How to become much more intelligent and lose fear in trading
NVP
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Good Morning Split and Tim,
thanks guys, good points !
Anyway, all good here, I'm done with this, err, topic.
Ignore is a good idea.
That option had kinda slipped my mind.
Must be getting on a bit also hehe.
Have a good day guys.
sounds like a plan ...........peace returns........cheers guys
Is one of those things it cannot be conceptualised, it only can be felt, it is beyond thoughts.
Any good book on Zen, Buddhism or Yoga can help you to get to grasp it better, but then you will need to bring yourself forth.
Best advice I can give you is to dedicate time to YOURSELF: sit or lay down in a comfortable position and bring awareness into your body monitoring your mind as thoughts, thoughts are obsessively compulsive, by been aware of them they disappear or lose their grip, their power over you, here you mind quietens and you can go deeper in your body by scanning part of it and feel...., (the thread starter mentioned the heart chakra), with time you can fully feel your emotions and many resistances by going deeper, by accepting them the resistances will cease and you will start to get closer to your nature, to your essence and expand further...
Still mine are only words, they mean nothing if you do not go there. GL
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BSD
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Two good reads:
The Power of Now
Zen in the Markets
Edward Toppel, author of the latter, and an on and off floor trader for ages, has since died.
RIP.
The Power of Now
Zen in the Markets
Edward Toppel, author of the latter, and an on and off floor trader for ages, has since died.
RIP.
BenTen321
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Well said Farhan. agreed with you...
tar
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Complete nonsense , no one will ever make it in just 6 months . Why 6 why not 17 months or 4 or 289 ?
tar
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Focus on the good stuff and rise above that which winds you up!
Tim.
Can you please point out the so called good stuff in your forum ?
timsk
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BSD
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dbphoenix
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Because I've been observing beginners since the mid-90s, and if one can't figure out what makes price go up and down in six months he likely never will. Every forum, including this one, contains journals of those who go on year after year after year without ever becoming consistently profitable. They're wasting their time and their money.
Granted the quickest I've observed is eight months, after which the guy retired. But then he did it on his own (which may be the reason why he was able to grasp the basics so quickly). Children can do it much faster, but then their egos aren't invested in the process. Ego appears to be the chief hurdle, though ignorance is a close second. But then there's really no excuse for either, particularly ignorance, given the good templates for developing a trading plan -- a thoroughly-tested and consistently-profitable trading plan -- that are available, here and elsewhere.
In the meantime, beginners will devote themselves to candlestick patterns and indicator settings and Forex 'R Us (lunch included). Year after year after year.
Db
scholfield
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dbphoenix
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and 'straight lines'
Sometimes, yes. There have been more than a few who can't get past drawing lines to an understanding of why price moves up and down. They can at least avoid losing money, though they can never gain real traction. This is due largely to fear, though there are a great many traders who are in this just for fun and have no interest in putting together a robust trading plan (something more than "I felt it was going to go up").
Db
dbphoenix
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Technically, trading does not seem very difficult. Again, I do think that many of the more technical approaches using various indicators and candlesticks and bar studies are very difficult, and my hat is off to any and all who are able to use these for profit. For me, I will stick to price and volume.
From what I have browsed here and elsewhere, however, it seems to me that the difficulty most have with trading is not the technicals, whether they are using basic price and volume or more complex indicators and bar studies; rather, the problem seems to be that a lot of people struggle with what Livermore called fear and hope, which leads them to win small and lose big, when what is needed is the exact opposite.
I have given myself six months to do this. September through January will be the tell. If it doesn't work out, I'll move on to something else. I still have my business and I am still making an income. After twenty-six years, I am ready to retire from my current line. But I am still a youngish guy (I started in my line when I was eighteen) and I need to move on to something else. I think that this trading business is my next thing.
From what I have browsed here and elsewhere, however, it seems to me that the difficulty most have with trading is not the technicals, whether they are using basic price and volume or more complex indicators and bar studies; rather, the problem seems to be that a lot of people struggle with what Livermore called fear and hope, which leads them to win small and lose big, when what is needed is the exact opposite.
I have given myself six months to do this. September through January will be the tell. If it doesn't work out, I'll move on to something else. I still have my business and I am still making an income. After twenty-six years, I am ready to retire from my current line. But I am still a youngish guy (I started in my line when I was eighteen) and I need to move on to something else. I think that this trading business is my next thing.
Mr. Charts
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But some of those with a million wavy lines of different hues on their charts could go on to something worthwhile like trying to exhibit their works in Tate Modern or MOMA.
No disrespect to those seeking to advance on Pollock.
BSD
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Ego is inevitably the main cause behind most human failures.
"An analysis of the profiles and motivations of habitual commodity speculators
The focus of this study is the habitual speculator in commodity futures markets.
Responses to a 73-question survey were collected directly from retail commodity brokers with offices in Alabama. Each questionnaire recorded information on an individual commodity client who had traded for an extended period of time.
The typical trader studied is a married, white male, age 52. He is affluent and well educated. He is a self-employed business owner who can recover from financial setbacks. He is a politically right-wing conservative involved in the political process. He assumes a good deal of risk in most phases of his life. He is both an aggressive investor and an active gambler.
This trader does not consider preservation of his commodity capital to be a very high trading priority.
As a result, he rarely uses stop loss orders. He wins more frequently than he loses (over 51% of the time) but is an overall net loser in dollar terms.
