Know Thyself

[Soultrader 12]

On my way to Heathrow airport in London, I had an interesting conversation with a cab driver. A very nice man who gave me a tour around London driving to the airport... we started conversating on poker and how the gambling culture of UK was shocking compared to Japan where it is illegal. The driver, over 60 years of age was once a successful employee and business owner. His turn in life? Impulsive gambling. At a young age he had started playing 5 card poker which escalated by the time he reached his 20's. Once an employee, he stole money from the firm to fund his gambling habits. Served a few years behind bars.... and then started 2 successful businesses in his 30's. However, once again his gambling problem turned against him and lost his business and family. He had been clean for almost 10 years.. attending counseling throughout.

 

This story is nothing new. I have met many impulsive gamblers during my time. Some who showed up frequently on the poker tables and to a point where we had to convince him to stop playing due to his behavior. There was a player who used to bet thousands on sports betting and ended up in huge debt. The last time I ran into him, he was on parole for something I rather not know. Then there are the volatile types who get a kick out of making money and losing money quickly. These players come for the adrenaline rush.

 

Then there are types who can never seem to keep his emotions in check. High when winning and depressed when losing. Never looking within himself to improve his game.

 

Then we have those that become heated easily... losing his mind and gambling away all his money until he is left with none. Only when he loses his entire stake does he realize what he has actually done.

 

Though my own psych and emotions are nowhere close to ideal... I have learned a great deal from other people and their mistakes. Studying the traits of others has helped me identify my own.

 

In trading, impulsive behavior is your worst enemy. No matter how much you study the markets, go though screen time.. with a impulsive personality it is only a matter of time before your stake is gone. Impulsive behavior can be controllled but as harsh as it sounds.... if you can identify with the following examples above you should stay away from trading.. especially smaller timeframe trading. Personality can be changed, but takes time and constant exposure to an environment where your impulsiveness can be brought about will not fix the problem.

 

If you have an impulsive personality and this is clearly affecting your trading, take a step back and reflect. If you are struggling to find success in trading... remember the only thing in your way is YOU. For me... this light only appeared after years of learning the art of trading. Once you learn the art of trading, you will then realize that you only came 20% far... the remaining 80% is mastering yourself.

 

FYI - Factors Contributing to the Development of Pathological Gambling

[Soultrader 12]

Quotes from The Practicing Mind on Discipline, Focus, and Practice

 

"Everything in life worth achieving requires practice. In fact, life itself is nothing more than one long practice session, an endless effort of refining our motions. When the proper mechanics of practicing are understood, the taks of learning something new becomes stress0free experience of joy and calmness, a process which settles all areas in your life and promotes proper perspective on all of life's difficulties."

 

"A paradox of life: The problem with patience and discipline is that it requires both of them to develop each of them."