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Steenbarger: You are the market's bitch
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Steenbarger: You are the market's bitch

  #1 (permalink)
Rristocrat
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Steenbarger: You are the market's bitch

Not all of Dr Steenbarger's writings speak to me.

This one does - decisively !


Quoting 
The Real Reason We Trade Emotionally

OK, so here comes one of my best posts.

Ready?

I'll give you a view you won't hear from any mentor, coach, guru, or furu.

Why do so many traders talk about trading being a mental game and making bad trades because of emotions? Why do you find yourself making the same mistakes again and again, making money only to lose it?

Is it because you lack discipline? Is it because you cannot control your emotions? Is it because you don't stick with a trading process?

No.

You have emotional problems in markets because you're the market's bitch.

You heard me right, Mr. Independent Trader who doesn't want a 9 to 5 job and wants to only work for himself. You're the market's bitch.

From open to close, you're hanging on every market tick, letting it sway your thoughts and feelings.

When the market treats you well, you feel good. When it treats you poorly, you feel like crap. When the market's not moving, you don't know what to do.

If you behaved that way in any relationship--with your boss at work or your spouse at home--everyone would see that you're someone else's bitch. But with markets, you tell yourself it's dedication, it's a passion for trading.

Bullshit. You the market's bitch.

You have a relationship with the market and anytime you're controlled in a relationship, you're the bitch.

The only way to have an even relationship with the market is to control when you play, so that you don't get played.

That takes rules, that takes finding and sticking to edges--and it takes the willingness to not play when your edges aren't screamingly apparent.

What you got ain't passion for trading; it's a need to play.

If you need to play, you're going to get played. You're going to be controlled by market behavior. You're going to be the market's bitch.

TraderFeed: The Real Reason We Trade Emotionally

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  #3 (permalink)
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I thought that was his best piece, spot on.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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Quoting 
The only way to have an even relationship with the market is to control when you play, so that you don't get played.

That takes rules, that takes finding and sticking to edges--and it takes the willingness to not play when your edges aren't screamingly apparent.

Of all the things I have done over the years, one of the best things I have done is switch of my screen much more often. Staring at a screen all day is one of the best ways to "look" for trades that really aren't there.

Fully agree with Dr. Steenbarger on this one.

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Quoting 
You have a relationship with the market and anytime you're controlled in a relationship, you're the bitch.

An individual trader has no control on the market. Market does what it wants to do. The relationship between the individual trader and market is like that of a bull rider and the bull.

Longer the bull rider is in sync with the bull, longer he is able to ride it
Longer the individual trader is in sync with the market, longer he/she survives as a trader.

Being "in sync with the market" just means recognizing what the market is doing and playing along. Profits come automatically.

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I think it's important to incorporate a dimension of time into trading to account for random noise. If you don't account for the randomness then you'll most likely get out of the trade on the price paths of the red or green line. The dimension of time is very important so as to not become the market's bitch.


Last edited by Itchymoku; October 12th, 2015 at 11:08 AM.
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