Reality Check.........
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Thread: Reality Check.........

  1. #1
    Did you know that without courage, discipline and consistency whatever you understand from that forum, any other, any book, course or ”guru” can't be properly implemented? All of your fantasies, dre and aspirations will amount to nothing unless you can get these ”unteachable” character traits.

    Trading is an extremely difficult way to create a living only because these attributes have to be implemented time and time again and as a result, your urge to act contrary to them has to be conquered daily. You will get better with exercise but agreeing.

    Start small and build up.

    Steve

  2. #2
    Quote Originally Posted by ;
    Were you aware that without courage, consistency and subject all you understand from this forum, some other, any book, course or ”guru” can't be properly implemented? All of your hopes, dre and ambitions will amount to nothing unless you're able to get these ”unteachable” character traits.

    Trading is an extremely tough way to make a living simply because these attributes have to be implemented time and time again and because of this, your urge to behave contrary to them has to be conquered daily. You will get better with exercise but beware; pride goeth before a fall.

    Start small and build up.

    Steve
    How very, very true. I have found the acquisition of knowledge to be the simple part. The fighting of my instincts has undoubtedly been the most difficult part. But with every day that passes, it becomes simpler. I believe our cosmetics and the way our brains are wired, though optimal for normal living, are exactly backward for trading. Because you understand that listening to what your own heart and mind are yelling at you will only make you a er, your rules are being followed by discipline.

    Your rules MUST override your natural inclinations.

    Dial

  3. #3
    Quote Originally Posted by ;
    The daily fighting of my natural instincts has undoubtedly been the most difficult part.
    Why can it be using trading that the thing that feels right is always wrong, and what's natural has to be suppressed? I think thats exactly what makes trading a hard profession.

    I believe that it was william eckhardt who said that trading is like being at war with yourself. I love this job

  4. #4
    I don't know if I would concur with that. I believe that figure out its personality, you have to study every single market you exchange and proceed with its flow. Trying to impose your personal feelings and opinion will burn your account.

    I'm not positive if it's being at war with yourself love being in tune with what the marketplace is behaving and saying. Tune yourself into its wavelength decide what to do...

    with that said is an expert and I'm not so what do we understand!?

    Quote Originally Posted by ;
    why can it be using trading that the thing which feels right would be wrong, and what is natural has to be suppressed? I believe thats what makes trading a hard profession.

    I believe that it was william eckhardt who said that trading is like being at war with yourself. I adore this work

  5. #5
    Quote Originally Posted by ;
    I do not know if I'd agree with that. I believe that then , determine its character and you have to study every single market you trade go with its flow. Attempting to inflict comment and your feelings will burn your account.

    I am not sure whether it is being at war with yourself like being in tune with what the marketplace is saying and acting. Tune into its wavelength then decide what to do...

    with that said is a pro and I am not really what do we understand!?
    I think you and Merlin are talking about two distinct aspects of trading.
    Seems to me you're talking about your intuitive reaction to what the market is doing (an investigation of sorts) and Merlin is discussing handling overtrading, greed, and fear etc..

  6. #6
    The thing about courage, consistency and discipline is the fact that it has to be executed perfectly. I'll tell you what's helped me tremendously.



    I enforce a construction upon myself, which includes a schedule, worksheets and routines.

    Once I get to perform in the morning the first thing I do is read the prior days diary entry and perform my investigation. To assist me I use a very straightforward but effective worksheet which does two things:

    1) It forces me to focus on the sector and my analysis.

    2) It forces me to think in a systematic way.

    Once I finish I know exactly what's gone on because end of play yesterday and what's going on currently.



    When its time into a trade I use a checklist to ensure that the trade meets my criteria.

    You may be thinking that if a trading opportunity arises you don't have enough time for a checklist. Consider this; If your having difficulty in this area, then you shouldn't be investing in this brief time frame anyhow and if you do not have sufficient time to plan your transactions, you want to rethink your egy.



    Anyhow. I've placed the trade I pull out my trading worksheet and fill in the specifics far about the trade. Through the trade one is bombarded with yourself with temptations to do the ”wrong thing”. I've a list and it addresses my particular flaws. For every item on that list I've a ”reality”. A ”truth” is an expression I use to counter the temptation.

    For instance;

    Before the trade I might have an opinion based on the information or another source regarding what the market is going to do. Based on my rules, the criterion was met, the trade is considered great and it should proceed. Its then I hear that small voice saying ”But blah blah blah..........”

    I react with my ”truth” saying for that particular circumstance.

    ”Trade what you see, not what you think!!!' (I got that from Joe Ross BTW)

    I'll yell it when I have too, but the purpose is that it lifts the fear with confidence.

    Once the trade is finished I fill in the remainder of the details and any thoughts concerning the trade I jot down on the worksheet.



    At the end of the afternoon I publish a copy of the chart, mark my transactions, staple all of my worksheets together and file them. If there's anything important about the day or the market which I want to recall, I put in them in a diary to be read in the afternoon.



    The key to this is that this systematic approach, with time, becomes ingrained. I train my mind to consider in a predetermined way for any given scenario, which frees me from lots of the plogical turmoil's. It could seem like a ”killjoy” but it functions.

    Hope hope this could be of use to a number of you personally.



    Steve

  7. #7
    Quote Originally Posted by ;
    For me.... I've found that, it is what I feel, that's formed by repetition and practice that I have learned to let guide me. But I felt differently than I do today.

    The detach from feelings and discovering how you want to trade would appear to contradict one another. It is to retrain your mind to recognize patterns you can feel good. At times you must recognize the type of session it is, to find the patterns.

    I don't trade discretionarily anymore, but the crucial thing is to get in synch with the market and train your mind to recognize patterns. The managment of feelings and getting into the flow could be significant for discretioary traders. The days I was the very successful, was on those days when I could find the market, as soon as I tried my hands at trading.

    You shouldn't trade real money till you have practiced, then switch in the simulator to reside. At a session there are chances to trade. You do not need to exchange.

    I understand professional's that begin their session on the simulator and when they get warmed up and they get in synch and discover what type of trading session they are in....they switch to live. This is the beauty of this Oanda Simulator. . .it never expires along with its own server is the same as quotes.

    Michael B.
    Thats interesting because, for me, those very feelings lead me into impulse trading, bypassing trades, not getting out when my stop is hit, adding to a losing position along with an entire host of other mistakes, a few of which are deadly.

    Intuitive perceptions about a given markets' behavoir has an important place in any traders repertoire. But in the heat of the moment when you are in a trade that's not going well,your emotions will begin yelling at you and the last thing in the world you should do is listen to your feelings.

    I could not agree more with all the following quote by Merlin
    why is it with trading what feels right is always wrong, and what is natural needs to be suppressed?

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