[Soultrader]

Hi guys,

Sorry about that. I deleted it initially because I received it as an reported post in my email.

I put it back live again since I do not find it offensive in any way.

Originally Posted by Soultrader »

Hi guys,

Sorry about that. I deleted it initially because I received it as an reported post in my email.

I put it back live again since I do not find it offensive in any way.

No problem at all.

[thetradingdoctor]

If you want to listen to me and have time, I will be on the the radio program entitled "Wake Up America!" Friday, June 1 at 2 PM EST. You can listen live over the internet by going to Free Market News Network and click on Listen Live to Wake Up America. The topic is Personal Responsibility. Personal responsibility is critical in trading. There is always someone or something to blame. The top traders take complete responsibility for their thoughts, feelings and actions. Also, regarding my credentials, please feel free to look at my site The Trading Doctor and ask me any questions you wish. I am pleased that we have such a great group here and hope to be able to add some value to the way that you think about thinking about trading.

Thanks!

Doctor Janice
The Trading Doctor

I concur, Dr. Janice.

Personal responsibility is paramount in achieving and maintaining your goals, desires and expectations - especially in the markets.

Can you share with us - based on your clinical experience - what else distinguishes the top traders from the 95% or so (according to folklore) who eventually blow out their accounts and wind up as losers?

Look forward to your thoughts.

P.S. Here's a direct link to the show page for Friday: Pat Gorman - Free Market News Network

[thetradingdoctor]

Thank you, Cooter! I would rank discipline right up there with personal responsbility. Disicpline includes the ability to stick to a plan and not be hijacked by too many destructive emotions. It includes the most important aspect of capital preservation which is cutting losses. This implies that the trader is not so biased and fixated on a certain belief system. He or she is very flexible and is able to cut losses when the position goes sour. So many traders do not have this ability, as you are well aware. The inability to admit mistakes and cut losses coupled with the common practice of taking profits too soon ( cutting winners and letting losers run) is part and parcel of trading discipline. Also, I will discuss later other aspects of capital preservation, since capital is not just financial. Capital is your energy-- financial, mental, emotional, physical, and spiritual. Drawdowns drain each of these types of capital.

Thanks!

Doctor Janice
janice@thetradingdoctor.c om