Thank you for asking, SS. I haven't taken a trade yet, believe it or not. Had a nasty injury at the gym which has kept me flat on my back, other than hobbling to the Chiropractor or Acupuncturist for daily therapy. But I'm finally improving and not complaining. Should be plenty of time to trade and each day I don't brings more confidence, if that makes sense. I'm very grateful that Perry has shared this system with us.
Perry. I'd like to apologize to you. It's truly hard to know exactly how one's voice is heard in cyberspace. And I feel my last posts may have come across different than the immense appreciation I feel for the system you have shared. Words do not express my gratitude. You are an excellent and generous professor. Thank you very much from the bottom of my heart.
Friends, I've been reading up on psychology because that is the missing link for me and stumbled across a book that I highly recommend called "Succeed: How We Can Reach Our Goals" by Heidi Halvorson, Ph.D. Her mentor is Carol Dweck, Ph.D. and they are both two amazing sharp social psychologists. Interestingly, the book is not about trading at all but I have been able to apply all of it to trading. It has been very useful, a real page turner filled with new, thought provoking ideas. Here is the amazon link: Amazon.com: Customer Reviews: Succeed: How We Can Reach Our Goals
Actually, Heidi Grant Halvorson in "Succeed" would refer to that trader on the cover of the trader magazine as an "entity theorist" (as opposed to "incremental theorist"). Entity traders, as I've re-coined the term, like recognition. They need to prove that they are perceived as smart to others around them. They believe intelligence is fixed, limited and in short supply. As such, they want others to know they have lots of "it". Setting the goal to obtain recognition validates intelligence. So while he appears to be a super trader, he is actually selling himself short because he could actually become a great trader. But entity traders set lesser goals for themselves that they know they can easily achieve compared to incremental traders. We're all like him. We tend to take on activities that come to us easily, quit those activities that require a lot more work to become accomplished, and strive to shine in activities that make us look good. Here's a memorable study from the book to illustrate the point. A large group of shy10 to12 year old boys and girls are told they will be individually videotaped with one other child. They can each decide to pick another shy child like themselves or one who has spectacular social skills. They're warned that if they choose to socialize with the outgoing child when the movie is replayed they will appear even more awkward in comparison to the graceful social kid. But if they do decide to pair up with the outgoing person they have the unique opportunity to spend quality time with an unusually social person and learn how to become outgoing themselves. Most kids chose to play it safe, as adults tend to do, too, because they believed change doesn't occur through hard work and experience. But some ventured out into unknown territory: they believed they could change and become the person they wanted to be.
Stay tuned for the incremental trader.
The following user says Thank You to plethora for this post: