[johnjohn1hew]

It is agreed that the 'self' has a lot to do with trading performance. We need to understand our limits and realize our flaws and our advantages. In this thread post resources, quotes, your realizations, etc. Anything and everything that is related to trading psychology.

[johnjohn1hew]

"Self control is the ability to control one's emotions and desires, is the capacity of efficient management to the future." - wikipedia

“If you plan on being anything less than you are capable of being, you will probably be unhappy all the days of your life.” - Abraham Maslow

“A musician must make music, an artist must paint, a poet must write, if he is to be ultimately at peace with himself.” - Abraham Maslow - do what you love doing, happiness will follow

“What is necessary to change a person is to change his awareness of himself.” - Abraham Maslow

“The ability to be in the present moment is a major component of mental wellness.” -Abraham Maslow - I tend to wander into the past and i need to change this. The past is over, i can learn from it, but i am missing the present and what it has to teach me.

[johnjohn1hew]

"The curious paradox is that when I accept myself just as I am, then I can change." - Carl Roger - know yourself...you'll be able to spot your flaws...change these flaws...you'll have a higher self-esteem...leading to a happier life

As people we have innate defense mechanisms. We see things as we want to see them. We change our experiences to suit our ideals. We alter everything we do to make it appear that we are great. We need to get control over these things. We need to put ourselves out of the motion of everyone else and into our own path. We need to live our own lives and work towards our own goals. We can't let society dictate what it is we should be doing if 'what it is' is not what we want to do and not what makes us happy. It seems ridiculous to try to live up to someone else' expectations.

I'll give you an example from my life right now. I am in University, but i am extremely unhappy. I can't relate to my fellow students as we has drastically different values. I used to want straight As, but not anymore. Straight As won't make me happy. Good remarks from professors won't make me happy. Financial well-being will make me comfortable, but not happy. I have little interest in a lot of what i am studying in school right now, so i need to make a change. I want to study innovation, creativity, trading, life, everything unrelated to what i am currently studying: accounting... So i am thinking about enrolling in independent studies next year... or just getting out of school for good and pursuing real life. Why should i remain unhappy to make others happy...they aren't living my life.

[johnjohn1hew]

"Sit all day in a moping posture, sigh, and reply to everything with a dismal voice, and your melancholy lingers...If we wish to conquer undesirable emotional tendencies in ourselves, we must...go through the outward movements of those contrary dispositions which we prefer to cultivate." - William James - Act in opposition with your mood and your mood will change

[john1961]

i have lost more money chasing the markets than through anything else.
it's best to step asideand catch your breath.

warren buffets 1st investment rule is don't lose money.

if the markets go up quickly 7%, and you have stepped aside, you havent' lost money, you've only lost opportunity. but that is better than chasing the markets because you will lose money that way.

john

[86834]

i've got a few articles about trading psychology on my blog, so have a look as they cover most aspects of trading pyschology

[FXGirl]

"I want to study innovation, creativity, trading, life, everything unrelated to what i am currently studying: accounting... So i am thinking about enrolling in independent studies next year... or just getting out of school for good and pursuing real life. Why should i remain unhappy to make others happy...they aren't living my life."

Johnjohn: You are right. It is your life, only you experience it, only you are responsible for what you create with it. Choose what brings you joy. If you don't know what that is, go find out. Be bold. Be creative. Do it, whatever it is, with love and compassion.

P.S. School is real life. It's just a different life from the "real life" in the world of work.

[kingfisher3210]

I'll give you an example from my life right now. I am in University, but i am extremely unhappy. I can't relate to my fellow students as we has drastically different values. I used to want straight As, but not anymore. Straight As won't make me happy. Good remarks from professors won't make me happy. Financial well-being will make me comfortable, but not happy. I have little interest in a lot of what i am studying in school right now, so i need to make a change. I want to study innovation, creativity, trading, life, everything unrelated to what i am currently studying: accounting... So i am thinking about enrolling in independent studies next year... or just getting out of school for good and pursuing real life. Why should i remain unhappy to make others happy...they aren't living my life.

Studying accountancy and getting a job in real economy helps us to pay bills. The global GDP is $ 61-62 trillion growing at 4.5-4.8% per year. This is the real economy which creates jobs.

I myself like a simple life but recently i had an endoscopy for acidity issue and took an intense antibiotic course. The total medical bill came out US $ 400. Insurance didn't paid for an outpatient treatment, so i had to pay from my pocket. This is the problem in life- There are certain bills which can not be avoided- Medical is one of them.

I want to day trade. But after doing trading for a year, i had figured out i need atleast 5000 hours of theory and practical training before i go live in the market. This much effort is required to develop brain pathways and strengthen neurons and synapses inside my brain to handle the market movements.

5000 hours means at the rate of 30 hours a week, it is going to take me 3.5 years to develop skills. So, i have to work full time, save money and pay bills.

To realize my day trading dream, i have to let go few other pleasures in life. One of them is marrying a woman and reproducing babies/making a family. As a man and head of the family, it is my responsibility to put food on table, take care of them and give time to my family. So the time which i have to give to my family, i can devote that time in developing day trading skills. Family is a great pleasure but i have to do a trade off.

Trading is a virtual economy. Trillions of leveraged dollars are floating in cyberspace and winner takes it all in a zero sum game. Without putting 5000 hours of practice in learning this new skill, i am very sure i will be one of the majority losers out there in trading ecosystem.