Lithium pills don't treat depression they are meant to treat bipolar disorder. Hint (again)
It’s a Miserable Life – Trading and Depression
- Thread starter Bill Pro
- Start date
I feel the exchange should've allocated floor positions according to tenure and order volume. It was clear that the OP could've benefitted from a position closer to order-fillers as his trading style and strategy can use more order flow.
And how did you know that? LOL
Back to the subject at hand, trading is clearly not for everyone. Unlike many of you, I started in 2020 after a lifetime doing many other things, and came to it because I had the financial resources and the time to spend getting to know what it entails.
I was lucky it was 2020. Nothing like it to build self confidence in a new venture. Thankfully (in a way) 2021 rolled in and forced me to recognize that trading wasn't like shooting fish in a barrel. So I sold off my losing positions bought more of my winners and became an investor, with play money to trade, at least until I learn more about this activity.
Some character traits I think are important:
1. Decisiveness/commitment.
Too often people need to listen to others, so called experts, to help them make up their minds. Technical analysis, fundamental analysis, talking heads, friends, gut and brain... Educated guess is all that you will ever have. Don't just guess and don't just educate yourself. It's simple, you must decide now to buy or sell and how many shares. The decision is liberating.
2. Assume the consequences of your actions.
I've said often in posts that woulda-shoulda-coulda is to be proscribed. Mistakes are analyzed in an effort to make better decisions in the future. However, emotional wallowing will only push you to question your decision making and down the road lead to depression.
3. Maintain a distance
You're single with no expenses? Great, go all in, yolo to the moon. You have a family, a mortgage and a dog to feed? Get a job and limit your trading to whatever you'd give your church, if you believe. Just don't trade if everything depends on it, that's a gambler's addiction and both 1. and 2. will be compromised.
This is just character evaluation. Trading 101 comes after that.
I was lucky it was 2020. Nothing like it to build self confidence in a new venture. Thankfully (in a way) 2021 rolled in and forced me to recognize that trading wasn't like shooting fish in a barrel. So I sold off my losing positions bought more of my winners and became an investor, with play money to trade, at least until I learn more about this activity.
Some character traits I think are important:
1. Decisiveness/commitment.
Too often people need to listen to others, so called experts, to help them make up their minds. Technical analysis, fundamental analysis, talking heads, friends, gut and brain... Educated guess is all that you will ever have. Don't just guess and don't just educate yourself. It's simple, you must decide now to buy or sell and how many shares. The decision is liberating.
2. Assume the consequences of your actions.
I've said often in posts that woulda-shoulda-coulda is to be proscribed. Mistakes are analyzed in an effort to make better decisions in the future. However, emotional wallowing will only push you to question your decision making and down the road lead to depression.
3. Maintain a distance
You're single with no expenses? Great, go all in, yolo to the moon. You have a family, a mortgage and a dog to feed? Get a job and limit your trading to whatever you'd give your church, if you believe. Just don't trade if everything depends on it, that's a gambler's addiction and both 1. and 2. will be compromised.
This is just character evaluation. Trading 101 comes after that.
early on I would let missed opportunities eat at me. Now I just accept what is.
relationships take hard work nowadays. I learned that being a TAKER doesn’t work long term. You must be a GIVER
. It toook me an 18 year marriage to learn that. My girlfriend is the beneficiary now that I’ve learned how to really love.No regrets in trading? You are indeed a rare commodity. If you are up for it, would you unpack this a bit? Do you have a process to set regret aside after it arises or do you just not experience regret in trading at all?
Your 1, 2, 3 approach is excellent!
I often forget that most traders today have no idea what the trading floor experience was like. The objective was the same - make money. The strategic process was immensely different from trading on a screen. I will unpack this in a future post.
Bill - I have heard of this many times....floor vs. screen.
BTW: great thread and great story.