In spite of recurring trading losses, he has never made any substantial change in his basic trading style.
To this trader, whether he won or lost on a particular trade is more important than the size of the win or loss.
Thus he consistently cuts his profits short while letting his losses run.
He also worries more about missing a move in the market by being on the sidelines than about losing by being on the wrong side of a market move; that is, being in the action is more important than the financial consequences. Participating brokers confirmed that for the majority of the speculators studied, the primary motivation for continuous trading is the recreational utility derived largely from having a market position."
http://onlinelibrary.wiley.com/doi/...199810)18:7<765::AID-FUT2>3.0.CO;2-U/abstract
People cherish being right, and fighting their insecurity and weak ego by telling the world that they were right, far more than making money.
In a similar vein:
"Procrastination – How it is driven by Ego and How to Stop.
How many times do we say we are going to do something, and then don’t to it? How many times do we say we are going to do something, notice we don’t do it, and still don’t do it? We are procrastinating. Even when we are aware we are procrastinating, we still procrastinate. It makes you wonder what is really going on with us. More importantly, how do we stop procrastinating?
I like the anecdote, “The road to hell is paved with good intentions.” Procrastination is a pattern of good intentions. As we dig deeper into the issue there is a natural follow up question, “If the road to hell is paved with good intentions, then what is the road to heaven paved with?” “Humility.” Says James Garner in a line from the movie Ya Ya Sisterhood. Humility, or a softening of our ego mind has a lot to do with eliminating procrastination.
What is humility? I checked my Word processing program for synonyms and the one I like best is “unassuming nature.” Let us take it to mean no ego nature; no mask of a false self-image. Humility is being authentic and genuine. It is what is left when you strip away all the layers of ego we carry around as a mask. So what does this have to do with procrastination? Procrastination is a product of the ego mind. It is those false layers of self image that are the root cause of our bad habits. When we strip away the ego mind we get rid of the root causes of our procrastination.
When we are humble, or without ego, we say what we mean, and we do what we say. We don’t pretend to others, or to our self, that we are something we are not. Notice that nowhere do I relate being humble to being meek, weak, timid, or small. Real humility comes with a quiet confidence that is a source of power and resolve."
https://www.pathwaytohappiness.com/happiness/2011/03/16/cause-procrastination/
"An analysis of the profiles and motivations of habitual commodity speculators
The focus of this study is the habitual speculator in commodity futures markets.
Responses to a 73-question survey were collected directly from retail commodity brokers with offices in Alabama. Each questionnaire recorded information on an individual commodity client who had traded for an extended period of time.
The typical trader studied is a married, white male, age 52. He is affluent and well educated. He is a self-employed business owner who can recover from financial setbacks. He is a politically right-wing conservative involved in the political process. He assumes a good deal of risk in most phases of his life. He is both an aggressive investor and an active gambler.
This trader does not consider preservation of his commodity capital to be a very high trading priority.
As a result, he rarely uses stop loss orders. He wins more frequently than he loses (over 51% of the time) but is an overall net loser in dollar terms.
In spite of recurring trading losses, he has never made any substantial change in his basic trading style.
To this trader, whether he won or lost on a particular trade is more important than the size of the win or loss.
Thus he consistently cuts his profits short while letting his losses run.
He also worries more about missing a move in the market by being on the sidelines than about losing by being on the wrong side of a market move; that is, being in the action is more important than the financial consequences. Participating brokers confirmed that for the majority of the speculators studied, the primary motivation for continuous trading is the recreational utility derived largely from having a market position."
http://onlinelibrary.wiley.com/doi/...199810)18:7<765::AID-FUT2>3.0.CO;2-U/abstract
People cherish being right, and fighting their insecurity and weak ego by telling the world that they were right, far more than making money.
In a similar vein:
"Procrastination – How it is driven by Ego and How to Stop.
How many times do we say we are going to do something, and then don’t to it? How many times do we say we are going to do something, notice we don’t do it, and still don’t do it? We are procrastinating. Even when we are aware we are procrastinating, we still procrastinate. It makes you wonder what is really going on with us. More importantly, how do we stop procrastinating?
I like the anecdote, “The road to hell is paved with good intentions.” Procrastination is a pattern of good intentions. As we dig deeper into the issue there is a natural follow up question, “If the road to hell is paved with good intentions, then what is the road to heaven paved with?” “Humility.” Says James Garner in a line from the movie Ya Ya Sisterhood. Humility, or a softening of our ego mind has a lot to do with eliminating procrastination.
What is humility? I checked my Word processing program for synonyms and the one I like best is “unassuming nature.” Let us take it to mean no ego nature; no mask of a false self-image. Humility is being authentic and genuine. It is what is left when you strip away all the layers of ego we carry around as a mask. So what does this have to do with procrastination? Procrastination is a product of the ego mind. It is those false layers of self image that are the root cause of our bad habits. When we strip away the ego mind we get rid of the root causes of our procrastination.
When we are humble, or without ego, we say what we mean, and we do what we say. We don’t pretend to others, or to our self, that we are something we are not. Notice that nowhere do I relate being humble to being meek, weak, timid, or small. Real humility comes with a quiet confidence that is a source of power and resolve."
https://www.pathwaytohappiness.com/happiness/2011/03/16/cause-procrastination/
tar
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Where i said that ?
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