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Motivation
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Motivation

  #1 (permalink)
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Motivation

What do you guys do to motivate yourselves when you feel like you hit a brick wall?

How do you overcome it? It's something that all traders experience, at different points while pursuing the trading path...

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  #2 (permalink)
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BigDog View Post
What do you guys do to motivate yourselves when you feel like you hit a brick wall?

How do you overcome it? It's something that all traders experience, at different points while pursuing the trading path...

oh man what a fantastic subject to discuss! great job. For me I like to go back and remind myself of what I know to be true. the specifics of which are not important for this thread but the point is, I believe those things to be true and I need to occasionally remind myself of how far I have come and how hard I have worked and all of what I have discovered and learned for myself.

I review these thoughts which are a collection of facts and experience and situations and remind myself of what I know which is how to handle them and how to best proceed with a difficult situation. Then it is just a matter of calming myself down taking a few steps back and throwing out negative energy and focusing on positive energy and then slowly working through whatever trouble has arisen that is causing me to have strained my belief in myself or my work or my theory and my methods.

I take the discussion apart one bit at a time and build up my confidence in that I have the experience to deal with this and push forward.

I think a big motivator is to talk to a friend who has gone through what you've gone through and is familiar with your work so it needs to be a fellow trader and you can rationalize things back and forth and pump yourself up and he will help and before long you realize that whatever has caused you to question your motivation can be overcome by using your experience.

"Let us be thankful for the fools. But for them the rest of us could not succeed." - Mark Twain

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  #3 (permalink)
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I like to exercise, go for a run to clear my head or do anything else really that will get me away from that brick wall.

Sometimes it can be hard to take a step back when you want so badly to get past the wall but pushing harder only leads to frustration which kills motivation. In my experience it is necessary to get as far away from the problem as possible for a while and then try to look at it from a different perspective.

If what you've been doing just isn't working then step outside your comfort zone, learn something new. Don't be afraid to scrap everything you have and try something completely different.

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sefstrat View Post
Don't be afraid to scrap everything you have and try something completely different.

with respect..couldn't disagree more on this one statement. I think the problem too often is traders run into a few bad trades and then scrap a system that was otherwise working. they get caught up in the moment and let emotion take over.

i think before you scrap everything and start over you need to answer the question as to why first. did your trading plan fail you? did your setup fail you? did you follow the rules? was this event that lead to your frustration not factored in to the probabilities in your plan? should it have been?

i can see scraping a project that was in the design or development phase and after many hours of testing your theory you find that your initial idea was wrong. if that is what you meant then I do agree with you. but if you did your initial homework and developed your plan around this theory and your research says it should work, then later you trade it cash and you have a bad run and run up against that brick wall, i think it is important to not simply toss it out and start over presumably with new indicators and new settings. there is much to be learned for the true reason you hit the brick wall and you must learn it or you are doomed to repeat it.

still this thread is about becoming motivated afterwards not necessarily preventing the event that causes you to lose motivation. didn't meant to step on toes.

"Let us be thankful for the fools. But for them the rest of us could not succeed." - Mark Twain

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  #5 (permalink)
BidAskPimp
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I'm going to say and do what everyone will tell you not to say or do.

Motivation?

Money.

Plain and simple.

No need for mental masturbation or drumming up fake motivation.
I don't grind 13 hours a day to fill some pseudo intellectual need or because I "love" the auctions. I could give a damn about my pseudo needs or the markets.

I grind for the money.

Look at the ADR's for the auctions you trade and see all that money out there. Now all you need is a way to extract some of it on a consistent basis.

You motivated or you not. If you are, then you will keep at it and nothing will stop you. If you are not, then take everything you learned from the experience and move on to the next hustle.

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Perhaps I did word that a bit strongly, what I meant is more along the lines of don't be afraid to put what you have aside and try something completely different. I find that doing so often helps me to find alternate ways of going about things that can improve weak areas of my solution.

BTW, I was not talking specifically about trading systems here, this is a general approach I have found useful when I have been stuck/unmotivated on problems faced during my previous jobs in control engineering and software design.

With respect to trading systems specifically, I agree with you that many are too focused on indicators and too quick to scrap what they have when the market changes temporarily. If that is your problem, focus on making your current system more robust, ie if its a trend following system make it better at identifying times when the market is not trending and it should either hold position or stay out of the market altogether.


caprica View Post
with respect..couldn't disagree more on this one statement. I think the problem too often is traders run into a few bad trades and then scrap a system that was otherwise working. they get caught up in the moment and let emotion take over.

i think before you scrap everything and start over you need to answer the question as to why first. did your trading plan fail you? did your setup fail you? did you follow the rules? was this event that lead to your frustration not factored in to the probabilities in your plan? should it have been?


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  #7 (permalink)
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Motivation

I believe in this case motivation = determination.

Bad days happen. But I keep remembering about a quote, I believe by Henry Ford, that goes

“Whether you think you can, or you think you can't--you're right.”

That helps me keep going

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Great information

I am looking for an information about human brain and the connection to trading psychology.
I found an information on tradorax site and wish to read more.
anyone have suggestions?
mark

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Mark Spencer View Post
I am looking for an information about human brain and the connection to trading psychology.
I found an information on tradorax site and wish to read more.
anyone have suggestions?
mark

I found Trading in the Zone by Mark Douglas to be the best trading psychology book.

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BigDog View Post
What do you guys do to motivate yourselves when you feel like you hit a brick wall?

How do you overcome it? It's something that all traders experience, at different points while pursuing the trading path...

If you can't increase your profits you're need to struggle with your fears.
If you can't decrease your losses you're need to decrease your sizes and trading frequency.

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