A good trader must have a personality that is always honest with himself?

A good trader must have a personality that is always honest with himself?

  • Yes

    Votes: 40 87.0%

  • No

    Votes: 1 2.2%

  • Doesn't matter

    Votes: 3 6.5%

  • Not sure

    Votes: 2 4.3%
  • Total voters
    46
  • Poll closed .
Quote from ecritt:

A trader that is trying to maximize his/her terminal wealth relative will do better to have a personality that is conducive to self honesty (realistic expectations).
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Agree.

Quote from ecritt:

Depends upon the type of trader. A corporate trader who's job it is to maximize his/her arithmetic mean must posess strong denial skills or blessed ignorance; either way the job's goals are a deterant to honesty.
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Probable results:

Q
http://www.asic.gov.au/asic/ASIC_PU...nd+guilty+on+ASIC+charges?OpenDocument&Click=

06-168 Former NAB foreign currency options traders found guilty on ASIC charges

Monday 29 May 2006

Mr Jeffrey Lucy, ASIC Chairman, has noted the guilty finding against two former National Australia Bank (NAB) foreign currency options traders on charges of dishonestly using their positions as employees of NAB in order to gain an advantage for themselves and others.

UQ
 
Quote from TSGannGalt:

Give me an example of someone who is in denial with trading.
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nick leeson.

the guys at Long Term.

George Soros when he thinks he's God.

Taleb when he thinks he's humble.

Anyone when he thinks there is no God.

Jesse Livermore when he refused to hope.

90% of all traders, taken in aggregate.

90% of the sell side.

99.999% of the buy side.

Any of us, when we hope the market will bail us out of bad position.

Any of us, when we take a trade for "fun," diversion, machismo, or any other reason that isn't in the plan.

***

denial is a house of cards. trading is a windy environment.
 
Quote from aPismoClam:

Any of us, when we take a trade for ... , or any other reason that isn't in the plan.
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... because we think we're smarter and more flexible than the plan. :D
 
I haven't made up my mind as to the issue of "God" in trading.

As far as Jesus (also known affectionately as "JJ") currently I am of the opinion that he was the illegitimate son of Joseph and one of the local dance hall tarts, a spicy little trollop named Mary Magdalene. Based on recent evidence, I would say that they probably got wasted on locally produced wine, and then did the deed at the local "Motel 6"....

So for people who have to include "God" in with the subject of trading, IF it is true that one must always be honest with oneself, I think one has to entertain the possibility that "GOD" doesnt give a damn about trading, or even worse, doesnt even exist (ooooh).
 
Quote from aPismoClam:

nick leeson.

the guys at Long Term.

George Soros when he thinks he's God.

Taleb when he thinks he's humble.

Anyone when he thinks there is no God.

Jesse Livermore when he refused to hope.

90% of all traders, taken in aggregate.

90% of the sell side.

99.999% of the buy side.

Any of us, when we hope the market will bail us out of bad position.

Any of us, when we take a trade for "fun," diversion, machismo, or any other reason that isn't in the plan.

***

denial is a house of cards. trading is a windy environment.
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Well put, if I may say so.
 
Quote from JMowery1987:

A good trader makes money.

It doesn't matter if he lies his ass off and he lies to himself constantly. If he consistency makes money, that is all that matters.

But I did pick yes, just because I am truthfull to myself and others.
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This is beyond nonsense.

One becomes a successful trader over time...
ONLY by constantly being super self-critical and self-analytical.

And as a result...
One learns from one's mistakes... and eventually stops repeating them.

The main difference between a highly profitable trader...
And a break-even mookster...
Is how you avoid pitfalls and how you manage your losing positions.
(Note: a stop loss order is NOT "managing your losing positions").

Someone who is in denial and believes his own lies...
Will never make an honest living at anything...
And should become a stockbroker or music biz executive.
 
Quote from HoundDogOne:



Someone who is in denial and believes his own lies...
Will never make an honest living at anything...
And should become a stockbroker or music biz executive.
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i agree with most your post, but whats so bad about stock brokers?..someone's gotta do it :p.
 
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