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Developing a Trader's State of Mind

  • #1
  • First Post: Dec 30, 2013 3:57am Dec 30, 2013 3:57am
lets put together a list of things that can help traders develop there state of mind
  • #2
  • Dec 30, 2013 3:57pm Dec 30, 2013 3:57pm
Trader Intuition, must have this skill to get the feal of the market
  • #3
  • Dec 30, 2013 4:21pm Dec 30, 2013 4:21pm
Breathe in deeply. Breathe out. R-E-L-A-X.
Nothing worth having is easy.
  • #4
  • Dec 30, 2013 6:02pm Dec 30, 2013 6:02pm
Quoting PoundTrader
lets put together a list of things that can help traders develop there state of mind
Try this:

10 Steps to Developing a Winning Trader’s Mindset

1. Flexibility (George Soros)
Hold no attachment to trades
Change opinions on a dime
Focus on the here and now
Intuition is gained from experience
2. The Importance of Implementation (Colm O’Shea)
Right strategy for the idea
Draw a line in the sand
Execute consistently
Embrace uncertainty and risk
3. Belief is in the Numbers (Richard Dennis)
Think like a “Turtle”
Ignore individual trade outcomes
Calculate your expectancy
4. Accept Mistakes (Ray Dalio)
Mistakes lead to improvement
Be bold, embrace disagreement
Seek out opposing views..........................
The rest is here

http://eminimind.com/10-steps-to-dev...et-transcript/

Have a Great New Year
When the Joker is in the deck.. fear not and play it well
  • #5
  • Dec 30, 2013 11:33pm Dec 30, 2013 11:33pm
Trade towards value. When taking advantage of a pricing inefficiency, trading it in the direction of its value will help the markets become more efficient.
  • #6
  • Dec 30, 2013 11:57pm Dec 30, 2013 11:57pm
Quoting EmeraldEyes
................... trading it in the direction of its value will help the markets become more efficient.
Yes, that's what I've always wanted to do. I've wanted to help the markets become more efficient.
LOL !!

I'm not sure what that has to do with anything but I might likely be informed soon. Sometimes
but not often, more information (or elaboration) is a good thing.

What about now?
When the Joker is in the deck.. fear not and play it well
  • #7
  • Dec 31, 2013 12:14am Dec 31, 2013 12:14am
If a trader has helped make a market more efficient, the trade would be a discount of future pricing, thus the ability to profit from it.
  • #8
  • Dec 31, 2013 12:37am Dec 31, 2013 12:37am
Quoting EmeraldEyes
If a trader has helped make a market more efficient, the trade would be a discount of future pricing, thus the ability to profit from it.

Let's get real. A single (retail) trader is not going to help or hinder the market.
One must only go with the flow.

Your "thus" and "that" is merely mumbo - jumbo in an attempt towards brilliance
which, at this point in time, is an epic failure on your part.

Perhaps I missed something ??
When the Joker is in the deck.. fear not and play it well
  • #9
  • Dec 31, 2013 12:47am Dec 31, 2013 12:47am
is this the most confused thread i've ever read?
  • #10
  • Dec 31, 2013 1:03am Dec 31, 2013 1:03am
Quoting nasir.khan
is this the most confused thread i've ever read?
Of course !!
There's plenty of "holiday cheer" going around.

Join in the folly and don't take it too seriously..... eh??

S'up to you.
When the Joker is in the deck.. fear not and play it well
  • #11
  • Dec 31, 2013 1:07am Dec 31, 2013 1:07am
Quoting Slim Buffett
{quote} Of course !! There's plenty of "holiday cheer" going around. Join in the folly and don't take it too seriously..... eh?? S'up to you.
hmm maybe im just crazy but i think December should be the R&D month for traders.
.
  • #12
  • Dec 31, 2013 1:16am Dec 31, 2013 1:16am
Quoting nasir.khan
{quote} hmm maybe im just crazy but i think December should be the R&D month for traders. .

Of course you're right. But everyone also needs a little time for R&R.

