would trading for a charitable cause help improve your trading mindset?
To those that are trading discretionary systems - Do you think you'd make better trading decisions if all the money you made went to a charity of your choice but you only got compensated with a steady modest wage? Do you think it would have any positive impact on your trading if you weren't trading for yourself but to save others? Do you believe it would make you more or less profitable?
Last edited by Itchymoku; January 16th, 2014 at 02:52 PM.
This post has been selected as an answer to the original posters question
This is a very interesting theory. I try to do something similar, and say "I am not trading for myself, but I am trading for my family". I have a picture of my beautiful family right beside my mouse. I try to ask myself, and I taking this trade for me, or for them? Seems to help.
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Agreed, you need to tear down the psychological walls that stand in the way of trading not build them up.
You need to be able to enter and exit a trade without any barrier to that entry, basically a care free trade where you do not care one way or the other what the outcome is.
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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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Thank you for your responses @Massive l and @Big Mike. I'm starting to see how I agree with you guys. A charitable cause can't motivate someone to trade better because that would insinuate that they aren't trading at their optimum performance to begin with. Now that I think about it, It might cause someone to over-trade or exhaust themselves to try harder than they normally would. Trading with a charitable thought in mind might stress the trader to attach some additional unnecessary significance which would weight negatively among the trader's mindset.
This is enlightening and I feel this zen-like trading state really attracted me into trading to begin with. Sometimes I lose touch with this basic concept but It's good to hear again.
Last edited by Itchymoku; January 16th, 2014 at 07:56 PM.
I just read your entire journal "hello - jumping in" from start to finish and all I can say is WOW and congrats on getting funded. Usually I get side tracked when I see that much text but you kept me reeled in. I'm glad to see your story has a happy ending it and it definitely inspires me that "where there is a will, there is a way". I've seen so many journals start out similarly and many don't make it. It's refreshing to hear of someone who has stuck with it and has gotten to a level of consistency that you have. Thank you for sharing here, I'm glad to see that your family is a positive motivation for you as it probably helps them too. Having a supportive family that allows room for growth will definitely help one's progress flourish.
Last edited by Itchymoku; January 16th, 2014 at 11:57 PM.
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From your original post in this thread, I didn't get the impression that you were having "problems" with your trading, but just asking if trading for a good cause could improve your trading. You could be a great trader, but there is always room for improvement. So in that regard, I think it could help improve your trading.
On the other hand, if what Massive and Big Mike imply are correct, then I agree with them, and trading for a good cause won't fix any problems you have.
As long a trader is distracted by PnL there is and will be no progress aka consistency.
From the moment the trade itself is in the center of concentration trading gets profession.
This is the time when it gets absolutely irrelevant who's money one trades.
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