It's hardly news that Wall Street have in-house psychologists to coach their traders and I never said it's of no significance. What I'm saying is that you can't put the cart in front of the horse. First, you need a methodology and a market understanding. You need a plan. This takes years of preparation and hard work. You simply can't sit down in front of the charts and use intuition to click on your mouse and expect to be raking in cash day after day. Ain't gonna happen regardless of how zen or 'in the zone' you are.
We're on the same page and I never one would need to put the cart in front of the horse. Instead, I was very clear via repeating exactly what the OP stated...the OP identified his problem as having "poor psychology"...his words...not mine.
...I'd wager to say that it's not very common on ET to be in possession of an extremely reliable methodology that you're not able to execute due to psychological issues.
No wager needed...I never suggested anything about a reliable methodology. In contrast, in house psychologist works with highly successful traders making millions per year and they get into a psychological rut or start having personal problems that's starting to impact their job performance.
Simply, I've never heard of a psychologist working with a professional trader that was "not" successful...you gotta have some sort'uv success to get the job in the first place. Thus, I don't know about ET considering you and I do not know what trader at this forum is working with a psychologist if any...I doubt someone at ET would reveal such.
Therefore, I can not agree or disagree. Yet, I'm confident to say if there was a trader here at this forum making millions per year and lets say for example has a family tragedy that causes him to lose his discipline...maybe because he returned to trading too soon...
That highly profitable trading plan ain't gonna be so profitable until he regroups.
I only use the above example because such happen to a retail trader out of Europe in the late 90's. Took him about a year and 1/2 to get his head straight along with finally being identified with depression before he could get proper help. My point...I don't know about ET but I do know about others outside of ET.
Note: The trader I mentioned above was not using an automated or algorithm and the OP of this thread is not using automation or algorithm. Simply, both are discretionary traders.
...You know, as I know, that it's perfectly possible to create a quantitative system that's not subject to psychological operational failures. The institutions you're speaking of have plenty of those. And that proves my point exactly.
There are people such as quants involved in creating quantitative systems or algorithms. Those people on the job are just as subjected to psychological pressures of performance just like any other institutional trader, doctor, dentist, real estate agent or whom ever.
Now guess whom
also at big trading firms have to take "psychological evaluation exams" prior to being hired ?
Quants.
Regardless, I think you understand why I said that those that move the markets have invested a lot of money into psychological evaluations of its employees and they have hired or contracted psychologists to help employees whenever needed from institutional traders, quants, managers and even CEOs.
You said its overrated...I say its not overrated and so does Wall Street. Heck, I will go as far to say that's its "underrated" on the retail level considering so many think its voodoo or not important while professionals see it as an essential resource to have.
Reminder - The OP specifically stated its due to "poor psychology". I then stated that after that many years of such...most likely its not trading related as researched by those that work in the field of "behavior finance".
Our minds is just wired the wrong way when it comes to our decision making process involving money. In contrast, some traders are able to reprogram themselves and then they're able to think outside the box...view the markets in ways that most can not view it. Yeah, there's research and facts that supports that too.
