Resources for Improving Mental Resilience and Discipline?
- Thread starter Goldlover
- Start date
And how will this relate to trading? If I measure pain, how will it help?
I can endure more pain, so although my losses add up it won't bother me as much?
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Good profit points.
1] Some solid wood furniture actually appreciates;
some solid wood+ nice looking sawdust wood blend may not + may not last long.
2] I dont know exact number, but figure 25 lines per page ;
metals dealer has 2 of those/ so its about 50 different prices for 50 different kinds-shapes of metals.
PS/IF you see a different yellow pattern in your rural corn field , the drawdown or dig down could be a real good profit. IT was for the KY farmer that found about 700 ,$1-10-$20 US gold coins. Maybe worth millions; but i noticed they really jack the price of old coins UP from cash metal prices
[Source JULY 11 + 13,2023 NY Post+ Lexington KY -Herald Leader]SPY benchmark + other good benchmarks tend to do much better than gold or silver/ long term.
Having personal performance metrics that quantify previously unquantified aspects of one’s trading is only limited by one’s imagination. Tools exist. The pain scale is just an example.
Maybe for you, something more relevant; on a scale from 1 to 10; How dead is dog feeling today?
The ET deaddog scale ©
If you knew me, you'd know I'm a very disciplined person. And because that level discipline didn't help me with trade execution, I became a big proponent of REDUCING THE NEED for discipline by addressing psychological restraints as a key strategy to trading success.
That being said, I'd like to offer a blog post from my personal journal
https://jeffhronchek.wixsite.com/aitc/post/insecurities-the-psychological-influences-of-day-trading
I hope you find it useful.
What kind of discipline are you talking about? Discipline too.....do what?
Disciplined to be vigilant and ready for the right moment? In that case I agree with you 100%.
Disciplined to be consistent day after day and not get distracted by television and by friends? I 100% agree. Reducing that would definitely be antithetical to trading profitably long-term.
Disciplined to push through fear and anxiety in order to pull the trigger on trades? Why are you afraid? Why are you anxious? This is not the purpose of discipline. Reducing the need to use discipline for this purpose by solving the underlying emotional distress would aid in trading profitably long-term.
All that is wrapped up in being disciplined to your method or edge.
If you don't have one then that is the cause of fear, anxiety, etc.
Nothing complicated. Looking outside yourself is .... looking for excuses.
The fear and anxiety the trader experiences is because the trader hasn’t accepted that each trade has a random outcome (on micro level, and that the edge comes from series of trades).
“When you genuinely accept the risks, you will be at peace with any outcome.”
~Mark Douglas
Five Fundamental Truths:
“When you genuinely accept the risks, you will be at peace with any outcome.”
~Mark Douglas
Five Fundamental Truths:
- Anything can happen
- You don’t need to know what is going to happen next in order to make money.
- There is a random distribution between wins and losses for any given set of variables that define an edge.
- An edge is nothing more than an indication of a higher probability of one thing happening over another.
- Every moment in the market is unique.