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How does a champion think?
- Thread starter chasinfla
- Start date
Who was it that said "I don't mind taking a loss, it's being wrong that I hate"..Was it Jess Livermore?...I have taken that to mean..you have to trade with NO GUARENTEE of a result, you play the odds.... But if you break your rules (and we all should know when we are doing that)..then we are wrong. Play wrong long enough and you will be done playing...
Champion view losing trades as a learning experience and not repeat it
thanks for the question.
each and every trade, both "winners" and "losers" can be studied in detail, both before, during, and after the fact. research never stops. certainly research about your (psychological) contribution never loses its importance. its not what the mkt does, its what you do.
my very first trade, years ago was a long equity that went straight up. I got out just before it peaked. making an excellent return.
the money i made was not what made it a winning trade. it was a very successful trade because i kept studying it, and found out that although it turned out ok, moneywise, i had, infact, done everything wrong. had i continued trading in that same way, i would have lost everything years ago, and would today.
nolan ryan would tell reporters that although he may have won a certain game, pitching, did not mean he was in any way happy with that particular performance, and although his team may have been outscored on a particular game did not mean he had had a bad performance.
i think it was bill gates who was quoted to have said, its easy to learn when things go wrong. it's much harder to learn when everything goes right. i loved the idea quoted earlier that each race is a preparation for the next race.
each and every trade, both "winners" and "losers" can be studied in detail, both before, during, and after the fact. research never stops. certainly research about your (psychological) contribution never loses its importance. its not what the mkt does, its what you do.
my very first trade, years ago was a long equity that went straight up. I got out just before it peaked. making an excellent return.
the money i made was not what made it a winning trade. it was a very successful trade because i kept studying it, and found out that although it turned out ok, moneywise, i had, infact, done everything wrong. had i continued trading in that same way, i would have lost everything years ago, and would today.
nolan ryan would tell reporters that although he may have won a certain game, pitching, did not mean he was in any way happy with that particular performance, and although his team may have been outscored on a particular game did not mean he had had a bad performance.
i think it was bill gates who was quoted to have said, its easy to learn when things go wrong. it's much harder to learn when everything goes right. i loved the idea quoted earlier that each race is a preparation for the next race.