What do you call your money?

TheHumanPC

Newbie
1 0
I would like to know what you guys think about your money. How do you take care of them, and do you have any feelings for them?
If you are trading, how do you see the numbers and movements from your perspective? Could you describe your feelings about trading for me?

Ive got the answer, but i want to see if anyone else here thinks the way i do.

/TheHumanPC
 

hatemypips

Well-known member
456 31
It depends on the targets you set or in other words tame your unlimited hunger to get more and more. It's not about money its about completing targets, that's easier to perceive. When you start to set targets "get rich, buy lambo" etc., its not a target its dreams, you start to rush and its direct way to mistakes.
 

NVP

Legendary member
36,647 1,861
I would like to know what you guys think about your money. How do you take care of them, and do you have any feelings for them?
If you are trading, how do you see the numbers and movements from your perspective? Could you describe your feelings about trading for me?

Ive got the answer, but i want to see if anyone else here thinks the way i do.

/TheHumanPC

money has to be treated as a "tool" in trading ..........it must be disposable with no emotion and not associated with assets or what it can buy or what cost it is to yuo if yuo lose it ....disconnect

like chips in poker ......its nothing more or less than fuel for the fire ......

thats why 95% of traders lose........inevitably emotion takes over ..........and generally they have cr*p strategies as well

most traders would not know or recognise a decent winning strategy if it knocked on their door and came in for tea......and even if they did they mainly cant execute for toffee..........inefficient , incompetent and undisciplined

aside from that they are great !!

N
 

riki143

Member
84 0
You can make money in Forex but first you need to survive the Market, once you have been in it for a while learning, if it hasn’t beaten you, you could make money.
 

piphoe

Legendary member
10,038 194
Me money is my babies, and I take of me babies! Nuture, let them grow up big.
 

J_C_Anderson

Active member
126 21
As many experienced traders say, all money on the trading account should be deemed as just numbers unless being withdrawn. Such attitude would help trader to avoid emotions influencing the trading process.
 

James turtle

Junior member
23 2
As many experienced traders say, all money on the trading account should be deemed as just numbers unless being withdrawn. Such attitude would help trader to avoid emotions influencing the trading process.
Yes. Rightly said. Emotions are the biggest thing in my opinion which influence the traders’ mind.
 

scarlet jones

Junior member
23 4
For me money is a hard earned thing. Hence I'm very cautious of parking funds in trading. I allocate money to trading only after a good analysis of my current financial position and future obligations.
 

tomorton

Legendary member
7,288 974
I try and think less in terms of money and more in terms of percentages. Even to one person, the value of money can change in very short periods of time. A profit of £50 on one trade might be good to one trader or very poor to another. Not only that but it might be very good for me this month and a very poor result for me next month. But a profit of 10% of the account capital in one trade is pretty good, whether you're a millionaire or a pauper.
 

tomorton

Legendary member
7,288 974
I'm also trying to change my own terminology away from "winners" and "losers", winning and losing, "buying" and "selling", losses, capital at risk, etc. Its too binary and the negative terms are too qualitative, suggesting having made a mistake or an error, having not worked hard enough, not prepared adequately.

All this stuff comes from school education and orthodox professional career development. Fine for what it is, but not appropriate to trading. It is too focused on the losses and what went wrong. It draws focus towards individual trades, and away from the trading business. It helps set up a mind-set parallel to that applied to gambling.

Its a work in progress.
 

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