Is fear of success holding you back??

[Trader333]

How many guys do you know who can be wrong, lose money, not feel bad and reverse their position?
How many guys do you know who can be wrong, lose money, not feel bad, and reverse their position quickly?

Personally I don't have any set ups that if they started losing money would mean that it was a set up for the other side of the trade and as such I would just close and not reverse.


Paul

 

[neil]

Good points

Maybe the problem is that I can't make me clear in english, sorry

I summarize my point of view and let's see which points you don't agree.

1. Trading is a psychological activity.
2. Your personality influence your decision making.
3. Your personality has been forged by your experiences and environment.
4. Your personality is controlled, in part, by your subconscious.
5. Your subconscious could be working against you. You're your own worse enemy.
6. Your subconscious COULD BE generating fear to success due to past experiences or current conditions (e.g lack of selfsteem)
7. So, you can pause for a sec and ask yourself if that is the problem. And stop blaming the market, indicators or whatever you use to blame.


Of course, I have no way of telling whether this approach is scientific or clinically correct. But it sounds feasible to me.

I reckon it could explain many failures at trading.

note: I'm not interested in imposing my opinion. I just want to debate different points of view.

Good post, especially point 5 which is a big obstacle for many people along with the male ego. Maybe this is why their is a view that female traders are more successful than male due to the lack of an inflated ego.

 

[cuotes]

I was delighted reading your post, and thinking "BSwan should read Dr Brett"
Then I saw the link at the end Good post, anyway.

Trader333's remark is quite interesting.When should you consider that you are wrong?

Some of your very best operations could have a "difficult beginning".
SOmetimes, the two or three first minutes could be not very promising, or even bad, and finally works like charm.

In words of Mr. Brett (again), prior to open the position, you should have a clear idea of what should be interpreted as a signal of "wrong operation".

Probably, the most of us don't have clearly defined that signal in advance.

Anybody agree?
Anybody do set up that fateful point?

ps. According to uncle Brett, seting up a stoploss a fixed number of ticks away IS NOT recognizing that you were wrong.

 

[cuotes]

especially point 5 which is a big obstacle for many people along with the male ego

Maybe point #6 is more closely related to male ego, since boys are usually put on more pressure to win from their childhood. (e.g playing sports)

Female subconcious also works against them,e.g. due to beauty canons. But that's not competition. There are no winners on that.

Females could be more averse to risk. Perhaps.

 

[who_am_i]

I would agree that females can be more averse to risk. My wife and I have been trading forex for a few months now, and she certainly less tolerant of risk than I am. We have been chatting with many of our friends, and the men all seem to be excited about forex and the potential rewards, while the women seem to focus on the potential losses. Hardly scientific, I know...