How do you get rid of the "ego"

may think like this: helped me a bit
I entered this trade believing it will be a great one. Even with all fundamentals, indicators, signals, flow and PA on my side, it is not working thus I

EITHER

will be very happy to close at this little loss levels after more adverse price action, doubling, stressing overnight positions, .....

OR

will close right now and be happy to get bailed out with little price
 
if there is no margin, just let the market bail you out.

i bought some otm call on uso, I was dying yesterday, I bought strike 30 and 29.5. the market just keep sinking.

i bought some otm call qqq at 63 and 62 wesday and thursday(averaging in), almost dead, just turned my computer off, could not bear any more,
when this morning turn on, all doubled and more

let the market bail you out.

most time people cut loss blindly, just to avoid the pressure. just do not do it. that is not ego. do not take it easy. it is the thought of possible loss which drove you nuts, and did something really stupid.

I bought more this morning next week call, ride it hard, until sheep are slaughtered totally



Quote from etemtezcan:

may think like this: helped me a bit
I entered this trade believing it will be a great one. Even with all fundamentals, indicators, signals, flow and PA on my side, it is not working thus I

EITHER

will be very happy to close at this little loss levels after more adverse price action, doubling, stressing overnight positions, .....

OR

will close right now and be happy to get bailed out with little price
More...
 
I always liked "Trading is like licking honey from a thorny bush." Although a good trader I know morphed it into "Trading SHOULD BE like licking honey from a horny bush." Either way ego is involved so recognize it and use it. The first step is always acceptance so congrats....
 
Quote from bat1:

My ego is killing me!
Making me stay in losing trades.
More...
EGO or "Edge God Out" was never a big problem for me, but I had other issues to deal with like no fear of losing money which is terrible when you start trading.

http://www.youtube.com/watch?v=PVufTCj9JvY

I have found the various teachings of Dr. Wayne Dyer excellent for moving psychology in the right direction (on CD's or YouTube for free). I listen to Anthony Robbins CD's too like "Get The Edge" and that was great.
 
Quote from bat1:

My ego is killing me!
Making me stay in losing trades.
More...

Nothing wrong with Ego. You holding on to losing trades tells me that your strategy isn't working or you're not following it.
Once you discover what works for you, channel your ego towards that.
 
Quote from bat1:

My ego is killing me!
Making me stay in losing trades.
More...

might be the lack of edge as well.. try reading 'Evidence based technical analysis' as a cure..
 
For me, it was easy. All I had to do was witness two traders in my prop shop blow up. One was successful for 3 months and then the market changed on him and his "never take a small loss" strategy backfired and he blew out his account in 2 days in 3 disasterous trades.
The other just had no strategy at all. He'd randomly get into losing trades, hold too long, and take a loss. He did this very consistently...until his account no longer had any BP. He just bled slowly....
 
Quote from 4thaugust1932:

Is it ego or narcissism?
More...

My thoughts exactly.

Is ego the barrier, or the need to be affirmed? Psychological neediness can easily distract someone from executing a system and using discipline as the driving force.

We all have a neediness to a degree (some more than others, sometimes more than other times), but it's the ability to recognize it and overcome it that can enable us to create successful patterns in how we act and react to good and bad situations.
 
You must log in or register to reply here.
Back
Top