I'm relatively new to trading and I've found myself getting overwhelmed by the emotion of hitting the 'buy' and 'sell' button. I've been thinking lately about how brave we all are, taking on the market ourselves every day - running the risk of losing it all or experiencing the thrill of winning. Do you guys feel the same way?
Trading Bravery
- Thread starter pgtrader
- Start date
what you are saying is called hardcore gambling...it's a terrible disease which you must ruthlessly purge from your system if you want to be a successful trader...
good trading is steady, disciplined and boring.
1) OMMFG!.....you really are a rookie......undercapitalized, inexperienced and overconfident. Everybody starts off that way.
2) You have to get rid of the "David vs Goliath", "kill or be killed" mentality.
2) Those "feelings" has to purged/excreted from system if you expect to get to hitting the 'buy' and 'sell' button thousands and millions of times.
Trading for a living is very routine when you do it right.
I found that profitable trading for me involves going with the market, not "taking it on". Think of yourself as a remora latching on to a big powerful-looking shark that swims by in the direction you want to go, so you quickly latch onto it. If you find that the shark suddenly changes course and is taking you in the opposite direction you wanted to go, you let go and wait for the next big powerful-looking shark to swim your way.
A well-researched trading plan with advance directives for trade entry and exit, combined with proper leverage ensures you won't lose it all.
There may be times when the shark you're attached to suddenly breaks out into high gear and you end up cruising past where you want to go toward an island paradise beyond your wildest dreams.
All right, I admit it: When that happens, it's pretty thrilling for a moment or two.
Don't listen to the stock777 dolt.
Good trading is very boring!
1) recognize positive expectancy situation/setup.
2) based on predefined rules applicable to #1, execute the machinations necessary to initiate the trade.
3) based on predefined rules applicable to #1, execute the machinations necessary to manage the trade.
4) based on predefined rules applicable to #1, execute the machinations necessary to exit the trade.
5) The result will be a profitable or a non-profitable trade, applicable to #1.
Variables that make up the environment in which you are trading can produce excitement. This is excitement or drama, that YOU have rightfully or wrongfully deemed necessary of inserting into the trade/result, usually applied in the form of deviation or disregard of rules. Win or lose, it is no longer a good trade. It's morphed into an opportunistic trade and must be recognized as not being able to be reliably or statistically duplicated with some similarities to gambling.
Excitement comes from making up rules as you go.
Excitement comes from unexpected results.
Excitement comes from finding ways to expand opportunities and enhance rules.
Excitement comes from owning you know that you know.
A reminder to the automated: It's the weekend! No reason to press the "Run" button before going and doing something exciting.
Trade On!
Bravery = aka; having the guts
Yeah a trader needs bravery;
To look inside and admit / accept his deficiencies / fears/ inadequacies
To accept heâll never know
To accept losing as normal
To change
To do the necessary work
Yes OP, a trader really does need bravery (or in my vernacular â the guts/ fortitude)
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And Iâll share another tidbit with you
The mkt, and oneâs PnL are the only two only places I know of â where absolute honesty is present 100% of the time
So a trader also needs the âbraveryâ to be 100% honest with himself
RN
Nope.
"Do nothing, absolutely nothing, until there is something to do; until you know what you're doing."
-Jim Rogers