Trading Psychology : Breaking the rules

Trading is often about how to take the appropriate risk without exposing yourself to very human flaws.
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ShaunWhite
Posts: 2946
Joined: Sat Sep 03, 2016 3:42 am

Wed Apr 25, 2018 6:49 pm

If you're the sort of person who can't get through the week without doing something you know you shouldn't, you might relate to this ..

Why Traders Intentionally Make Mistakes

I'm not going to debate the guy's credentials because it not especially relevent.

stueytrader
Posts: 248
Joined: Tue Dec 15, 2015 6:47 pm

Sun Jun 10, 2018 6:27 pm

ShaunWhite wrote:
Wed Apr 25, 2018 6:49 pm
If you're the sort of person who can't get through the week without doing something you know you shouldn't, you might relate to this ..

Why Traders Intentionally Make Mistakes

I'm not going to debate the guy's credentials because it not especially relevent.
Interesting video, though he's essentially describing the fact that many financial traders are essentially simply gamblers by another name. Not quite the same as sports trading, strangely more of the sports guys would recognise the difference, but a 'stock' trader would probably not see that they were basically just gambling to look for a buzz in life. I think there's probably a decent proportion of problem gambling which is never named as such, because it's labelled 'stocks' or 'day trading'.

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jimibt
Posts: 1078
Joined: Mon Nov 30, 2015 6:42 pm

Tue Jun 12, 2018 11:51 am

stueytrader wrote:
Sun Jun 10, 2018 6:27 pm
ShaunWhite wrote:
Wed Apr 25, 2018 6:49 pm
If you're the sort of person who can't get through the week without doing something you know you shouldn't, you might relate to this ..

Why Traders Intentionally Make Mistakes

I'm not going to debate the guy's credentials because it not especially relevent.
Interesting video, though he's essentially describing the fact that many financial traders are essentially simply gamblers by another name. Not quite the same as sports trading, strangely more of the sports guys would recognise the difference, but a 'stock' trader would probably not see that they were basically just gambling to look for a buzz in life. I think there's probably a decent proportion of problem gambling which is never named as such, because it's labelled 'stocks' or 'day trading'.
yes, back in the early 2000's, i got sucked into day trading. as it was early times, it was easy to do all sorts of fun and games (such as having two windows open to sell the same shares simultaneously, thus effectively shorting it at the same instant). i got away with this for some time until the Marconi debacle when trading was suspended and i had both trades SOLD in the opening morning auction frenzy before they were suspended. I then got a call from their security department (barclays stockbrokers) wanting to know how i had such a position. They then trawled thro my history and found quite a few like this. I thereafter had to place all my trades via telephone.

the positive is that this effectively stopped me from continuing on this path as it was exactly as you mention - purely for the thrills...

stueytrader
Posts: 248
Joined: Tue Dec 15, 2015 6:47 pm

Tue Jun 12, 2018 7:54 pm

At least you never ended up as a Nick Leeson or the others with a similar financial path (there's been a few)! :)

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