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Trading and It's Life Implications
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Trading and It's Life Implications

  #1 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 1,994 since Sep 2010
Thanks: 1,887 given, 2,683 received
Forum Reputation: Legendary

Trading and It's Life Implications

Just wanted to share what trading futures, being a broker and staring at the screen al day taught me.
I have learned much about life through the behavior of the markets. You could make your trading journey all about the money, impressing your friends in a cocktail party or you can really turn this into a life journey you can learn from.

The first lesson I have learned that I have to cut my losses short.
"Cut your losses short" is not only a market phrase, rather this could apply to so many situations life.
You can be in a wrong job, having a bad business partner or making a bad business decision that is draining your bank account. Hope, just like in a losing trade does not help as the situation gets worse and worse, and you are just more depressed. What do you do? Cut your losses short! I have made one bad decision in my life when it comes to business and if I did not stop, it would have drained me financially. I stopped, took the loss and moved on.
Did I lose money? Hell, yeah! BUT, if I stayed in it would not allow me to focus on new opportunities that did turn out to be profitable.

The markets have taught me that the more I chase money, the more it gets away fro me. I was taught that money is not an aim, but rather a by product of due-diligence, a plan or something that one can apply consistently and methodically.
If you chase money in your business, it will run away from you. You have to have the passion for what you do daily, share it with others and trust that it will provide you with an income.

The markets have taught me that I can always be wrong despite my convictions and beliefs. How many times did you say "the market has to fall/rise tomorrow?" and many times were your wrong? This is true about situations and people, where we are so convinced about something and could be proved completely the opposite. Our "truth" could completely cloud reality.

The markets have taught me humility because what ever I gained Mon to Thu could be all lost on friday.
This has stopped me from being arrogant when I go through the small victories in life, and realize that one day you are at the top and one day at the bottom. walking around with an arrogant attitude that I see so much around me in this industry always back fire. There is an advanced trader and a sophisticated trader, but it does not mean that they will get to keep their fortunes. Many of those so called "sophisticated" traders have given it all back because of this arrogance and lack of intellectual humility. To keep your gains never approach the next day with inflated sense of security.

The markets have taught me that who ever I perceive as a success model do not always mean one has an advantage over me. The market is the one place that places everyone at an equal point! If you have a PhD in science does not mean you will trade better than an electrician. I don't always have to look at my competition who is at times smarter, have more resources and skill with envy because I can achieve just as much by being motivated, eager and hungry to succeed.
Get the "he/she is lucky" out of your head! who ever is a successful trader, or for that matter is successful in anything in the long run has worked hard. You can do the same!

The market have exposed me to my biggest weekness! It stopped me (to a degree!) from being "reactionary" . Now, I am better listener, don't react fast and think before I take action. Again, it's one of those disciplines you acquire because your body and brain start to remember your reactions and the feelings after. You shape your change according to that.

The markets have taught me to continuously learn. Many can call themselves traders, but not many (the ones with humility) claim they know how everything works. Even the best of the best, continue to learn, research and grow as traders. The ongoing learning and research effort is what makes people the best in their field.

The markets have taught me there are many opportunities. To sit and waste your time analyzing the things you didn't do is a waste of time! Trading is like a bus stop, sooner than later another bus will come and take you where you need to go.
There are no missed opportunities in life, and your ride to success could be just around the corner. Stop chasing a missed trade and the bus that left the station.

Lastly, trading in an exercise of self-discovery where you learn about yourself more than you will ever learn about the markets. I am sure that there are many thing you could all add from your own experience of this trading journey.

This forum is a testament that there is humanity behind trading and dollars. Let the good human spirt always rule.

Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.

Last edited by mattz; November 23rd, 2010 at 02:57 AM.
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  #2 (permalink)
Elite Member
boston, MA
 
Futures Experience: Intermediate
Platform: NinjaTrader, T4
Favorite Futures: 6E, ES
 
Posts: 51 since Nov 2011
Thanks: 33 given, 183 received


mattz View Post
turn this into a life journey you can learn from.

