Psychological BS?
- Thread starter hcour
- Start date
Of the tools that Hershey followers have to pick from, I use the channel rules.
Just using them and the experience gained over the last 15 years I have seen a significant improvement in my trading.
For me the issue of pyschology is about attitude. Professionals look at it this way. We are after all, paid to take and manage risk successfully. We don't get paid to do it unsuccessfully. That is the literal truth. If you are emotional during the trading process, you probably will not be able to accurately characterize risk. It will be harder to "see" good entry points. It follows then that you will probably not get a good trade entry, and therefore you will have to endure significant heat (drawdown) while holding your position. This is why emotional traders are called "weak hands", and it is why they often get washed out just before a trade goes in their direction.
Given that, it seems a good idea to try to get a look at how professionals prepare and trade. From my point of view retail traders are often just throwing money away on what is mostly gambling, not trading.
Good luck
Steve
Just using them and the experience gained over the last 15 years I have seen a significant improvement in my trading.
For me the issue of pyschology is about attitude. Professionals look at it this way. We are after all, paid to take and manage risk successfully. We don't get paid to do it unsuccessfully. That is the literal truth. If you are emotional during the trading process, you probably will not be able to accurately characterize risk. It will be harder to "see" good entry points. It follows then that you will probably not get a good trade entry, and therefore you will have to endure significant heat (drawdown) while holding your position. This is why emotional traders are called "weak hands", and it is why they often get washed out just before a trade goes in their direction.
Given that, it seems a good idea to try to get a look at how professionals prepare and trade. From my point of view retail traders are often just throwing money away on what is mostly gambling, not trading.
Good luck
Steve
in hindsight, i can be the first to admit that my kudos re Fisher appear subjective..the fact is, the guy is a winner...i've traded for 20 years on the floor and off the floor and have watched innumerable 'gurus' blow out after riding hot streaks....and have come across 4 or 5 (out of 100 or more), that have been consistently profitable, regardless of what the market was doing...those 4 or 5 have a unique discipline..that's what differentiates them from the rest...fisher happens to be one of those guys...i can point to thomas peterffy from timber hill/interactive brokers as another, izzy englander from millenium as a another...i know each of those guys...its the exact same mentality in each case, albeit a different 'style'
Izzy is a character. In one of our meetings, some kissass asked him the top five things he wanted from his traders, and he replied without hesitation "Make money, make money, make money, make money, and make money", and he was serious. Other than the monitors, there is no visible hardware in his offices because he didn't want his traders to have "sweaty balls" while they were working.
