Pressure

[Mr. Charts]

Many newbies need help and guidance but once they have the tools and techniques their mental attitude remains the key to using their skills set and success or failure.
Like in many fields survival of the fittest is inevitable.
There can only be a small percentage of winners in this business.
Richard

 

[montmorencyt2w]

Some of us were not young bucks when we started looking at trading.

Some of us were well past our 20's.

Some of us have families to look after.

Some of use have jobs we don't feel secure in.

Some of us have debt.

Some of us feel like a 20 year old can walk into a bank and start making money just by sitting at a desk and knowing some 'inside secrets'.

It is interesting to read the books on trading psychology.

Why is it that they don't go into the REASONS you are spending 3 hours a day after work sitting at the PC trying to figure this game out ? Why is it the Zulu Principle doesn't focus on the fact that your missus is watching TV and the 2 kids crashed out already whilst you were watching the e-mini's ?

Guys & Gals. If there is one thing you should do if you are not profitable. It is this:

When you sit down and make those trading decisions - forget WHY you are doing this.

Forget the family.
Forget the mortgage.
Forget the car payments.
Forget the amount of return on your account you would need to support your family.
Forget the 95%.
Forget retirement.
Forget the fact you could have spent the last 2 hours with the kids.

All this stuff will just delay your quest further.

Actively work to clear your mind of this stuff before you sit down and make trading decisions because this stuff will not help you in any way whatsoever.

While you are actively trading, yes you must certainly put all that stuff out of your mind.

However, the sort of person described above - not a full-time trader evidently, whether successful or not, might be advised to adopt a method of trading that would fit into a scheme where he plans trades during some quiet time at the weekend, setting orders as required, and maybe checking briefly every weekday evening. While trading he gives his full attention to trading, and when not, he gives his full attention to the rest of his life - family, job, home, etc.

 

[Prawnsandwich]

Interesting posts.

This is a phsychology thread. Fact is, the first reply on it was a big self back-pat from yourself.

For the moment - let's put aside the fact that you may or may not be profitable right now. What is it that made yourself need to post such a reply on a thread that is specifically aimed at people who may be losing money because of the fact they think they NEED to make money?

My point is simple - cast aside those things that are pressuring you and you may be able to think more clearly.

Your point is also simple - "I'm bloody great, I am, me".

How are we supposed to move forward and help those that need to let go of the reigns somewhat ?

Not sure that that was the main point.....surely it was that everyones psychological make-up is different ie one size or psychological profile doesnt fit all....

 

[barryb]

Funny you mention Ferraris, it's engine roar is my exit 'wav' for a trade with profits...

Haha nice touch.

 

[Black Swan]

Haha nice touch.

The wav for taking the trade is typically a wild west style gun fire ricochet, the new wav for my loss exits is Mr T, guess the phrase...?

"I Pity The Fool"
"Don't Gimme No Back Talk, Sucka"
"Quit Your Jibba Jabba"
"Don't Make Me Mad."
"First Name Mister, Middle Name Period, Last Name T"
"Shut Up, Fool!"