New Year Resolutions

Steve

Steve

Well-known member
Messages
437
Likes
108
It's that time again so I thought it a good idea too see what kind of things you have promised yourself to improve your trading this year.

These are mine:

1. To stop hurting quite so much when I lose.
2. To finally learn to accept that none of the experts can help me.
3. To stick with my system through good and bad

I suppose predictably these are all about psychology but yours may be about other stuff. So how about sharing them and let's see where the discussion takes us.

Steve
 
1. Ignore the pain and don't let it interfere with your trading. Don't expect to feel nothing, live with it, it comes with the territory and losses are the cost of doing business.

2. I simply don't agree with that statement, or maybe substitute "very few" for "none".

3. That can be fatal when conditions change and is of course predicated on an existing statistically set of data.

Happy New Year,
Richard
 
Mr. Charts said:
1. Ignore the pain and don't let it interfere with your trading. Don't expect to feel nothing, live with it, it comes with the territory and losses are the cost of doing business.

2. I simply don't agree with that statement, or maybe substitute "very few" for "none".

3. That can be fatal when conditions change and is of course predicated on an existing statistically set of data.

Happy New Year,
Richard
Click to expand...

statistically significant data set (no edit button !)
 
1) If winning or losing money has any emotional effect whatsoever, then these feelings will come to the fore and be reflected in your trades going forward. In other words, judgement will be clouded.

2) Be very careful who you think of as expert in this game, it's quite possible that you don't know any! Just because some acquaintances talked some talk that made a bit of sense does not mean they know anything worth knowing.

3) There is only One system that is any good and that is one which adapts dynamically, supported by the correct filters.
 
1 make money unlike last year

2 don't blow up like last year

3 if I do blow up come on here and cry about like last year

4 listen to the experts on here..... :whistling

5 never talk about fight club
 
The zen-like emotionless trader is a myth.

I think it's just another 'out' for losing traders. They can blame their emotions. You are who you are @ the end of the day. Most likely reason people trade badly is that they have no idea how to trade. If you know how to trade, then you know that you are getting into the market in a sensible place but that there are no guarantees.

If you have confidence in your trade, you have confidence that your are exiting in the right place - whether the trade works out or not.

My Trading Resolution this year is to only trade 200 days of the year. I tend to still attempt to trade on days it's not right for my style. So I'm targeting a much lower number of trading days in 2014.
 
DionysusToast said:
The zen-like emotionless trader is a myth.

I think it's just another 'out' for losing traders. They can blame their emotions.
Click to expand...

I do agree with you that it is another 'out' that traders use to blame their lack of success on however I believe self awareness of emotions is very important. For me this means identifying certain behaviours and responses and trying to unlearn them or at least suppress them / avoid situations. A quick example. Towards the end of a trading session if you are up but haven't quite yet hit your target you need to be very aware that in general you shouldn't push to hard for the target, very easy to do. Also if you are near the end of your trading session and you are down you need to be very careful you don't try and 'win it back'. So for me it is not about suppressing emotions but self identifying and recognising.

GL
 
I completely agree that the zen like emotionless trader is a myth. I wonder therefore if there's a certain set of emotional/psychological (choose any word you like for this head stuff) rules/boundaries that mark out an effective trader.

Lot's of us spend a great deal of time looking at the technical rules but I wonder how many work on this other (and arguably even more important) aspect of their activities.

For example, let's take my losing pain. I am told here to live with it, expect it etc but what if I cannot do this? Perhaps the harsh truth is that I should shut it all down and do something else?

Do such parameters exist as part of your strategies?
 
"For example, let's take my losing pain. I am told here to live with it, expect it etc but what if I cannot do this? Perhaps the harsh truth is that I should shut it all down and do something else?"

The easy answer is that if you can't stand the heat, get out of the kitchen.
However, most things in life don't go completely smoothly and knowledge and experience of the past and acceptance of the downsides and hurts of everyday living are things you have to get used to in order to survive and prosper.

If you can't, then I can only suggest you get another job, maybe something like the CEO of a web site :)
 
1. Lose some weight and start running again
2. Swap my car out, am a bit bored with this one now
3. Achieve my lifetime ambition of winning second prize in a beauty contest
 
Trader333 said:
How do you know ?
Click to expand...

Because I know a bi-polar trader that trades a 30 million dollar account but can rant and rave for 2 hours because one of his assistants missed some news.

I know an ex-floor trader that turns the air blue when he misses a trade.

I could go on but "calm and zen like" does not describe some very successful traders I know.

Now - if you had to point to a common trait amongst the guys I know that do well it would be that they have a big set of ba11s.
 
Steve said:
I completely agree that the zen like emotionless trader is a myth. I wonder therefore if there's a certain set of emotional/psychological (choose any word you like for this head stuff) rules/boundaries that mark out an effective trader.
Click to expand...

What would be the point in even looking into it? You can't change the way you are made up. You can change the way you behave but if you are looking for personality traits that make a good trader. Stop :)

Steve said:
Lot's of us spend a great deal of time looking at the technical rules but I wonder how many work on this other (and arguably even more important) aspect of their activities.
Click to expand...

This sort of search is borderline neurotic. You can't change your personality so looking for personality characteristics that make a good trader will do nothing but disappoint. Even if you find you match the characteristics, you will go and look for another reason you aren't doing well.

Steve said:
For example, let's take my losing pain. I am told here to live with it, expect it etc but what if I cannot do this? Perhaps the harsh truth is that I should shut it all down and do something else?
Click to expand...

You could see a psychiatrist. Or just stop fretting over it. Fretting over it won't make it better. Take smaller trades if you've had a bad run. Take some time off. Do not try to change your personality. If you want to change your behavior, try CBT.

Steve said:
Do such parameters exist as part of your strategies?
Click to expand...

No - I always think that if you recognize a problem, you are 90% of the way towards solving it.
 
Probability v Comedy

robster970 said:
1. Lose some weight and start running again
2. Swap my car out, am a bit bored with this one now
3. Achieve my lifetime ambition of winning second prize in a beauty contest
Click to expand...

Hmmmm- pushing your luck for (3) arn't you ? :LOL::p
 
You must log in or register to reply here.

Similar threads

Salty Gibbon
New Year's Trading Resolutions
Replies
9
Views
2K
JumpOff
JumpOff
Pat494
New Year's Resolutions
Replies
1
Views
1K
jotekfinance
J
fxmarkets
New Year "Trading" Resolutions 2006
Replies
9
Views
2K
wackypete2
W
T
What is Your New Years Trading Resolution?
Replies
2
Views
1K
mrpbennett
M
barjon
Happy Christmas and a Prosperous New Year
Replies
15
Views
3K
Splitlink
S
Top