Attitude

[CaerMyrddin]

I understand you Darren. I'll post more often when just trading football preoff!

[rubysglory]

Good thread Euler and some interesting points. IMO I think fear of failure,touched on by Consty1, is a major cause of why unsuccessful Traders struggle. This fear, perhaps the defensive mode posed by JG, in turn creates a mental situation where the Trader is unable to both mentally and financially handle a loss. Any loss, no matter how small, invariably wipes out the Trader's bank and the fear of loss that is triggered is overwhelming - often resulting in a chase your money Martingale mentality. As someone from a horse racing Handicapping background, I feel that one of the biggest hurdles to mentally overcome with Trading is money management. When Handicapping, the money management aspect is relatively static, based on a bet to prices logic. Simplistically, if I rate a horse at 2.00 and the market is quoting 4.00, I bet 50 units. If I rate a horse at 4.00 and the market is 2.00, I either don't bet or perhaps look for a lay opportunity. With Trading, for some the 'knowing how much to open your bets with' is not quite so simple. Do I trade the same bank across a 4.50 - 5.00 range and I would a 2.00 - 2.50 range, do I trade as a percentage of bank, do I trade a price swing percentage as against a tick movement ? These are some of the questions that I feel make Trading quite daunting.


rg

[Iron]

I once read a book on trading which highly recommended this exercise to get you in the right frame of mind for trading:

http://www.highlysensitivesouls.com/art ... gpages.htm

The authors went as far as to say that, if you can't spare the time to do this exercise, you should really consider whether trading is right for you at this time!

The idea is that it's a form of meditation - it helps to clear out all the worries from your mind, and frees you to focus on the task at hand without anxiety.

If you don't control your thoughts and emotions, they will control you...

Jeff

[Groovyelms]

Groovy - Try meditation or hypnosis!

They are great for getting you in a relaxed, focused state, where you have a clear mind and don't get anxious every time the market moves against you.

Jeff

thanks for those sugestions, I am drawn to the idea of meditation and it will be fun doing some research...
groovy

[Zenyatta]

Yes, good points. Really, if you're not confident in your bets, you shouldn't place them. If you are confident, you really need to let the trades go to completion. Make your bed and lay in it. Agree.

A shame I haven't been able to do that. It's amazing that it's nearly always my initial instincts are shown to be the correct ones, and then I keep changing things and doing retarded things... and blowing my chances all the time...I need to tie my hands to stop them creeping to the keyboard, or set it and forget it on the spreadsheet and resist the endless temptation to look at it and jump in doing something retarded again.

I'm sure all gamblers would agree that it was when they didn't stick their initial betting plans that disaster always struck, and they rued the times they deviated from their initial bets.

I think people can get into a state of 'learned helplessness' after losing all the time, they just start expecting to lose, and the fear becomes self-defeating.

Also, when you only have a small bank and don't have the money to play around with, I think things are much tougher. Of course, when you are most desperate not to lose, is the very time you are most likely to do so. The people losing are the ones that can least afford it.

[Iron]

Zenyatta -

That's why I obsess about whether particular techniques have a long-term edge, and try things out in practice mode!

I've lost enough money from gambling (in the sense of betting without an edge) to know it's a losing proposition...

Jeff

[mister man]

what a depressing thread !!!
tales of woe, why do we do it...

whilst i agree that controlling oneself is key, and meditation might help that initially,i really dont see anyone, reacting to a trade gone very wrong, by chanting hari krishna, lighting a joss stick, and gazing outside attempting to be in sync with the oneness of the universe by swaying in time with the bending of the trees branches in the wind.

Good luck with it though..

[Iron]

The idea is that you do those things before you trade!

Try it! You might find yourself shrugging your shoulders in a situation where you'd normally get angry!

Jeff

whilst i agree that controlling oneself is key, and meditation might help that initially,i really dont see anyone, reacting to a trade gone very wrong, by chanting hari krishna, lighting a joss stick, and gazing outside attempting to be in sync with the oneness of the universe by swaying in time with the bending of the trees branches in the wind.

[MarketTrader]

From reading your various posts mister man, I would say you are a 'the world is against me' type of person.

You'll never be happy and those around you or that have any contact with you will be happy either whilst they have to listen to your negative rants. I don't know what terrible thing has affected you to be like you are but have you considered getting help?

I would go away and have a long think about how you approach life and others. I'm sure with a bit of effort you could turn things around for you.

And once you have solved whatever it is that is troubling you it is likely your trading will improve no-end.

Good luck.

[mister man]

Interesting reply Markey Trader.

not so subtlely berating a person for alledgedly being negative, whilst pretending to want to help, whilst all the while of course in reality attempting to belittle and put them down.

I wont be following your lead by espousing an ameteur critique of yourself here.
But i think this might be of interest....
http://answers.yahoo.com/question/index ... 314AAKLCQN
Good luck to you too

[Iron]

Mister Man -

I thought Market Trader was offering you good and sincere advice.

Maybe you are a glass half full kind of guy, and he was preaching to the converted, but I wouldn't take umbrage at his comments.

Jeff

[mister man]

The idea is that you do those things before you trade!

Try it! You might find yourself shrugging your shoulders in a situation where you'd normally get angry!

Jeff

whilst i agree that controlling oneself is key, and meditation might help that initially,i really dont see anyone, reacting to a trade gone very wrong, by chanting hari krishna, lighting a joss stick, and gazing outside attempting to be in sync with the oneness of the universe by swaying in time with the bending of the trees branches in the wind.

I understand that Jeff, what im saying is that yes youmight shrug your shoulders and not get angry, initially, but you will still know that you are down, and the psychology will eventually reasert iteslf, and quickly if the next trade goes wrong.

Hey if it works for you, go for it i say.

[Iron]

There's no point in crying over spilt milk.

If things go badly against you, what you need to do is quickly put it behind you and refocus.

Any sports psychology book will tell you that, if you get angry with yourself or other people, and take your eye off the ball as a result, your performance will suffer...

Jeff

I understand that Jeff, what im saying is that yes youmight shrug your shoulders and not get angry, initially, but you will still know that you are down, and the psychology will eventually reasert iteslf, and quickly if the next trade goes wrong.

Hey if it works for you, go for it i say.

[mister man]

Mister Man -

I thought Market Trader was offering you good and sincere advice.

Maybe you are a glass half full kind of guy, and he was preaching to the converted, but I wouldn't take umbrage at his comments.

Jeff

Never been to Umbrage, and i wouldnt know how to take it if i got their..
Yes he might have been, and in my own way so am I...

[Iron]

Here's another thought on attitude -

You can focus on the opportunity in every threat, or the threat in every opportunity...

Jeff