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Psychology and Money Management

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Trading Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: E-mini ES, Crude CL, E-mini Russell RTY
LonnieMSP's Avatar
Posts: 12 since May 2019
Thanks: 157 given, 18 received

For me it’s not so much the esoteric parts of trading it’s the gap between perceptions and reality and people’s relationship with money.
Friends and family, a necessity for a well rounded life. We’ve learned to accept their quirks, and on balance, they’ve learned to accept ours.
Let’s not kid ourselves though, most of them are terrible with money. Some people think they can pick up the latest issue of USA Today and have a well-I formed opinion on the markets and “business.” Others have accumulated assets in a bull market- hard not to if you live beneath you means- and feel they are somehow more smart than lucky on timing and placement....after all we could’ve been born in sub Saharan Africa.

It amazes me how people assume they know what trading is and diversely underestimate the amount of work involved.
I used to talk to my dad and update him on my progress. His egocentric and superstitious nature makes it difficult to suffer through a conversation. He’s excited to talk to me and seeing my progress, but in all humility can’t comprehend some of the complexities and paradoxes of trading.

Just my perspective. FWIW.

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