Re: So You Think You Can Trade?
Absolutely agree with what you say, Pyenner. The challenge for many is what is reality. There is so much self-delusion going on--well that is a big of an exaggeration as delusion is a form of psychosis. Let's put it this way:
People see what they want to see. They believe what they want to believe.Reality is not the same from person to person. That is the reason for looking at the one technical indicator that does not lie. OK. Sometimes there are bad prints! However, the one technical indicator that does not lie is price. Now if you see a print of 20 and I see a print of 20, how many others are seeing that same print? Tons. Yet, there are those who will question that constantly--it can't be right, the market is wrong, this is a temporary thing, I know better, etc. Denial is more than just a river in Egypt!
Look at some of the famous permabears that have been wrong about the direction of the markets for years. Yet they persist. WHY? Do they see a different price from the rest of the people that see 20? Why do permabears persist? Why do permabulls persist? Why is Cramer so popular? What is this all about?
Re: doing battle with the markets, this is a semantic issue. Anyone who sets out to attack the market better have huge pockets. The idea here is that trading is a battle. We are trading the markets. That means we are trading other tradings. We are buying and selling risk and trading our beliefs against the beliefs of other traders. Fighting the markets is futile. Why? Because the markets are always right---EXCEPT at two significant times.
THe greatest battle is not with the markets but with oneself. Turn down the noise, shut off the phones, seal your room, and just be with yourself and your position.
You always have such great stuff to say PYenner and thank you!
Doctor Janice
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