Ubee;
Post # 156 in this thread.
That is an outstanding post. I look forward to more of your insights.
Post # 156 in this thread.
That is an outstanding post. I look forward to more of your insights.
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DislikedOf course he is. But it only applies to others, not you, right?
You know what really spells it out clearly to me is when I confide, open up, admit I'm wrong, show a weakness, etc., then someone uses it against me.
That has always told me all I needed to know about a person when they did that -- that being right was more important to them than the relationship, or the other person.
I won't turn my back on you anymore, ST.Ignored
DislikedWell, now, having said all that I repeat: I strongly believe that extreme DISCIPLINE and the right psychological attitude in trading are MANDATORY!
Pity is they are not enough at all to be profitable and for me they were by far the most easy part.
Just my opinion based on my experiences.Ignored
DislikedPorkpie, sorry, your post is full of all that nonsense that you read in trading psychology books. It seems to me that you learned it very well. Do you find it useful? Do you profit from it?
Just starting from "..we are brought up in the modern world to succede... we have to learn how to lose...".
I won't get on all the rest, it would be too long, but do you really thing that we are not used to lose? Do you really thing that we have to learn how to lose?
Please, use your brain, for a moment just forget what those books told you, just use your own brain and answer this very simple question: "Do you really thing we live in a world where the vast majority of people is not used to lose because the world teaches them to succeed?"
We always say that 95% of new traders lose all of their capital in few time. We forget to mention that 98% of all the people of the world lives in poverty (even in civilized countries), have very low ambitions, are used to succumb to bosses at work, to partners at home, to derision in the streets.
98% OF ALL THE PEOPLE OF THE WORLD IS ALREADY VERY GOOD AT LOSING!
EXTREMELY GOOD AT IT!
This is the truth, not the contrary.
That's why when they go trading they lose all. They are used to lose, all their life has been a continuous uninterrupted loss and just that will remain in the future, as they go on perfecting on how to lose.
Remember, when one says:
War is Peace
Freedom is Slavery
Ignorance is Strength
Winning is Losing
Well, when I read these things I think it's way better for me if I start to doubt and to think with my own brain.
You can believe whatever you want, but I think that in order to WIN I have to learn HOW TO WIN, not HOW TO LOSE!
Please, go, do a favor to yourself, throw away those books, go reading this:
Think and Grow Rich by Napoleon Hill
This is not marketing, you can find with google free pdf of it.
This is an old book and it also contains inaccuracies, but surely it's way better than any trading psychology books.Ignored
DislikedPorkpie, well, "a good technique to lose" is a way better sentence than "we have to learn how to lose".
You know, if someone tells me: "Come on, I will teach you how to lose"
I surely replay: "Oh, no, thanks! I prefer to learn how to win."
Now if the same told me: "I will teach you how to lose few and win big", well, heck, that would be a completely different story, that would be interesting!
Now, I have nothing at all against you, of course, and this is also why I suggested to you a book that I would never suggest to my enemies, but only to friends.
If I replayed to your post it's just because I saw in it a well lot of those bad constructed sentences (and concepts) that we usually find in some books supposedly written to help newbie traders that really don't help at all.
You cannot imagine (it's years I'm in this business) how many times I've heard and read sentences like:
"cut your losses short, let your profits run"
"trading is completely different from ...[put here what you prefer]..."
"money management is a must!"
"it is all mental!"
"95% of traders fail"
"this is a risky business"
"you have to LOVE your losses" (<-- this one is simply grandiose! )
...
and you can add other thousands of your own, but I have to add just another myself that is my absolute favorite:
"people don't cut their losses because they keep on HOPING!" (<-- my absolute all time favorite! )
Well, I think I've never found in my life a more idiotic sentence than the latter.
Do you think that when in my beginning I was used not to cut my losses it was because of HOPING?
HOPING? Do you really think I was HOPING?
You see, I don't believe in god, I don't believe in magic, I don't believe in lottery, and generally I don't believe in anything I cannot touch with my hands. Do you really think that I can HOPE something?
Please, a little of common-sense. Newbie traders don't cut their losses because of their ignorance of the markets that let them think (THINK, not HOPE) that the market is just about to reverse! They BELIEVE this, not HOPE, that's a completely different story!
Also beginners don't cut their losses because, thanks to their ignorance, they almost always enter the market at the wrong time so they have 99% of the time underwater trades as soon as they start them, and cutting them short so frequently, united to MM ignorance and consequent overtrading, would kill their account more speed than the speed of light. These are the real reasons, NOT hoping. Or, anyway, all this at least has been true for me because I've never HOPED in my life, I've always ACTED on the basis of my certainties.
This is why, Porkpie, I simply thing that those sentences help you to become a good trader not more than this one would teach you how to fly a plane:
"Don't bank too much at low indicated air speed"
And still, believe me, there is truth in it.Ignored
DislikedI believe trading to be a game of probabilities given its random, non linear behaviour and the only way to deal with it is to have good MM and to me that means correct position sizing to the size of your account and the win/loss ratio of your system etc etc. Then its a case of taking those trades - emotionless.Ignored
DislikedI'm yet to meet a financially successful trader who does not appreciate the importance of psychology. But I've come across many people who are not financially successful traders who think they know better.
RobIgnored
DislikedThe other day I went to click out of a trade, and got a requote. I quickly clicked again without checking what I was doing, and the trade closed.
When I checked history to log the trade, I saw that I got 1 pip less than I meant to. Blasted requotes! I had clicked the OK button and let them take my pip. Damn brokers.
Well, today it happened again, and I said no. Greed came into the picture. I waited to get that one pip back. The end result of the trade was that I lost 2% of my account rather than take 1 pip less.
From now on, I will not...Ignored
DislikedPsychology is nothing
Knowing is the entire game.
Do you feel fear, greed, worry, or any other emotions when you, for example, fill up your car?
I know a rather “blond-between-the-ears” PhD who was a spoon-fed brat from birth, she was the youngest child, everything was handed to her, pretty much.
[font=Times New Roman][size=3]Well, the first time she went...Ignored
DislikedThe cold hard fact of this business - the psychology that separates everyone from everyone else is - you must be prepared to sacrifice everything to achieve the required consistency. A few will understand this but most will not.Ignored