Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

TheNegotiator

Moron! Learning About Yourself Through Trading.

Recommended Posts

Trading is a microcosm of life. It often exposes our biggest weaknesses and then slaps us silly with a rather large halibut just to really rub it in. But for those who are willing to listen it doesn't have to all be bad. Traders who are able to accept their own mortal failings and adapt, not only become better off financially for it but usually become better people too. If you deal with things quickly, maturely and comprehensively by planning and self-awareness, you stand a much better chance of mastering your weaknesses and adapting to future (not futures) markets. If you don't, making the same mistake over and over can be pretty darn costly not only to your account but to your emotions too.

 

:doh: :crap: :angry::confused::wtf: :puke: :bang head: :thumbs down: :coffee: :sleep:

 

is how the emotional roller-coaster goes if you don't address your weaknesses and that ain't great at the best of times.

 

Personally, I know I used to over trade. Not that I was necessarily trading too much, but too long. If I didn't make money early on, I would trade and trade through chop and nothing markets. But I was so engrossed in the markets that I never stopped to think what I was doing. What it did to me was drain me and leave me in a mesmerized state so that when the move did happen, I was usually late to get on it. Ultimately I just stopped trading when it was slow. I'm not sure what clicked exactly on that one though, but it did teach me that there's a time for everything and not to get too obsessed with trading when conditions aren't right. If only I'd known then what I know now, right? I wouldn't have wasted so much time.

 

But to know how to fix a problem you have to what you're doing of course. What does that come back to? Journalling. I didn't do this at that time, so it took me a while to really figure it out. I realise that it probably sounds like I should have noticed, but when you get locked into the market to try to make money (especially make money back), events become blurred in retrospect.

 

Anyway, I'd like anyone to share any of their personal failings so others might see something which helps them too. Kind of a trading AA maybe. If some of the TL vets want to pitch in I'm absolutely positive that seeing that all traders have weaknesses would be a great help to newer traders (and those who are still disinclined to journal).

Share this post


Link to post
Share on other sites
Trading is a microcosm of life. It often exposes our biggest weaknesses and then slaps us silly with a rather large halibut just to really rub it in. But for those who are willing to listen it doesn't have to all be bad. Traders who are able to accept their own mortal failings and adapt, not only become better off financially for it but usually become better people too.........

 

Anyway, I'd like anyone to share any of their personal failings so others might see something which helps them too. Kind of a trading AA maybe. If some of the TL vets want to pitch in I'm absolutely positive that seeing that all traders have weaknesses would be a great help to newer traders (and those who are still disinclined to journal).

 

Hi, The Negotiator,

 

I am new to trader lab. Your points are so great. “Traders who are able to accept their own mortal failings and adapt, not only become better off financially for it but usually become better people too.” It's so wonderful for your statement. I believe that everything is connected. I believe the ability to change yourself is though repent your weakness, same time focus on the right thing will make you stand strong. Nice to hear from you. Cheers.

Share this post


Link to post
Share on other sites
Hi, The Negotiator,

 

I am new to trader lab. Your points are so great. “Traders who are able to accept their own mortal failings and adapt, not only become better off financially for it but usually become better people too.” It's so wonderful for your statement. I believe that everything is connected. I believe the ability to change yourself is though repent your weakness, same time focus on the right thing will make you stand strong. Nice to hear from you. Cheers.

 

Thanks! Nice of you to say so. The market is a great humbler. Well, it's more like "be humble or be destroyed". :)

Share this post


Link to post
Share on other sites
Ultimately I just stopped trading when it was slow. I'm not sure what clicked exactly on that one though, but it did teach me that there's a time for everything and not to get too obsessed with trading when conditions aren't right. If only I'd known then what I know now, right? I wouldn't have wasted so much time.

 

But to know how to fix a problem you have to what you're doing of course. What does that come back to? Journalling. I didn't do this at that time, so it took me a while to really figure it out. I realise that it probably sounds like I should have noticed, but when you get locked into the market to try to make money (especially make money back), events become blurred in retrospect.

 

Anyway, I'd like anyone to share any of their personal failings so others might see something which helps them too. Kind of a trading AA maybe. If some of the TL vets want to pitch in I'm absolutely positive that seeing that all traders have weaknesses would be a great help to newer traders (and those who are still disinclined to journal).

 

much the same - expecting too much from the markets sometimes, you cant see the forest for the trees.

Personal failing - there are many over different times in a trading career.

 

Major one for me has been - impulsiveness, trading too much.

 

solution - I find i often cannot stop it - its the nature of impulsiveness ;)

so instead I learnt to recognize when it occurs (by reviewing trades), and then to adapt when it occurs. This adaption took the form of quickly changing stops to being close, or just deciding to take profits......remembering the mantra - get out reassess, as its easy to get back in again.

I know that i could not stop the impulsiveness, so instead i changed my reaction when it occurred.

Share this post


Link to post
Share on other sites
Getting locked into an impulsive trade is certainly not a great idea!

 

only if its a looser :)

 

Sometimes the impulsiveness is ok - its the old debate about how much value is intuition worth. sometimes, the impulsiveness is 'good intuition' from experience working.

BUT - i also know that the trade management for me is best treated differently when the trade was initiated impulsively precisely so that you dont get locked in so to speak and think that it is the norm, and that luck and impulsiveness get mixed up.....there is nothing wrong with running with the impulsiveness when you might just have been lucky in the timing of entry.

The key for me is ensuring it does not turn into a looser and then messing with the mind for the rest of the day.

Share this post


Link to post
Share on other sites
only if its a looser :)

 

Sometimes the impulsiveness is ok - its the old debate about how much value is intuition worth. sometimes, the impulsiveness is 'good intuition' from experience working.

