I agree. I think perhaps a better idea is to just give away a percentage of the gains without the stressful "all or nothing" guidelines.
Many Wall Street billionaires actually do just that. I guess when you're making that much money donating is necessary to withhold a decent reputation.
I don't know exactly where it's covered in this show but they talk about wall street ballers giving away money to charities, it's also just a fun show to watch regardless if you're into getting a glimpse of the lifestyle
Alright, so I'm getting the drift from most of the traders on here that trading without any additional stress or thoughts produces the best results. Obviously there is a reason people need money, either to support themselves or their family, but they don't dwell on it's specifics when in the heat of the trade. When there are predefined rules, the only change that can occur when adding incentive is either to trade more frequently or more selectively; both, of which, seem to add a negative detriment.
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When I trade, nothing else exists. My goal is to read the market, find my spot, manage the trade profitably. Sometimes that is to a target, sometimes that is until the market says get out. I do not get to choose how much I will make, but I can choose how much I am willing to receive. But, having no attachment to the outcome, I will close at 3 ticks or 30 ticks or 300 ticks, and move on. The additional money comes from trading exactly the same way, but with a little more size. If adding size changes how you trade, you are trading too big, so back off. If 1 contract is scary, change markets. It is the belief system, the entry and exit skills, the ability to detach yourself from the trade, gathering a lot of experience in reading the market, and in reading yourself.
Having an exterior cause might become a reason to continue to push yourself to get better, but as soon as it pushes you out of where you felt comfortable, you have to find balance again. That might even mean abandoning that cause until some time forward. Or, it might teach you that you don't like the added pressure. Neither would be good or bad, you have no requirement to be a hero in trading, survival is your only necessity.
If you reach a point where you make more than you need, and can do something good with it...
Last edited by GaryD; January 18th, 2014 at 06:57 PM.
Reason: oneself sounds pretentious
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Some more arguments for traders
Trading is not a stable monthly source of income like a normal job - there may be months with NO result to
live from and months that bring more than needed (if ever ).
For this I recommend to note a personal statistic on the result of EVERY weekday over time to get rid of the
days that are mostly negative or neutral for the total gains . These won "free days" within the week give you
the relaxing moments to make the needed attempts on days that really count.
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I know this is a little off topic but still relevant to my topic since it's about charities. Does anyone know if there is a website that adequately reports how well charities achieve their goals? I'm referring to a philanthropy website that allows people who don't necessarily have the time to research organizations to get a sense of which ones are doing the best and make the most progress? Maybe some sort of rating system to ensure you're getting the most bang for your buck by donating.
Last edited by Itchymoku; January 20th, 2014 at 07:16 AM.
would trading for a charitable cause help improve your trading mindset?
This post has been selected as an answer to the original posters question
It helps immensely to make a commitment to do something positive with the profits. I made a commitment in 2012 to give 15% of net profits to a specific charity annually. To give all the money away, I'm not sure about that, you would have to have a deep seated belief in the charity to be able to do that. Actually I have an idea about a type of charity I would like to set up one day, but it isn't fully formed yet. I'm not a discretionary trader, I'm a system trader.
It does need to be a sincere and genuine commitment. IIRC Ray Dalio gives away 1/3 to charity. It's a win win really since I think trading is arguably quite a selfish endeavour whereas aligning others to benefit puts a positive charge on that dynamic.
A great many highly successful people are also philanthropists.
Is there a connection?
"The primary thing required to obtain what you want from life, is simply the will to pursue it, and the faith to believe it is possible." - Author Unknown
"The ability to maintain discipline and stick to the rules is the hallmark of the experienced successful trader" - Curtis Faith
Last edited by PositiveDeviant; January 31st, 2014 at 08:28 PM.
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