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The Psychology Of Trading?
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The Psychology Of Trading?

  #1 (permalink)
Just starting out...
Europe
 
Futures Experience: Advanced
Platform: Various
 
Posts: 13 since Oct 2010
Thanks: 0 given, 14 received

The Psychology Of Trading?

"This forum is where successful traders spend most of their time and were struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader"

The Psychology Of Trading is about understanding the difference between how a "winner" and a "loser" thinks and acts when trading.

The most important aspect of trading is "Profit".

Too many traders spend too much time talking about things that have no real bearing on "Profit".

This section is to discuss the "differences" with a view to understanding why they exist.

NYSE

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Boca Raton
 
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Platform: Variety
Broker/Data: Optimus Futures, LLC
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Game to Understand Leverage and Psychology



NYSE View Post
"This forum is where successful traders spend most of their time and were struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader"

The Psychology Of Trading is about understanding the difference between how a "winner" and a "loser" thinks and acts when trading.

The most important aspect of trading is "Profit".

Too many traders spend too much time talking about things that have no real bearing on "Profit".

This section is to discuss the "differences" with a view to understanding why they exist.

NYSE

I have a game you should play.

Ingredients:
Take 1 quarter.
10 imaginary Dollars.

Rules:
Start flipping the coin, and call head or tails and try and get it right before it hits the table.
The First flip a 1 dollar bet.
After that you can double your bets if you win or lose according to your guess.
You add/subtract from the imaginary $10 bill.


Additional Rules:
You MAY double your wins or loses any time, but you don't have to as you can play 1 dollar bets.
Let's say you are up 3 dollars, then you can bet the whole $3 on the next flip.
If you are down $3 you can also bet the whole 3 again to make it back. if you lose you are down 6 now,etc.

Goal: Get to $40 with the minimal amount of flips and if you get to Zero or minus..Game Over.

The idea behind the game is to illustrate the psychology of adding leverage, randomness, greed and the "revenge trade".
It's the same ingredients we tackle day to day in trading.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.

Last edited by mattz; October 23rd, 2010 at 09:36 PM. Reason: Further Explanation.
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  #4 (permalink)
Just starting out...
Europe
 
Futures Experience: Advanced
Platform: Various
 
Posts: 13 since Oct 2010
Thanks: 0 given, 14 received

I have a much better game for anyone who is serious about daytrading!

We will take it that one has sufficient funds to meet the minimum requirements set by the brokerage firm, and the pattern trader rule, if applicable (not applicable to CFD accounts).

Take $2,000, and tell yourself that this $2K has to last you as long as possible - the "target" is to find out how many trades you have done by the time you lose your $2K.

When your $2K is gone, if your "target" is long, you are well on your way to learning what is required, but if your "target" is short, it may be wise to reconsider taking up daytrading as a full time job!

NYSE

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  #5 (permalink)
Just starting out...
Europe
 
Futures Experience: Advanced
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Posts: 13 since Oct 2010
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The Winner

The winner is a positive thinker, who knows that something happens for a specific reason, and, who also knows that he/she does not have to know what the specific reason is!

The Loser

The loser is a negative thinker, who thinks that everything happens for many reasons, and, who also thinks the he/she has to know all of the reasons for everything that happens!

NYSE

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  #6 (permalink)
Just starting out...
Europe
 
Futures Experience: Advanced
Platform: Various
 
Posts: 13 since Oct 2010
Thanks: 0 given, 14 received

In the interest of learning, I am going to try and keep away from the "usual" stuff, and try to debate in plain and simple words!

To become "a winner" at trading, and more importantly, to stay a winner, is not an easy task.

We all know how important money management is, and in a nutshell, what this means is that if you risk too much on your trades, then, you will more then likely lose most, if not all of your money.

So, does this mean that good money management will make you money - far from it is probably the correct answer.

If a person does not fully understand what they are doing, then it is going to be very hard for them to do what they are doing, correctly!

Thus, how does a person "trade" correctly?

Not an easy question, and, one that will have many answers, but, only a few answers will actually make a difference to the outcome!

NYSE

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  #7 (permalink)
Elite Member
london
 
Futures Experience: Advanced
Platform: marketdelta
Favorite Futures: DAX
 
Posts: 6 since Nov 2010
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great game

Great game, thank you for sharing. true Van Tharp style.


mattz View Post
I have a game you should play.

Ingredients:
Take 1 quarter.
10 imaginary Dollars.

Rules:
Start flipping the coin, and call head or tails and try and get it right before it hits the table.
The First flip a 1 dollar bet.
After that you can double your bets if you win or lose according to your guess.
You add/subtract from the imaginary $10 bill.


Additional Rules:
You MAY double your wins or loses any time, but you don't have to as you can play 1 dollar bets.
Let's say you are up 3 dollars, then you can bet the whole $3 on the next flip.
If you are down $3 you can also bet the whole 3 again to make it back. if you lose you are down 6 now,etc.

Goal: Get to $40 with the minimal amount of flips and if you get to Zero or minus..Game Over.

The idea behind the game is to illustrate the psychology of adding leverage, randomness, greed and the "revenge trade".
It's the same ingredients we tackle day to day in trading.


Reply With Quote
The following user says Thank You to kamd for this post:
 
  #8 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,059 since Sep 2010
Thanks: 1,933 given, 2,786 received
Forum Reputation: Legendary


kamd View Post
Great gamehttps://futures.io/clear.gif, thank you for sharing. true Van Tharp style.

Thanks! I would recommend to use this along with sim trading, and I mean it.
This is the one game that shows that doubling down to get out of a loss rarely works.

M

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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