The student is ready

[wrbtrader]

Well, I simply have to disagree on this one.

How many people do you see in every endeavor in life that dick around for years without really accomplishing anything or at a minimum making very small progress?

It's fairly common.

Psychology is important, but it's usually overrated and used as a scapegoat when the real issue is that your methodology and system simply isn't good enough.

That's your opinion.

In contrast, my statement correlates with the OP specifically stating he has "poor psychology"...

Simply, its not an opinion by me. Its a fact because the OP stated such and I don't know him personally to know if he's telling the truth or not. Therefore, don't debate with me nor debate with all the traders in other journals here that specifically state what's sabotaging their trading. In contrast, tell the OP of this thread and so many other journals that they've been dicking around for years and that its fairly common. In addition, you can tell tell them that their "poor psychology" is overrated.

Good luck with that considering you sound like you know them so well that you're able to tell them they are wrong.

P.S. The OPs (thread starters) don't bite...don't be afraid to reply directly to them and tell them your opinions instead of talking around them to others as if you're trying to minimize their experiences as if your experience negates theirs.

 

[Laissez Faire]

Real psychological problems can be due to many things, so assuming most of us are "normal" with respect to everyday life, what is the main thing that affects your "psychological trading", for the want of a better word?

J_S

The main thing that affects your "psychological trading" as you call it is that you simply don't know what you're doing.

That is what creates fear, anxiety and uncertainty.

Market knowledge in the form of a good and reliable system takes care of most of these issues.

Also, it helps not being overleveraged.

 

[Laissez Faire]

Not in the least

3-5% skill..., 95-97% psychological - imo..., and experience

RN

What's your rationale for such a claim? As for your experience, I don't really know anything about your accomplishments in the market place, so it's hard for me to say.

I'll refute your claim with the fact that there are traders and institutions who utilize fully or semi automated mechanical systems where psychology simply isn't even a factor. Not even 1%.

I'd say the more discretionary your system is, the bigger the role of psychology and psychological issues. I propose that the solution is to reduce discretion and aim towards creating a system that gives you clear, precise, reliable and objective signals.

 

[Laissez Faire]

In contrast, tell the OP of this thread and so many other journals that they've been dicking around for years and that its fairly common.

I merely disagreed with your logic that it was a very low probability that his issues were trading related since he had been in the game so long. That is all.

 

[Redneck]

I'll refute your claim

I couldn't care less

What's your rationale for such a claim?

My (consistent) results

================

LF

You don't believe in the psychological component being so vital in this business

Fine..., move on


Of course we can start another bitch fest - which of course I will win - because I have the PNLs to back my dumb ass up

Trying to be patient with you..., as I thought I saw a change

Maybe I was wrong..., been wrong a few times today - no biggie


RN

 

[J_Smith]

operating in a world without rules, for one. We're just not conditioned for it.

Of course, and uncertainty as mentioned, but the main thing that affects your trading, is how you actually think, and most are unaware of the bad habits they have burned into their minds.

I know that if I place a trade without first having a good look, my chances of winning are drastically reduced. So why would I do such a stupid thing, if I know the most probable outcome!

It is spontaneous action, and we do it all the time. How many times have you go on Amazon to look at " deal of the day", and end up buying more than the "deal".

They know how people think, and marketing people use this all the time to get people to part with their money.

Problem with trading, is that you can be rewarded for reckless thinking, and led into a false sense of security, which can end up costing you a lot more than the "deal of the day".

Always think before you act, even when daytrading fast markets, as there is always a reason for everything that happens, and if you think correctly, you have a much better chance of understanding the reason/s, and stop throwing away your money on impulsive behavior.

Trading is 99% mental, and even though some ways are far better than others, as I know , you still need to think and act correctly, otherwise you will give back a nice bit of the money you make, which is exactly what you don't want to happen.

J_S

 

[Laissez Faire]

I couldn't care less

You're picking an argument with me and when I rationally counter your claim, this is your response?

Sad.

My argument is very sound:

1. You can have all the psychological problems in the world and still be successful if you automated your profitable system or let someone else trade it for you.

2. With the most sound psychology or confidence, you will NEVER make a dime if you don't have a robust system. In fact, many traders have psychological SCARS due to trading without market knowledge. A robust system takes TIME and EFFORT to develop. Think years, if ever at all. Most people will never get there, although people on this thread and elsewhere on ET don't hesitate to urge newbies to become traders.

...because I have the PNLs to back my ass up

Where?

 

[Redneck]

Problem with trading, is that you can be rewarded for reckless thinking, and led into a false sense of security, which can end up costing you a lot more than the "deal of the day".

Exactly

One can do everything absolutely perfect - and the trade still break down and lose

One can do every conceivable thing wrong - and the trade still work out for a profit

RN

 

[Redneck]

You're picking an argument with me and when I rationally counter your claim, this is your response?

Sad.
My argument is very sound:

1. You can have all the psychological problems in the world and still be successful if you automated your profitable system or let someone else trade it for you.

2. With the most sound psychology or confidence, you will NEVER make a dime if you don't have a robust system. In fact, many traders have psychological SCARS due to trading without market knowledge. A robust system takes TIME and EFFORT to develop. Think years, if ever at all. Most people will never get there, although people on this thread and elsewhere on ET don't hesitate to urge newbies to become traders.

Where?

Some things.., and people never change

You're hopeless..., and hapless

Made a little over $24K for the day

RN

 

[Laissez Faire]

Some things.., and people never change

You're hopeless..., and hapless

Made a little over $24K for the day

RN

Seeing you for once being polite earlier in this thread, I tried to keep things civil, but you once again showed your true colors and retorted to name calling and a condescending attitude instead of being rational.

I have no reason to believe you're a successful trader.

Oh, and I made $100K so far today.