Here are some random thoughts that I wanted to write about and share with you.
Guilt, Hate, Shame, Fear
A large portion of the general population and of aspiring traders are stuck in the phase of feeling that they are the victim of some nefarious plot by central bankers, other big predatory traders, quants, governments, etc. They play the victim, which creates inumerable barriers to getting closer towards the market truth and knowledge needed to trade successfully.
Other people can feel shame that they may have tried trading for a little bit, but failed and feel embarrassment within their community. They feel such shame because they may have broadcast their goals to so many people and raised expectations so high, that when they were unable to meet such timetables, they felt like losers. Such self inflicted fear of failure is a big cause of traders either failing outright, or never getting started, or failing to progress to the next level.
And yes, there can be fear of trying to progress to the next level. Of trying to be different than everyone else and improving your market philosophy and strategies to make them more unique. There are all sorts of traders that are limiting their potential because all of their friends or co workers or trader buddies are using the same strategy, and they can’t bare the pain of trying something different and achieving a higher level of success. I remember feeling such emotions when I was trying to break out of the technical indicator mindset to the chart pattern and price action mindset, to the order flow mindset of stops and option barriers, and eventually to breakout to the highest level of Global Macro Trading.
These feelings of Guilt, Hate, Shame, Fear, etc, all delay trading progress and do not provide conducive emotions, energy level, and excitement needed to turn trading problems into opportunities and progress to the next level.
Desperation and Hopelessness
“The mass of men lead lives of quiet desperation.”
– Henry David Thoreau
I would say the vast majority of people lead mediocre lives and of quiet desperation. Outwardly, they may seem fine and lead normal lives. But inside, deep inside, they feel frustration of not having a purpose. Frustration that perhaps they should be doing something other than what they currently are doing. They may feel they did all the right things, but the results didn’t come.
Many aspiring traders suffer from this. For example, when tens of thousands of traders feel that they have read every book, been to every seminar or webinar, read every forum thread, tried everything, but yet still feel that they are “stuck,” feelings of hopelessness and desperation can take hold. They feel that they have consumed so much information, but have yet to make sense of it. That it is almost like for all the book reading and forum reading, they are still stuck in the same place they were when they first began.
Various reasons can include which I will elaborate on in further lessons are:
Reading the wrong books and consuming the wrong information.
Not being able to establish key principles and processes and habits from which to achieve trading success.
Get Everything In Line
The more things you can improve in your life and find solutions to, the faster your trading progress and whole life in general will speed up.
Let’s say someone is a bit overweight, lacks trading strategies and mindset, is hanging around the wrong people, tends to spend his money and max out his credit cards and is deeply in debt, etc.
Well, the more things he can improve, the more his trading profits and happiness in life will tend to higher and faster.
If such a trader just fixed his trading problem and develops a great system and process, he may achieve a good level of success and trading profits, maybe even a high level. However, if he can get the other things in his life in synch, progress will most likely be more rapid.
If such a trader can eat the right foods that give his body nutrients and raise his energy level and exercises and does strength training, and finds better friends and people to spend time with, and is able to spend less than he earns and doesn’t have any debt, well then his whole life will probably be happier and his progress will be rapid! He will be able to transform himself very quickly.
There are some people who say you should only try to change or improve on one thing at a time. That may be needed for certain very large tasks and projects. However, you can change and improve on many things simultaneously, especially if they only take 30 min – 1 hour per day for each improvement to be made.
Profanity or Calmness or Excitement?
There are some people who have a market belief that in order to achieve trading success, you need to be ruthless and aggressive and take no prisoners attitude. That you need to shout and curse at your employees and brokers or co workers to get them to do something right, or see your point of view, etc. That is one attitude you can have and one demeanor you can take. I have heard of two very rich traders in the past that have made huge fortunes, that shouted and cursed during the trading day. They can view the markets as a “war.”
Other traders take the complete opposite viewpoint. They try to get rid of all emotions. They try to stay very calm and non emotional. They rarely or never curse or raise their voice. There have been very rich traders as well from this category.
And there is another category that is more in the middle. These traders don’t usually curse, and not completely calm. They can raise their voice, and show a lot of excitement and energy – but it’s just that – enthusiasm and love of the game. There have been many rich traders from this category as well.
So when you go choose who you want to be, don’t force yourself into one box. Don’t force yourself into thinking it can only be done one way. Don’t force yourself into thinking that you have to curse and shout, or you have to be completely emotionless during the trading day. Success and profits can be achieved in many different ways and they have been done in many different ways in the past.
You will find your own unique way.
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