Thank you for such a concise and valuable testament. I wrote what I've learned so far too in this journey and I'm wondering if you would have anything to add to that conversation?

https://futures.io/psychology-money-management/17469-trading-path-towards-something-bigger-ie-getting-life.html

Cheers and good trading...

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  #3 (permalink)
Trading for Fun
Geelong Victoria
 
Futures Experience: Advanced
Platform: Dealbook 360/ Trader Workstation
Broker/Data: I-Deal, Interactive Brokers
Favorite Futures: Index Futures & Options
 
Posts: 113 since Jan 2015
Thanks: 45 given, 87 received



mattz View Post
Just wanted to share what trading futures, being a broker and staring at the screen al day taught me.
I have learned much about life through the behavior of the markets. You could make your trading journey all about the money, impressing your friends in a cocktail party or you can really turn this into a life journey you can learn from.

The first lesson I have learned that I have to cut my losses short.
"Cut your losses short" is not only a market phrase, rather this could apply to so many situations life.
You can be in a wrong job, having a bad business partner or making a bad business decision that is draining your bank account. Hope, just like in a losing trade does not help as the situation gets worse and worse, and you are just more depressed. What do you do? Cut your losses short! I have made one bad decision in my life when it comes to business and if I did not stop, it would have drained me financially. I stopped, took the loss and moved on.
Did I lose money? Hell, yeah! BUT, if I stayed in it would not allow me to focus on new opportunities that did turn out to be profitable.

The markets have taught me that the more I chase money, the more it gets away fro me. I was taught that money is not an aim, but rather a by product of due-diligence, a plan or something that one can apply consistently and methodically.
If you chase money in your business, it will run away from you. You have to have the passion for what you do daily, share it with others and trust that it will provide you with an income.

The markets have taught me that I can always be wrong despite my convictions and beliefs. How many times did you say "the market has to fall/rise tomorrow?" and many times were your wrong? This is true about situations and people, where we are so convinced about something and could be proved completely the opposite. Our "truth" could completely cloud reality.

The markets have taught me humility because what ever I gained Mon to Thu could be all lost on friday.
This has stopped me from being arrogant when I go through the small victories in life, and realize that one day you are at the top and one day at the bottom. walking around with an arrogant attitude that I see so much around me in this industry always back fire. There is an advanced trader and a sophisticated trader, but it does not mean that they will get to keep their fortunes. Many of those so called "sophisticated" traders have given it all back because of this arrogance and lack of intellectual humility. To keep your gains never approach the next day with inflated sense of security.

The markets have taught me that who ever I perceive as a success model do not always mean one has an advantage over me. The market is the one place that places everyone at an equal point! If you have a PhD in science does not mean you will trade better than an electrician. I don't always have to look at my competition who is at times smarter, have more resources and skill with envy because I can achieve just as much by being motivated, eager and hungry to succeed.
Get the "he/she is lucky" out of your head! who ever is a successful trader, or for that matter is successful in anything in the long run has worked hard. You can do the same!

The market have exposed me to my biggest weekness! It stopped me (to a degree!) from being "reactionary" . Now, I am better listener, don't react fast and think before I take action. Again, it's one of those disciplines you acquire because your body and brain start to remember your reactions and the feelings after. You shape your change according to that.

The markets have taught me to continuously learn. Many can call themselves traders, but not many (the ones with humility) claim they know how everything works. Even the best of the best, continue to learn, research and grow as traders. The ongoing learning and research effort is what makes people the best in their field.

The markets have taught me there are many opportunities. To sit and waste your time analyzing the things you didn't do is a waste of time! Trading is like a bus stop, sooner than later another bus will come and take you where you need to go.
There are no missed opportunities in life, and your ride to success could be just around the corner. Stop chasing a missed trade and the bus that left the station.

Lastly, trading in an exercise of self-discovery where you learn about yourself more than you will ever learn about the markets. I am sure that there are many thing you could all add from your own experience of this trading journey.

This forum is a testament that there is humanity behind trading and dollars. Let the good human spirt always rule.

Matt

I tend to agree, arrogence has an inverse relationship to success.

Cheers John

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