A time and place for emotions

Joe Ross

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Winning traders are extremely disciplined. They astutely study the markets, devise a trading plan, and follow it. They control their impulse to abandon their plans prematurely, and they don't allow emotions, such as fear and greed, to influence their trading decisions. In the trading profession, emotions often get a bad rap, however. There are critical moments of investing when it's vital to control your emotions, but there are also times when you can let your emotions run wild.

Trading can be broken down into two basic phases: Planning and Execution. In the planning phase, a trader creatively searches for trading ideas and develops a viable trading plan. During the planning phase, you can feel free to experience a variety of emotions. When you execute your trading plan, though, it's essential to control your emotions and impulses. Once you plan the trade, you must trade the plan in order to take home profits.

During the planning stage, your goal is to find new trading strategies. It's a creative process, and to find them, you cannot be closed off and rigid. Not only is it all right to allow your emotions to guide you, it may be necessary. It's all right to psych yourself up. Get excited and enthusiastic. You need the energy to do the homework to discover an innovative idea. Depending on your trading style, you need energy to backtest, scan charts, or read financial reports. Go ahead and tell yourself encouraging thoughts, such as "I'm a creative person. If I let my imagination run freely, I'll think of a brilliant idea." When you're in the creative planning stage, you can think emotionally.

As you search for ideas, feel free to impulsively switch from one idea to the next. Combine and recombine ideas. What's the harm? You're trying to find a new idea. At some point in the creative process, you might even want to show some self-reproach or even paranoia. You might want to play Devil's Advocate as you try to figure out what might go wrong. In the planning stage, it's useful to defensively think of every potential adverse event that may ruin your trading plan. A little skepticism can only help matters during the planning phase.

At some point during the planning phase, though, you must stop searching and deliberating and decide on a plan. You must specify when to enter and when to exit, and determine the indicators that will allow you to monitor the success of your trading plan. Once you have a plan devised, your emotions and impulses must be controlled. At some point, you must stop thinking emotionally, and move into a rational state of mind. You must carefully enter as planned, monitor the market action, and effortlessly exit should the markets go against you, or wait for your plan to come to fruition.

Emotions aren't always a distraction while trading. There is a time and place for everything, and emotions can motivate us to develop creative ideas. But once you move from the planning to the execution stage, it's essential to trade with discipline. The disciplined trader is the winning trader.
 
Joe, I've read many recipe books on wook cocking, but what you say here is something that if I had a quid for every time I've heard that, I'd be a beggar!

You’re suggesting an inch-and-a-half-pound hammer will do the trick, but quite frankly, it seems you're casting nasturtiums at me. Someone suggested you’re simply making insinuendos, but we can't stand here with our caps on our heads and say the figures are correct.

Working our eyes to the bone to come up with half-viable copy they'll be giving prisoners five-poster beds next and even working between these tight perambulators, it’ll be a tight flit.

Well, that's split the beans and I’m sorry if you feel betrayed. No point being angry with Sharky, he's just the scrapecoat.

........................................
I make these posts for the hell of it. I do not now nor ever have expected other traders to understand what the hell I’m saying. I don’t – so how could you. My hope is that what I post may be a link to my commercial services.
 
:eek: He has his fingers in all the pies.
 

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Hi Joe,
Do you remember me?
We met in Iceland a few weeks ago whilst you were fishing on the pier at Reykjavik opposite the two gunboats.
You just made your usual statement and wouldn't engage in discussion.
I did try.
"Are you a monk fish?"
"Is that a cod piece?"
"Nice plaice"

He just wouldn't take the bait, folks.

Richard
 
Hi Joe,
Do you remember me?
We met in Iceland a few weeks ago whilst you were fishing on the pier at Reykjavik opposite the two gunboats.
You just made your usual statement and wouldn't engage in discussion.
I did try.
"Are you a monk fish?"
"Is that a cod piece?"
"Nice plaice"

He just wouldn't take the bait, folks.

Richard

You gotta laugh:LOL:

 
Joe Ross, aged 72, had been selling pets and fishing tackle for years from his shop in Eckington, Sheffield. One day an officer from the trading standards department decided to lure him into selling a goldfish to an under age boy.
Point 1 about this bizarre case is that it does not seem out of the ordinary for a 12 year old to buy a goldfish. The police setting up sting operations for shops selling tobacco or alcohol to under age teenagers is understandable, but £20,000 on operations to trap shopkeepers selling goldfish? What an absolute waste!

Terrible! But it gets much worse, Mr Ross was fined £2,500 by the magistrate. One can only presume as an example to other shopkeepers. Unbelievable I know but there's more. The 72 year old Mr Ross was ordered to wear an electronic tag and subject to a curfew order usually reserved for violent repeat offenders. Why was it necessary for this, for selling a goldfish?

We wonder if Mr Sharon Dibble, head of public protection at Sheffield Council, is fully comps mentis when he said: 'This conviction sends out the message that we will not tolerate anyone causing unnecessary suffering to animals. Sheffield Council will always support business and pet owners so they are able to care for their animals properly, but where they continually ignore any advice they are given, we will always use our statutory powers without hesitation.'

You may wonder what happened to the goldfish in this true story: it was adopted by an animal welfare officer at the tax payers' expense.
 
Oh yeah, Joe..
Forgot to mention you spelt plaice wrong: I would have thought a sea fairing bot of your experience would never have made that mistake :smart:

And I should learn to read much funnier previous posts
 
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