Treating Yourself Well as a Key for Trading Success

20:21 billm: Trading is an exercise in accumulating money once we have learned how to trade. We are the only person responsible for what we end up with

20:22 @Buffy2: and you keep patience under control

20:22 dan: yes... patience.

20:22 billm: If traders were to chart their equity, it would reflect their internal conflicts and what they think of themselves on a day to day basis. We have to learn how to value ourselves more. So that we believe we deserve what we want or deserve what we get

20:24 dan: billm, can u elaborate more?

20:24 @Buffy2: Yes so true. So many have been taught since a kid that you have to work hard to earn money or that money is evil. Other things out there too that stand in our way. It all has to be undone

20:25 john B: I remember reading a lot about psychology and "understanding yourself" when I first started a few years ago - but it takes some serious time to really appreciate the importance of how one's personality affects their trading

20:25 billm: ya, money is bad, fast money is worse

20:25 @Buffy2: You have to believe you deserve to go to the atm everyday

20:25 dan: As and when we put in the due effort, respecting the market, the setup, the plan...

20:26 @Buffy2: and oneself

20:26 Bloo: Why is money bad?

20:26 @Buffy2: It isn't bloo, but that is what has been told to many people as kids -- such as money is the root of all evil blah blah

20:27 billm: Need to develop inner support, self value, self worth..not basing my self worth on how much money I make.

20:27 dan: Those thoughts/belief will hinder us

20:29 Bloo: Those who earn their money will learn to keep it

20:29 billm: The big big book says: those that are humbled will be exaulted and those that are exaulted will be humbled. The market will humble you, and teach you over time if you can get beyond your own ego.

20:31 @Buffy2: so true

20:31 dan: agreed

20:31 billm: I need to grow in my trading knowledge every day…growth every day is a step forward every day,

20:32 @Buffy2: true, but market doesn't always have something to teach each day

20:33 dan: then... teaching us to stop expecting... and just going along the flow... :)

20:33 @Buffy2: Yes, dance with the market, not to fight with it. If you can't dance that day, stay home….. there will be another party. I think that is a mistake many make that you mentally and physically are going to be up to doing a "perfect" day of trading everyday. That’s not going to happen. It’s like saying they could run the 4 min. mile everyday -- day after day. Some traders have quite an exercise/sleeping/eating routine.

20:37 Eagle8: Quite a lot seem to be into meditation of some form and then some are just tearing it up on gut instinct in the pit. It’s a strange game.

20:38 @Buffy2: True, the more you ignore yourself and push it, the more mistakes you can make, and end up in a vicious circle.

20:39 dan: That's why you often say, Buffy, to accept where you’re at while learning to trade.

20:48 mike: You just have to be patient, and survive all the things the markets will throw at you. This is about the most expensive learning curve there is in every way. These are just facts, we may not like it but this is the game we decided to play

20:50 dan: yes, Mike, part and parcel of the whole deal...

Last updated 09/20/2007