Willpower

[2ticks]

Quote from atozcom:

Nothing in the world can take the place of persistence.

Talent will not; nothing is more common than unsuccessful men with talent.

Genius will not; unrewarded genius is almost a proverb.

Education will not; the world is full of educated derelicts.

Persistence and determinations alone are omnipotent.

The slogan "Press On" has solved and always will solve the problems of the human race.

Calvin Coolidge.

However, as a trader, you still must have money to "Press On".

Persistence is not the same as will-power. Persistence is a result or by-product of will-power. Which came first, persistence or will-power? The answer is will-power... Will power is what you need to be persistant in your pursuit.

 

[Willleung]

Quote from JimmyJam:

Rule 1
Your maximum position allowed is the trade size you will use for every trade you make!! This means that if the trader's average size is 3 contracts then the trader will contact his clearing firm and make his max position 3 contracts.
How will this help?
1.Most traders lack discipline because they add to losers. If you trade using your max size you cannot add to losers, thus when the trade goes against the trader he cannot rationalize his loss by saying "if I add some at these levels I could be okay". Your only choice is take the loss or suffer further.
2.It reduces the choices a trader has to make. A trader that lacks confidence does not need to think about how many contracts he will trade? Simplicity becomes the traders friend and thus becomes part of his "edge".
3.Then the trading day becomes a game of averages. If the trader makes 50 trades and has a higher percentage of winners than losers the trader will be profitable (assuming average loser and average winner are about the same). Notice I do not mention anything about being right or following a chart pattern or understanding the overall direction of the market.
4.Without the worry that one trade will ruin him the trader feels more relaxed focusing on the numerous opportunities the market provides everyday. The trader will be amazed at how much clearer he perceives the market when the paranoia of having a big loss is out of his mind!

Agree on the reducing choices, but disagree on max-ing out every trade.

Anyway, this is good contribution/sharing.

Thanks

 

[4re]

Quote from Thunderdog:

A decent trading system with a positive expectancy is as meaningless to a trader without the will power to properly trade it as is a healthy dietary regimen to a dieter without the will power to follow it. Ideally, however, a point will be reached by both the trader and the dieter where doing the right thing feels like the natural thing to do. Then doing what is right won't require conscious "effort" (will power). Or at least that's the way I think it works. I have never had difficulty sticking to a healthy dietary and exercise regimen and can't really understand why it is such a hurdle for some people. However, in all candor, my "won't power" occasionally overrides my will power when trading. Maybe one day...

I think you are right on here. The only thing I would add is that a lot of times will power turns into hope. Once you are in a trade hope seems to always kill it for you. What is needed is a defined set of rules for every trader. Then the hard part, follow it.

4re

 

[nononsense]

Willpower?
Doesn't make you any money.
Only hard-nosed common sense combined with LOTS (many years) of preparative work will.

 

[hcour]

Quote from Ricter:
It's clearly advantageous to have it, and all of it you can get. So, how do you get more willpower? Seems obvious it can't be an act of will. Where does this motive force come from?

If you're serious about will you may want to read "The Act of Will" by Roberto Assagioli, published 1973. Assagioli breaks down will into its aspects and qualities, so you can first understand what it is you're trying to master, and then provides exercises to do so. It is his contention, and one with which you may agree given your comments, that the mastery of the will is the first step toward mastery of every other aspect of your life. Will can be "exercised" and strengthened just like the muscles of the body and he provides specific exercises, and then points out that, once you understand what will actually is, you can come up w/countless exercises on your own. For instance, one of his exercises: "Replace in a box, very slowly and deliberately, one hundred matches." Another, "Get up and down from a chair thirty times." These may sound silly and pointless to most, but that pointlessness is the point. He writes "The important thing is not the doing of this or that exercise, but the manner in which it is performed. It should be done willingly, with interest, with precision, with style." These simple exercises evolve into much more complex ones involving our emotions and psyche that we can practice in our everyday life, such as controlling our temper in circumstances that would normally try it severely, and so on and so on. Meditation is a great tool for mastery of will. Another great exercise for will would be Yoga. Unlike much exercise, Yoga is only done properly with great concentration, gently, slowly. One can only do it correctly if one's mind is completely engaged in the specific task, in the here and now.

