TRADING: THE ETERNAL DICHOTOMY - Psychology and Money Management | futures trading

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Started:October 24th, 2010 (06:38 PM) by tigertrader Views / Replies:603 / 1
Last Reply:October 24th, 2010 (06:38 PM) Attachments:0

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Old October 24th, 2010, 06:38 PM   #1 (permalink)
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If Dickens were writing a book on trading it would probably begin; it is the best of times, it is the worst of times, the market can go up, the market can go down, we make money, we lose money, it is easy to do, it is impossible to do, we are full of hope, we are full of despair.

Such is the dichotomy that is trading. You must be confident, but ego-less. You must be objective, but subjective, mechanical but analytical, focused but relaxed, and disciplined but flexible. Your decisions may appear to be binary, buy or sell; but they are infinitely more complex.

Acquiring the knowledge of trading mechanics, tactics, strategies, and risk management is a relatively easy and finite process. Developing the mental skills of focus, discipline, objectivity, and self- confidence are much more demanding. In fact, it’s the one area of trading performance that is a continuous learning experience, and for some a continuous struggle.

The problems and challenges we face trading are not due to a lack of knowledge, but are due to a lack of patience and self-confidence. Improvement begins with changes in how we choose to think, act and be. Positive changes that will only be realized when we make a decision: a choice to learn to let go of the selfish and self-defeating side of our emotions which blocks our minds and clouds our decisions.

The journey to becoming a successful trader is a winding and bumpy road, filled with great triumph, and frustrating sorrow, but everyone has the talent to succeed and the power to create value in their lives. We have all made money, and we have all lost money, but somehow we have all survived and continued along the path to greater knowledge and practice.

Last edited by tigertrader; October 28th, 2010 at 02:57 PM.
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Old October 24th, 2010, 06:38 PM   #2 (permalink)
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