of Miss Artois' clinic
 
GammaJammer said:
Thanks R.E. - I know a few guys who use a Frenchman. Dominic something or other.

Perignon - that was it!.

Serious answer - I have never used a psychologist myself, but as an FX trader, I absolutely 100% acknowledge the role psychology on a broader scale has to play in the market (markets in general, but I think FX particularly so). And I have always tried to be very self critical (note the small 'c' - I mean in a constructive way) and introspective.

I.e. in layman's terms I think that with training one can step outside one's own thoughts to a decent extent, and know when fear / greed is starting to rule.

GJ
Click to expand...

Yes, self-criticism and deep introspection is crucial, especially when the only thing preventing you from succeeding is yourself. My advice is to have a pencil (For the benefit of those under the age of 25 - Pencil - Wikipedia, the free encyclopedia) and paper (Again for the benefit of those under the age of 25 - Paper - Wikipedia, the free encyclopedia) and even a voice recorder handy whilst trading. Make notes whenever you are sat at your screen to trade so that you can study them later on. See if you can uncover a pattern of good and bad. Trust me, it is an invaluable exercise. I still do it and it has proved so beneficial I am reluctant to give it up. Switch off the TV, Log off the internet (apart from your trading application). To progress you must have total silence and no other distractions. Silence is the lubricant of the traders mind. Let the market 'talk' to you. It requires absolute concentration which is hard and exhausting work and you may need a break every 15 - 30 minutes. Also, make honest and faithful records of ALL your trades both paper and live. Highlight any trades that were made whenever you broke your rules. Do the above for 1 month solid, every day the market you trade is open, after that I am certain you won't need a psychologist to tell you where you are going wrong in your trading.
 
tbh in the past I've considered (still do) whether a hypno-therapsit would be of any use...
 
new_trader said:
Yes, self-criticism and deep introspection is crucial, especially when the only thing preventing you from succeeding is yourself. My advice is to have a pencil (For the benefit of those under the age of 25 - Pencil - Wikipedia, the free encyclopedia) and paper (Again for the benefit of those under the age of 25 - Paper - Wikipedia, the free encyclopedia) and even a voice recorder handy whilst trading. Make notes whenever you are sat at your screen to trade so that you can study them later on. See if you can uncover a pattern of good and bad. Trust me, it is an invaluable exercise. I still do it and it has proved so beneficial I am reluctant to give it up. Switch off the TV, Log off the internet (apart from your trading application). To progress you must have total silence and no other distractions. Silence is the lubricant of the traders mind. Let the market 'talk' to you. It requires absolute concentration which is hard and exhausting work and you may need a break every 15 - 30 minutes. Also, make honest and faithful records of ALL your trades both paper and live. Highlight any trades that were made whenever you broke your rules. Do the above for 1 month solid, every day the market you trade is open, after that I am certain you won't need a psychologist to tell you where you are going wrong in your trading.
Click to expand...

you mean writing down the trade activity? is there any difference if just glance at account history? :confused:
 
everyonerich said:
you mean writing down the trade activity? is there any difference if just glance at account history? :confused:
Click to expand...

In my experience - yes. I completely agree with NT on this. If you write down your analysis and debrief in concise note form it encourages you to pick out the essentials and hopefully ignore the irrelevant. It's a bit like moving up to a higher time frame and getting the bigger picture.
 
1. I am a psycholojist.
2. I try to block out the impure thoughts that my subconscious throws up from time to time.

Generally, thinking too much tends to be a bad thing for me in trading. Just trade your plan.
 
TheHoneyMonster said:
1. I am a psycholojist.
2. I try to block out the impure thoughts that my subconscious throws up from time to time.

Generally, thinking too much tends to be a bad thing for me in trading. Just trade your plan.
Click to expand...

I think you need to sort out your addiction to sugar puffs. *takes your bowl away!*
 
foredog said:
Lots of 1&0, binary!!!!!!
Click to expand...

say what? oh.. now i think i get it.. some trade i study the chart before enter. then i should write down what i thinks about the chart after study/observing. hmm.. but what if just one-liner statement about market?

like .. for eg: "no new bottoms forming.. market up".. then i usually enter the trade. but then.. people used to say past history might not necessary useful in futures.
 
I tend to go with my instincts to enter a trade, and then ignore my impulses to bail out early and not take the full profit.

A psychologist might call this process desensitization.

I see it more as operant conditioning. I mess up, I get punished. If i screw up on any day, and the Missus finds out, when she checks my daily account statements, she does not put out for the next week. She believes if i deprive her of her pocket money to go and get hair, fingernails and facials - why should i give here one.

Just missed a trade as i was viewing another thread. Thats my new Gibson Les Paul on hold then :mad:.
This reminds me of why a friend told me i should NEVER start posting on a trading forum. Perhaps i should have taken his advice.
 
new_trader said:
Yes, self-criticism and deep introspection is crucial, especially when the only thing preventing you from succeeding is yourself. My advice is to have a pencil (For the benefit of those under the age of 25 - Pencil - Wikipedia, the free encyclopedia) and paper (Again for the benefit of those under the age of 25 - Paper - Wikipedia, the free encyclopedia) and even a voice recorder handy whilst trading. Make notes whenever you are sat at your screen to trade so that you can study them later on. See if you can uncover a pattern of good and bad. Trust me, it is an invaluable exercise. I still do it and it has proved so beneficial I am reluctant to give it up. Switch off the TV, Log off the internet (apart from your trading application). To progress you must have total silence and no other distractions. Silence is the lubricant of the traders mind. Let the market 'talk' to you. It requires absolute concentration which is hard and exhausting work and you may need a break every 15 - 30 minutes. Also, make honest and faithful records of ALL your trades both paper and live. Highlight any trades that were made whenever you broke your rules. Do the above for 1 month solid, every day the market you trade is open, after that I am certain you won't need a psychologist to tell you where you are going wrong in your trading.
Click to expand...

how about learning to break up your comments into bite size pieces so as to allow your message to be easily comprehended,
rather than have your adversaries, sorry readers, face lines and lines and lines and lines of shyte.

sometimes more white space is better .....
 
everyonerich said:
say what? oh.. now i think i get it.. some trade i study the chart before enter. then i should write down what i thinks about the chart after study/observing. hmm.. but what if just one-liner statement about market?

like .. for eg: "no new bottoms forming.. market up".. then i usually enter the trade. but then.. people used to say past history might not necessary useful in futures.
Click to expand...

The problem is that how do you know you're not feeling any emotions? I know plenty of people who do not recognise that they are governed by their emotions or that they even feel any emotion. This doesn't bode well; it means they can't look at themselves from the outside and thus just act on their emotions without thinking. Maybe you're fine. Only you can truly know. Or maybe you won't. Or will you. :D
 
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