How do you get rid of the "ego"
- Thread starter bat1
- Start date
made money yesterday. I closed my NQ short sale a liitle bit early.
I shorted Nq at the opening, I was temperarily red severl 1'bars. just ignore it, my mental stop at 2620. almost kissed it.
thanks god, the market realized it is too high, they gave up around 2618ish.
cut profit around at 2560. there is no ideal things there, I thought bargin hunter will cut in, so I leave.
whether you use stop loss or not. the most critical thing is control yourself. you can not control market how to react.
to me, if I use margin, I need a mental stop, execute it if it hits, and find a spot reverse. in other case, just cash no margin, I do not have any stop at all. (of course I factored into my risk in a position, I just buy OTM either call/put options, no margin requirement but high leverage). that is why I just occasionally trade future.
Ego is not bad thing. Emotions too. ego can let you define who you are. if you think you are smart, you will do smart thing. if you think you are stupid, you most likely will do stupid thing. Ego drives you toward your definition or ID.
of course ego is bad too. becuase it tries to bring back to this ID. anything does not fit into this definition, the EGO will fight or defense.
in order to let ego not fight or defense, just disconnect anything not consistent to the EGO. in trading, we easily associate our losses as the market's fault: market is mean, they know our stop loss, run over our stop loss then it goes, the market is manipulating.... we personalize any loss is casued by the market. so your ego will be mad: I must get my money back or you will be frustrated in another extreme: the market is smarter than me, I am incompetent..
when you come to the market, your focus is doing trading, but ego defense makes you go astray, your focus becomes defend your ego.
my method to disconnect my ego with trading is: when I get a loser, I told myself: it is plain vanillia a loser, nothing more than that, i do not think it is market's fault, neither mine since i am not god, I may judge wrongly, I am ordinary human being, jude wrong does not mean i am stupid or smart, just judge wrong, that is it. if I get a winner, I tell myself: I am lucky, not because i am smart and god reward me, or the markt is stupid to give me money, just I stand in the right side of the market, nothing more that.
I shorted Nq at the opening, I was temperarily red severl 1'bars. just ignore it, my mental stop at 2620. almost kissed it.
thanks god, the market realized it is too high, they gave up around 2618ish.
cut profit around at 2560. there is no ideal things there, I thought bargin hunter will cut in, so I leave.
whether you use stop loss or not. the most critical thing is control yourself. you can not control market how to react.
to me, if I use margin, I need a mental stop, execute it if it hits, and find a spot reverse. in other case, just cash no margin, I do not have any stop at all. (of course I factored into my risk in a position, I just buy OTM either call/put options, no margin requirement but high leverage). that is why I just occasionally trade future.
Ego is not bad thing. Emotions too. ego can let you define who you are. if you think you are smart, you will do smart thing. if you think you are stupid, you most likely will do stupid thing. Ego drives you toward your definition or ID.
of course ego is bad too. becuase it tries to bring back to this ID. anything does not fit into this definition, the EGO will fight or defense.
in order to let ego not fight or defense, just disconnect anything not consistent to the EGO. in trading, we easily associate our losses as the market's fault: market is mean, they know our stop loss, run over our stop loss then it goes, the market is manipulating.... we personalize any loss is casued by the market. so your ego will be mad: I must get my money back or you will be frustrated in another extreme: the market is smarter than me, I am incompetent..
when you come to the market, your focus is doing trading, but ego defense makes you go astray, your focus becomes defend your ego.
my method to disconnect my ego with trading is: when I get a loser, I told myself: it is plain vanillia a loser, nothing more than that, i do not think it is market's fault, neither mine since i am not god, I may judge wrongly, I am ordinary human being, jude wrong does not mean i am stupid or smart, just judge wrong, that is it. if I get a winner, I tell myself: I am lucky, not because i am smart and god reward me, or the markt is stupid to give me money, just I stand in the right side of the market, nothing more that.
describe your trade as it is.
use this/that, not my or I or mine. and third party wording, like he, she, it.
just like a beholder. otherwise easily you will easily be the situation of ego defense.
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the morning trade goes pretty bad, stop loss was token out and then went into the trade's intial direction favor
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I did a trade in the morning, my stop loss was token out and then the market went into my favor without me
I prefer the first one over the second one. in the second one, you are analysizing who should be blamed for. that leads to your defense of your ego: it is like finger pointing "is you fault? my fault?" non-sense arguement and not productive
use this/that, not my or I or mine. and third party wording, like he, she, it.
just like a beholder. otherwise easily you will easily be the situation of ego defense.
.....................................................................................................
the morning trade goes pretty bad, stop loss was token out and then went into the trade's intial direction favor
....................................................................................................
I did a trade in the morning, my stop loss was token out and then the market went into my favor without me
I prefer the first one over the second one. in the second one, you are analysizing who should be blamed for. that leads to your defense of your ego: it is like finger pointing "is you fault? my fault?" non-sense arguement and not productive
LOL. True enough.
be careful not to let your ego return once reading the market becomes easier and profits become a regular thing,2 insults in 2 posts,i'm just an idiot on a message board and have no impact on your acct,so whether you listen and check yourself or don't and come back at me with a lambasting should give you a clue
BURNING DESIRE for a huge pile of money > being right
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Logic man, & Trader 198;
Sounds like thats exectly what he means
The good news is & i proved it ,also 1st year + trading ;
markets are NOT random-many do worse than random
What has worked for me is to NOT fight the ego, because when you fight it, that's just your ego coming in the back door, so to say. The best thing is to be aware of your thoughts and resistance, and to accept and welcome them without getting caught up in them. This is not easy to do, and it takes lots of practice. But it sure beats trying to overpower your ego, because that is a losing proposition by default.