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wrbtrader:
Misquoted me did we? I think when you edited the content, you unknowingly attributed a statement made by Yukoner to me.
You're really at a disadvantage when you have serious discipline problems and you're trading all by yourself while attempting to follow your "process" or the process of others outside of a controlled group.
I've been there...same discipline trading problems. I had a good trading plan and then I would make self-help rules, check the box process, follow the steps 1 - 5...that I thought would "encourage" me to follow my trading plan. It just didn't work until I joined a small trading group something I was never open minded too and had all kind'uv excuses why I shouldn't try it at least once.
I complete understand where you are coming from. However, I do think we need more data on Yukoner before I arrive at a similar conclusion to that of yours (not necessarily a trading group, but someone who can in-person help Yukoner with his mental framework. I learned my
mind stuff from someone who does not even know what trading is and lives in a forest!)
So, what is this
data on Yukoner that I am talking about? The way to look at it is by looking at the phrase you used "serious discipline problems " as the starting point. When you talk about discipline problems, in my opinion, it is too general (way too broad). We need to break it down into classes: (a) baseline discipline: the ability to follow a plan; and, (b) emotional discipline: The ability to
choose one's actions irrespective of one's emotional state.
I still don't know if Yukoner has the baseline discipline; hence, the week 1 workout. Lets assume that he has the baseline discipline. Then, he needs to work on this emotional discipline. Every one, be it a failed trader or a successful trader knows what to do:
let go of the thoughts that stir-up those emotions and get back to trading. It is as simple as that, and there is no other way. This is the only way. You are either doing it knowingly or unknowingly. This is not rocket science.
However, unlike rocket science where a body of knowledge has be developed to teach the how-to, no such body of knowledge has been developed to address the how-to of achieving trader's mindset in trading. It is one thing to say "build a rocket", and other thing to know
how to build a rocket. Similarly, saying "let go of the thoughts that stir-up those emotions" is one thing, but knowing
how to do it is another thing -- this is precisely Yukoner's problem.
You said you tried self-help and failed. I can only conclude that it is because at that time you did not know the how-to. It is like: "a blind leading a blind, and both will fall into the ditch". By joining a trading group, you were able to learn the how-to of emotional discipline from those how knew.
Now, there are two approaches one can follow when learning the how-to of emotional discipline: (a) one is brute force: Write one's thoughts in a journal, and keep working at it till one
finds a path to achieve "letting go ....".
'Find a path' because even when we write our thoughts that produce emotions in a journal, we don't know how to move from there to letting go of those thoughts. So, it is by trial and error that one works. This is the path majority of successful traders tread. This is a
harsh path to follow.
(b) There is a softer path one can tread, one based on learning the how-to. This path is not something new, but has been neglected by many traders. A softer path does not mean an easier path. One has to put in the effort to reap the benefits, but at least they will know the how-to.
Approach (b) is my intended direction for Yukoner. I have never done this before, and I am not a professional psychologist. But I did sleep in a holiday inn express! No, jokes apart, I have the personal experience, extensive knowledge of the method I am going to direct Yukoner towards, and have performed exhaustive analysis of- and research on- the said method, which I did to understand why it worked the way it did in me. There can be no better substitute for this knowledge.
This is not to say Yukoner will succeed. Only time will tell. It is just 3 weeks. Why not wait and see how Yukoner does?
Regards,
Monoid.
