80% of trading is psychology. Instead of spending months or years looking for the EDGE some where else, you might be surprised to find that the EDGE is much closer than you think. Most if not all methods / systems work, why do 2 people using the same method achieve differing results?? I will let you work that one out with the aid of this self assessment.
This was sent to me by Tim Racette of eminimind.
Unfortunately, there is no legal protection against those who, either by design or ignorance, poison the minds
of others by negative suggestion. This form of destruction should be punishable by heavy legal penalties,
because it may and often does destroy one's chances of acquiring material things which are protected by law.
Men with negative minds tried to convince Thomas A. Edison that he could not build a machine that would
record and reproduce the human voice, "because" they said, "no one else had ever produced such a machine."
Edison did not believe them. He knew that the mind could produce ANYTHING THE MIND COULD CONCEIVE
AND BELIEVE, and that knowledge was the thing that lifted the great Edison above the common herd.
Men with negative minds told F. W. Woolworth, he would go "broke" trying to run a store on five and ten cent
sales. He did not believe them. He knew that he could do anything, within reason, if he backed his plans with
faith. Exercising his right to keep other men's negative suggestions out of his mind, he piled up a fortune of
more than a hundred million dollars.
Men with negative minds told George Washington he could not hope to win against the vastly superior forces
of the British, but he exercised his Divine right to BELIEVE, therefore this book was published under the
protection of the Stars and Stripes, while the name of Lord Cornwallis has been all but forgotten.
Doubting Thomas scoffed scornfully when Henry Ford tried out his first crudely built automobile on the streets
of Detroit. Some said the thing never would become practical. Others said no one would pay money for such a
FORD SAID, "I'LL BELT THE EARTH WITH DEPENDABLE MOTOR CARS," AND HE DID!
His decision to trust his own judgment has already piled up a fortune far greater than the next five generations
of his descendents can squander. For the benefit of those seeking vast riches, let it be remembered that
practically the sole difference between Henry Ford and a majority of the more than one hundred thousand men
who work for him, is this - FORD HAS A MIND AND CONTROLS IT, THE OTHERS HAVE MINDS WHICH THEY
DO NOT TRY TO CONTROL.
Henry Ford has been repeatedly mentioned, because he is an astounding example of what a man with a mind of
his own, and a will to control it, can accomplish. His record knocks the foundation from under that time-worn
alibi, "I never had a chance." Ford never had a chance, either, but he CREATED AN OPPORTUNITY AND
BACKED IT WITH PERSISTENCE UNTIL IT MADE HIM RICHER THAN CROESUS.
Mind control is the result of self-discipline and habit. You either control your mind or it controls you. There is
no half-way compromise. The most practical of all methods for controlling the mind is the habit of keeping it
busy with a definite purpose, backed by a definite plan. Study the record of any man who achieves noteworthy
success, and you will observe that he has control over his own mind, moreover, that he exercises that control
and directs it toward the attainment of definite objectives. Without this control, success is not possible.
From Napoleon Hills Think and Grow Rich
Attached you will find a self assessment. Complete it as honestly as you can, remember there is no right or wrong answer. You will be surprised by what you will discover about yourself. Keep your answers and revisist them in a week or two make a note of what answers have changed and why.
The following user says Thank You to dee50 for this post:
No offense, but that's complete rubbish. Discretionary traders' edge, as it were, are based on their brain's ability to model for price change. Psychological problems might ruin that "edge", but there are plenty of psychologically balanced people who lose money trading.
It's a wonderful thing for vendors to focus on, though; you will never be fully trained. It's much better to find a way to make money, because then all psychological problems are immediately alleviated.
The following user says Thank You to Lornz for this post:
No, that is the neuroscientific truth, my friend. Stating that " Most if not all methods / systems work", is one of the dumbest thing I read on these boards. You are not the first to make that delusional claim, and you will probably not be the last. It bothers me that people will waste years on an unattainable goal (for them).
Why don't you automate the system then? A computer has more discipline than any human. If all systems work, why can' we all just trade a myriad of systems on all the worldwide exchanges? We could all be billionaires from a simple MA crossover. Do you realize the ramifications of what you're claiming?
The following user says Thank You to Lornz for this post:
No offense, but thatīs complete rubbish. AND, you are entitled to your opinion. AND this is not the thread for this discussion, if it bothers you SOOOOOO much then start your own thread in the appropriate section.
Try the self assessment, "you will definitely be surprised by what it reveals about you"
Yes, I will promptly leave this thread so you can wallow in your distorted beliefs in peace. I only replied because your advice in the first post is very dangerous.
"80% of trading is psychology. Instead of spending months or years looking for the EDGE some where else, you might be surprised to find that the EDGE is much closer than you think. Most if not all methods / systems work, why do 2 people using the same method achieve differing results?? I will let you work that one out with the aid of this self assessment."
Then you must ask yourself why nearly all traders lose? You claim that most systems work, which would mean that anyone with a little coding skill would be able to extract money from every exchange on the planet. It should take you about a week to become a billionaire.
I would hate for people to spend years trying to work on their psychology, without having any aptitude for trading. The reason discretionary traders can make simple systems work, and why their results will differ, lies in their neurological build. It isn't about controlling emotions, it's about having a brain that picks up very subtle patterns within the patterns themselves. Psychological issues might distort one's natural ability for that, but it is not the reason why someone succeeds at discretionary trading.
By the way, I'd suggest you stop wasting your time with nonsense from vendors. If you are interested in psychology, gives these a try:
To put it another way, most everyone can easily make money on sim. But when they go cash, they lose.
This is not because the sim was inaccurate. This is because they are no longer trading the same way, and that is a psychological difference.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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