Platform: NinjaTrader (It's a love/hate relationship)
Favorite Futures: CL, TF, 6E
Posts: 176 since May 2010
Thanks: 60 given,
While responding to another post, I got to thinking about a subject that was better posted here.
I call it the "If Only" syndrome (or "I.O.S." if I were a pharmaceutical company)
Part of the fascination with manipulating price in countless ways is purely psychological. I think it appeals to the "If Only" syndrome. We all know it: "IF ONLY I could find the right type of bars to use, THEN I'd be profitable". You can substitute almost anything for "type of bars": indicator, broker, data feed, computer, system, etc. - ad nauseum. It's not just trading either. We all have the disease. Most people spend their whole life trapped in the "IF Only" cycle. "If only I had the right job, then I'd be happy". "If only I had the right spouse, then I'd find happiness". "If only I had the right car....". "If only I could become a successful trader...". OUCH! now I'm hitting too close to home.
I have to constantly stop my self from playing the "IF Only" game. Not just in my trading activities either. I don't think there is any other profession on earth that changes and shapes your life outside of work like trading. ANY personality flaws, weaknesses, etc. WILL be exploited by the market. I think all successful traders have to go through some serious soul-searching if they want to survive in the trading arena.
The following 3 users say Thank You to Slipknot511 for this post:
True, day trading and how one performs on the markets is a window to the soul (for lack of a better phrase). Consider for a moment though that our "condition" existed before we were day traders. Is it the pursuit of wealth all that defines us? I think not. Our personalities show more drastically on the market if it is primary source of income instead of a hobby.
The following 2 users say Thank You to ScalpDaddy for this post: