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Trading Psychology and How The Mind Works (I)
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Created: by George Attachments:3

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Trading Psychology and How The Mind Works (I)

  #21 (permalink)
Colorado Springs Colo/USA
 
 
Posts: 8 since Dec 2017
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No, I have not worked with him yet. The cost is very high so I am trying to find someone who has worked with him for a reference. I will hop over to the other thread to read your input.

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  #22 (permalink)
Eugene, OR. USA
 
 
Posts: 21 since Jun 2019
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jstnbrg View Post
A friend just pointed me to an interesting and highly pertinent article in the New York Times Magazine online. The title is "Do You Suffer from Decision Fatigue?" http://www.nytimes.com/2011/08/21/magazine/do-you-suffer-from-decision-fatigue.h...3Fsrc%3Dtp&smid=fb-share

I traded in the pits at the CBOT for 16 years, but the first three years were difficult for me. I did make money in each of the first three years, but not enough to grow as a trader and barely enough to cover my living and trading expenses. One big problem that I had was that I would often do well in the morning, but give back most or all of my day later on. I eventually decided to trade for a set goal of 4 ticks/unit of size per day, and then leave even if I had only been on the floor for 10 minutes, on the theory that with such a modest goal I could take only the safest trades and still make enough money to grow, and that going home a winner every day was more important than catching all the action. After I made that decision, I didn't have a losing month for 6 1/2 years. Perhaps lack of decision fatigue is why.

This simple idea has made a huge difference to my trading.............
This video also brings this idea out and that you don't need to catch those big trends to make really good money also illustrated in the spreadsheet image.

https://youtu.be/zQqxmh8keos

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