Trade to live.
Don't live to trade ??
When the Joker is in the deck.. fear not and play it well
  • #13
  • Dec 31, 2013 1:13pm Dec 31, 2013 1:13pm
[quote=Slim Buffett;7181507]{quote} Let's get real. A single (retail) trader is not going to help or hinder the market. One must only go with the flow. Your "thus" and "that" is merely mumbo - jumbo in an attempt towards brilliance which, at this point in time, is an epic failure on your part. Perhaps I missed something ??[/QUOT
Sorry to disagree with "One must only go with the flow" yes quite alright the trend is your friend; but no trend has continuous & infinity flow, its gets to about where it reverses. So having the right mental & psychological trading mind helps a lot.
  • #14
  • Dec 31, 2013 6:25pm Dec 31, 2013 6:25pm
Trade like a robot ( feel nothing )
When you open a trade and you close it with profit don't fill like you'r the master of the universe , also when you lose a trade don't feel like you are the most stupid guy in the world ! We all learn from mistakes
When you wake up in the morning and strat trading think in the present , don't think in the future ( example : don't think on how much money you will earn and stay focused on the present )
Don't think to much ( example : should i buy or should i sell , should i make this or that ) you will get caught in thinking and miss important oportunities to take some good trades
Don't listen to much on the news ... usualy this are FAILURE manuscripts
Try to be relaxed , if you are not in a good mood then don't trade at all ... you'r mind should be " empty " try to listen some music but don't let it distract it from what you are doing !

If i write something wrong then excuse my bad english
Happy new year to all and happy new pips
Cheers
  • #15
  • Dec 31, 2013 8:08pm Dec 31, 2013 8:08pm
Quoting Slim Buffett
{quote} Let's get real. A single (retail) trader is not going to help or hinder the market. One must only go with the flow. Your "thus" and "that" is merely mumbo - jumbo in an attempt towards brilliance which, at this point in time, is an epic failure on your part. Perhaps I missed something ??
Forgot I was replying to an FF muppet with no original advice for a trader's mindset. Copy and paste 10 steps from a website and offer a line of crap: "One must only go with the flow".. typical FF bullish that aspiring traders are to be disappointed with. Keep thinking close-minded and these forums will be a great place to lurk for years to come. One trader cannot move a market. A collective of large traders trading the same direction and the same time can.

Since you like to copy & paste Mr. Soros' name, here's some examples of how his team has been trading towards value:
With continued assessment of the Japanese economy, they've been actively shorting the Yen for over a year, and months before the BoJ announced their latest round of QQE in April. The Yen's value has purposely been depreciated from talks by their government and action taken by the central bank in an attempt to achieve 2% inflation in 24 months. Soros' team also made big by shorting the Aud/Usd a day before the RBA surprised the market with their May rate cut. His team took advantage of an over-priced Australian dollar (1.03) that he knew would need to be weakened to keep their economy recovering.

That's trading toward value. Large traders know where value is and will trade towards it when pricing inefficiencies present themselves. Trade with them and trade with value.
  • #16
  • Dec 31, 2013 10:08pm Dec 31, 2013 10:08pm
Quoting EmeraldEyes
{quote} That's trading toward value. Large traders know where value is and will trade towards it when pricing inefficiencies present themselves. Trade with them and trade with value.
That is a very insightful post. Very helpful.
  • #17
  • Dec 31, 2013 10:12pm Dec 31, 2013 10:12pm
Quoting Slim Buffett
{quote} Of course !! There's plenty of "holiday cheer" going around. Join in the folly and don't take it too seriously..... eh?? S'up to you.
  • #18
  • Dec 31, 2013 10:29pm Dec 31, 2013 10:29pm
There is no such thing as Trader's State of Mind.............. it cannot be. No matter how good you and your mind are, there are countless factors affecting prices and the way they move. No state of mind can work in all these situations. However, the one who keeps on absorbing blows and pounding will ultimately survive.

Therefore, the key is to develop a Trader's State of Ass that is strong enough to take anything that comes across.
The Thief of Wall Street
  • #19
  • Dec 31, 2013 11:47pm Dec 31, 2013 11:47pm
Ass Pounding
  • #20
  • Jan 6, 2014 5:41am Jan 6, 2014 5:41am
Quoting 21vs7
Ass Pounding
F - Follow
O - One
C - Course
U - Until
S - Successful
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