I'm so glad you found that.Every person that trades feels confident of their own trading abilities and when articles like yours are posted will smile and think thats what others may be doing.
Good salesmen loose their inhibitions to prosper.Good traders i believe should loose their inhibitions and truly look inside themselves.
As we approach the beginning of a New Year i believe we should be brutally honest with ourselves and address ANY areas that we might be failing in and work on them.
One of the traders on this board mentioned that during the year he thought about his drinking and gave it up,thus helping his trading.I also gave up drinking Mon /Fri, got fit and lost 3 1/2 stone to better my trading.
These are just two examples,i believe like many that your trading results are due to many things but the one that you deny realy causes you any problems and that you dont do anything about is yourself.
This could have been written by me (or rather the old me!) as I was dealing the Dow daily futures.
Fortunately it taught me a lesson - I am rather more circumspect now.
Still made me smile though.
Glad you liked it. It's often said that the markets are not a good place to go for psychotherapy. Actually I think that is completely wrong.
You HAVE to be totally open and honest with yourself in order to survive and learn in trading. If you are defensive and don't confront problems you simply won't be able to hang onto your money.
I think that is probably why so many people fail in trading. In lots of other jobs/situations you can hide from yourself. Leave the job, leave the realtionship, blame someone else. In trading there is only YOU, on your own. I think I love that about it most of all, the total ownership of what I do
Just a thought - learn to love your losers, those are the trades you learn most from; keep them small, getting out of a trade as soon as it moves against you. Look at each of your small losses and gain pleasure from having got out before it became a large debilitating loss. Those losses give you strength, the big ones kill your account and your mind.
Oh yes, you might be whipsawed out as it changes and moves in the desired direction - but you can always get back in and in the meantime you've protected your capital. Forget the ego driven " I always want to be right". Ego is your greatest enemy when trading.
I agree with you all trading is 80% to do with positioning your mind and 20% your system and trading skill.
Having like all of you read many books on the subject of trading, the book I have just finished goes to the top of my list and if you have not read it - you should not be trading ( in my humble opinion).
This book is about you and your psychology when trading and covers the subject in total.