BUT - i also know that the trade management for me is best treated differently when the trade was initiated impulsively precisely so that you dont get locked in so to speak and think that it is the norm, and that luck and impulsiveness get mixed up.....there is nothing wrong with running with the impulsiveness when you might just have been lucky in the timing of entry.

The key for me is ensuring it does not turn into a looser and then messing with the mind for the rest of the day.

 

Not sure I totally agree. Impulsiveness is by it's nature "taking action without pausing to think things through". It tends to occur not when you're in the flow of the market and trading intuitively, but when something just catches your eye. If you are in that kind of mood then even if you get lucky on your entry, you'll probably mess up your exit too. :2c:

Share this post


Link to post
Share on other sites

i guess i should have clarified it a bit more then - I have an impulsive ENTRY problem :)

As the thread suggests its about knowing yourself.....I know I generally dont have a problem with exits, just entries - maybe this is the classic 'over trading' - but I also know that sometimes these trades are actually intuitive and hence if you get lucky in the timing, then let it ride....and manage the trade.

A wise old fella on the floor told me when i first started - if a mistake goes against you, exit immediately, if it starts to go your way then let it ride - but just remember the entry was as a result of a mistake and dont try to justify it otherwise.

Share this post


Link to post
Share on other sites
i guess i should have clarified it a bit more then - I have an impulsive ENTRY problem :)

As the thread suggests its about knowing yourself.....I know I generally dont have a problem with exits, just entries - maybe this is the classic 'over trading' - but I also know that sometimes these trades are actually intuitive and hence if you get lucky in the timing, then let it ride....and manage the trade.

A wise old fella on the floor told me when i first started - if a mistake goes against you, exit immediately, if it starts to go your way then let it ride - but just remember the entry was as a result of a mistake and dont try to justify it otherwise.

 

Absolutely. When it happens to me I know that I have to be especially disciplined and get out if it isn't working.

Share this post


Link to post
Share on other sites

Part of the reason I got into trading was to learn more about myself. However I under estimated just how much work I had to do personally, to get my head in the right space to trade.

Most expensive therapy ever :rofl:

My entries and exits are ok now, as compared to a year ago. It is the over anaylizing that is stopping me from getting in, I know I am trying to make every trade a winner, but it is a battle of wills between me and myself.

We are currently working on a new strategy to get more co-operation and less fighting. I won't have anything to report on that for 2 months.

I have already fully accepted that I am crazy so having two of me at the table is...well normal.

I agree the thought journal is super important. Especially when you go back and read entries from 1 or 2 years back, it's amazing how much the thought process changes, and a little scary too, in a good way.

L

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • ARIS Aris Water stock watch for a range breakout above 17.3 at https://stockconsultant.com/?ARIS
    • DO Diamond Offshore Drilling stock watch for a continuation breakout above 16.55 at https://stockconsultant.com/?DO
    • AMBA Ambarella stock back to 57.30 triple+ support area with high trade quality at https://stockconsultant.com/?AMBA
    • Date: 24th July 2024. Market News – Stocks dip as earnings disappoint; Yen strengthens further. Economic Indicators & Central Banks: The market faces pressure entering a seasonally weak period, with potential increased volatility due to the upcoming US presidential election. Asian stocks and US stock futures also fell, impacted by earnings reports from large American firms like Tesla Inc. and Alphabet Inc., which were seen as insufficient to sustain the recent global equity rally. European stock futures declined as investors evaluated the disappointing initial results from the “Magnificent Seven” megacap tech companies. The Yen strengthened for the third consecutive day ahead of next week’s Bank of Japan meeting. Asian & European Open: The S&P500 and Dow slipped -0.16% and -0.14%, respectively, and the NASDAQ slid -0.06%. The VIX was down -1.74% to 14.65 and has eased from the 16.52 level on Friday, the highest since April amid rising political risks and anxieties. Taiwan’s stock market was closed due to Typhoon Gaemi, meaning shares of Taiwan Semiconductor Manufacturing Co. did not trade. Alphabet shares fell after the company indicated that it would take time to see tangible results from its AI investments. Tesla shares dropped as much as 7% following a profit miss and a delay in its Robotaxi event to October. Many of Tesla’s suppliers and electric vehicle peers in Asia also saw declines. Deutsche Bank AG reported its first quarterly loss in 4 years due to a slowdown in trading and a charge related to a legacy issue at its Postbank retail unit. BNP Paribas SA’s profit increased in the second quarter, driven by a surge in equities trading revenue. United Parcel Service Inc. experienced its worst drop ever following a profit miss. Financial Markets Performance: The USDIndex had found its footing, firming to 104.25 versus 103.90 on Monday. The Yen appreciated beyond 155 for the first time since early June as traders anticipated a potential interest rate hike from the BOJ in the coming months, if not at next week’s meeting. According to a Bloomberg survey, around 30% of BOJ watchers expect a rate hike on July 31, but over 90% believe there is a risk of such a move. The NZDUSD dropped at 0.5900 to its lowest level in nearly 3 months as lower bond yields discouraged carry trade investors. Oil fell -1.45% to $77.26, though managed to edge up from the $76.40 session low. It is a 4th straight decline from $82.85 Wednesday and the weakest since mid-June. Most of week’s selling was on technicals after penetrating 50- and 100-day MA. Gold is up to $2418 per ounce. It was at an all-time closing peak of $2469.08 on July 16 amid expectations for Fed rate cuts, US political risks, and the drop in the US Dollar. Of note, India lowered its import duty on gold to 6% from 15% which should support jewelry manufacturing. India is next only to China in terms of consumer demand. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • SMR NuScale Power stock back to 11.55 double support area, nice trend at https://stockconsultant.com/?SMR
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.