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Late to the party again, too much to read.
Taking instant profits is due to instant gratification that one seeks.
Just think back when you were a kid, did you want something right away or did you have the patience to wait for your reward, which might have been twice the amount had you waited.
Sitting and letting a trade work for more profits is not easy.
You gotta refrain from acting on impulse.
Over the years, I have come to realize the elite traders are nothing more than being super aware of their own thoughts and emotions and have the will power not to act on those. |
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Thanks for the feedback.
I don't really think its will power, I think they have re-conditioned their minds (sub-conscious) to not let their judgment be clouded. I think they do this via repetition of their edge and building the trust in their edge.
I believe I have will power at least equal to, if not beyond most average people and good impulse control in near everything in life but the market for now. I'm just over a year in, and over half of that was with a "mentor" that was NOT good for me. He had me looking at all indicators and looking for the holy grail as he himself was not really a mentor. Learning the bases from a discretionary trader was a bad thing for me, but I'm making up for lost time now.
I sell early from fear more than greed. I feed the ego not the equity level.
My sub-conscious likes to feel the win more than the payoff financially. I don't like that and will change that this year.
My 2 goals for 2008 are...
1) Define my edge further and trade it consistently.
which will lead to goal 2...
2) Become a net profitable trader.