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Mastering the Four Fears
- Thread starter tireg
- Start date
The amount of money one makes is relative. If you were to work in an office where people/person is making multiple millions a year, all of a sudden 2,000 a day doesn't se like a hill of beans. I personally know that I go through a ~2 month losing period before my trading jumps to a new level.
You can't think about it like money. All it is is points in a video game. If you lost 50 grand yesterday, do you think of it like you just lost a nice luxury automobile? or just a weeks worth of work? Are you going to make 5 times what your dad makes this year, or 1/5 what they guy in the next office makes?
All of these relative questions are in how you frame it. There is no right or wrong answer, just answers that help, or hurt.
You can't think about it like money. All it is is points in a video game. If you lost 50 grand yesterday, do you think of it like you just lost a nice luxury automobile? or just a weeks worth of work? Are you going to make 5 times what your dad makes this year, or 1/5 what they guy in the next office makes?
All of these relative questions are in how you frame it. There is no right or wrong answer, just answers that help, or hurt.
A master trader should have very little fear. Fear mesmerizes the subconscious mind to produce the very thing you fear. If you fear losses, you will program your subconscious to achieve losses. Trading should be just like placing loaded bets or rolling loaded dice. If you had a set of dice that won say 85% of the time and you used good money management and kept your bets small enoung to avoid any risk of ruin - how could you be afraid of playing the game? Would you care if 15% of your plays lost? No! You would keep rolling those loaded dice until your arm fell off and your would grow rich collecting the money! An experienced trader with a long-proven system or method should approach trading just like a gambler playing a loaded game. He could care less which trades win or lose because the percentages are loaded to guarantee a long-term profit. Achieving this mental attitide is the death knell to fear and an open door to success and prosperity in the trading arena. It comes from knowing and following your system religeously and trading every signal robotically - letting the odds do the work.
Quote from Johnnie T-Bond:
A master trader should have very little fear. Fear mesmerizes the subconscious mind to produce the very thing you fear. If you fear losses, you will program your subconscious to achieve losses. Trading should be just like placing loaded bets or rolling loaded dice. If you had a set of dice that won say 85% of the time and you used good money management and kept your bets small enoung to avoid any risk of ruin - how could you be afraid of playing the game? Would you care if 15% of your plays lost? No! You would keep rolling those loaded dice until your arm fell off and your would grow rich collecting the money! An experienced trader with a long-proven system or method should approach trading just like a gambler playing a loaded game. He could care less which trades win or lose because the percentages are loaded to guarantee a long-term profit. Achieving this mental attitide is the death knell to fear and an open door to success and prosperity in the trading arena. It comes from knowing and following your system religeously and trading every signal robotically - letting the odds do the work.
Well said. Thank you.