The book is as practical and/or spiritual as one wishes it to be, as understanding and strengthening of will leads one to a greater knowledge and mastery of self.

H

 

[toc]

Will power that helps the discipline and emotions in trading is a matter of practice. Importantly, this practice does not end when the trade is over, it goes on 24 hours even in sleep. So next time you win in a trade then do not start jumping like a monkey in joy and opposite. Psychological change is a slow process.

 

[scalper21]

Quote from Willleung:

Quote from JimmyJam:

Rule 1
Your maximum position allowed is the trade size you will use for every trade you make!! This means that if the trader's average size is 3 contracts then the trader will contact his clearing firm and make his max position 3 contracts.
How will this help?
1.Most traders lack discipline because they add to losers. If you trade using your max size you cannot add to losers, thus when the trade goes against the trader he cannot rationalize his loss by saying "if I add some at these levels I could be okay". Your only choice is take the loss or suffer further.
2.It reduces the choices a trader has to make. A trader that lacks confidence does not need to think about how many contracts he will trade? Simplicity becomes the traders friend and thus becomes part of his "edge".
3.Then the trading day becomes a game of averages. If the trader makes 50 trades and has a higher percentage of winners than losers the trader will be profitable (assuming average loser and average winner are about the same). Notice I do not mention anything about being right or following a chart pattern or understanding the overall direction of the market.
4.Without the worry that one trade will ruin him the trader feels more relaxed focusing on the numerous opportunities the market provides everyday. The trader will be amazed at how much clearer he perceives the market when the paranoia of having a big loss is out of his mind!

Agree on the reducing choices, but disagree on max-ing out every trade.

Anyway, this is good contribution/sharing.

Thanks

The quote is from scalper21.
To clarify a little. The MAX size I am referring to is the average size the trader is using.

For example lets say a trader is up $1000(after expenses) the past three months. This trader looks back at all of his trades and he finds his average size is 3 contracts. His max limits are 12 contracts. In the past 3 months he has used his max limit of 12 contracts 80% of the time to average into losers. This trader should make his max position 3 contracts.

To conclude, the max position I am referring to is really the traders average (comfortable) size.

 

[QQQShort]

Quote from Pabst:

The paradox though is talent often means getting outside the box within parameters. Those with discipline don't leave the box at all and those creative enough to stretch boundaries often lack the perception of when too far out has been reached.

Well said.

Resolving this paradox is important to our success.

 

[o10maximus]

Will power to me implies you're trying to force yourself to do something you don't want to do (whether you think it's right or wrong).

If you think it's the right thing to do but don't want to do it, maybe that's just stupidity or laziness?

To get yourself to do the right thing you need to build overwhelming evidence where doing the task becomes pleasurable. Moving away from pain (mentally) or moving toward pleasure; or both.

Evidence comes from knowledge, knowledge from experience, experience form trial/error or failure/success.

I didn't read all the posts in this thread but saw someone mention Tony Robbins. He uses NLP and modeling to turbo charge much of his successful results.

 

[dandxg]

Quote from ElectricSavant:

You gotta do a

P R I M I T I V E.........F L I P



Passion for the prize.

Rightious justification

Ideaology and ethic

Methodically climbing and building.

Inner strength.

Trust.

Insatiable desire.

Vision.

Encouragment from within



Focus at all costs.

Longer term view.

Immmediate strength without help

Patience.


now please sign up for Electrics...Willpower seminars today..just $39,365.00 for a full day of 70's style BS...Do you have ElectricPower ?

Only if you make into a weekend retreat in Sedonna, then I will wire the money