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Finally Turning the Corner, tha "its 80% Psychology" thing...
As some of you know, I will be moving to Ecuador soon (next 6 months or so is the idea).
For many years I have had a desire to leave the States and pursue a simpler and more relaxed environment with great weather. I documented some of this over the …
Hi @Big Mike , sorry to hear that you've been in pain and not getting good sleep. I hope that your new protocol works well and you can get back to enjoying life soon.
Hi Terry ( @tturner86), good to hear you're staying safe with all the intensity in your area, those were really devastating fires plus all the crazy rioting, etc.
Many thanks to both of you for all your huge time contributions in making this the best trading forum!
Hey guys, lately I've been playing some online poker in the evenings and listening to some books on poker mindset/psychology. I think there's a lot of valuable materials that can be helpful for trading. I find the crossover info very helpful. I've noticed that my mindset in poker has improved a ton since the last time I was playing about a year ago due to all the work I've been doing on trading psychology.
One excellent book that I recommend is The Poker Mindset: Essential Attitudes for Success
I'm going to share some parts that I think are really valuable for traders..
Stage 1. Anger - losses are thought about in terms of losing "things", ex: losing $50, that's a nice meal for 2 at a restaurant. Losing $300, that's a car payment. Losing $2500, thats a vacation. Players who tend to tilt (lose their cool) with anger can experience "full-on crazy monkey tilt". These are the stories about people chucking their monitors across the room, beating the crap out of their keyboards, etc. A complete loss of control and sanity. Have you been there? I have, I didnt break anything but definitely wanted to..
Stage 2. Frustration - at this level players know that this is a long-term game but haven't fully accepted it yet. They may not experience full on rage (maybe occasionally after an unexpected large loss or series of losses), but they tilt (play suboptimally) because of frustration. For one person this might look like taking "C trades" or trading for a much longer time then usual to try and get the money back. For another person this might be doubling down. For another person this might be getting scared and not taking the next "A trade", watching it hit its target and then feeling even more frustrated, beating themselves up etc.
Stage 3. Acceptance - This player accepts the realities of good luck/bad luck and *variance (*unexpected events occurring, ex: 7 losses in a row, multiple losing days). This player has the longer term perspective and rarely tilts anymore. They have a proper bankroll and utilize solid money management. The person still feels pleased after wins and unhappy after losses, however they don't alter their play/strategy based on plus points and minus points. This player is committed to getting better and learning from their mistakes.
Stage 4. Indifference - This player experiences no anguish from losses. They are extremely confident in their abilities in relation to the game. They focus entirely on learning from every experience and extracting all the knowledge-value possible. To a Stage 4 player, the long term is all that matters. To them, making the right decisions = winning and making mistakes = losing, outcomes do not matter. (For Stage 4 poker players, I think of: Phil Ivey, Eric Seidel & Daniel Negreanu)
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For my journey, I'd say that right now I'm in Stage 3 and sometimes drop down to Stage 2, but not for long..
Some questions that Stage 3/4 players ask are:
Did I play correctly?
Is there something I could have done better?
Were any decision made from ego/emotions?
Is there something new I can learn from that play/trade ?
2 Ways To Lose:
1st - bad play, made a mistake, didnt follow plan/rules, missed something
2nd - variance, played properly, wouldnt change a thing, next!
2 Ego Traps:
Entitlement - thinking that you deserved to win, "that should have been mine"
Directed Anger - "F this broker, those algos, these high commissions, etc"
Another key term in the book is "desensitizing yourself to money". I've noticed that this has happened for me over the years. There have been many heartbreaks and large losses. I see this as part of "paying my dues" and understand that all the trials & tribulations are but stepping stones on my journey which make me stronger and more confident in my abilities.
Sending good vibes out to everyone, I know these are very challenging times. Remember to take time & care to stay healthy mentally and physically.
