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North Carolina
Experience: Beginner
Platform: NinjaTrader, Tradestation
Trading: es
Posts: 644 since Nov 2011
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Some people may know that I called myself or gave myself the nickname "Market Predictor", and some just assumed that it was some sort of a marketing ploy. But, actually I came up with this moniker as a tool to help me deal my ego detracting from my performance. It was originated for that purpose only. And, in reading over some of the journals I've seen the same negative characteristics of ego in some the journals that identified in myself. You see technically I'm not the market predictor but rather the market predictor is me.
But more recently, I give myself another title which was "chief trading strategist". And, it is true I had built successful systems previously but by giving myself the title, it took away some of the resistance to developing systems that had limited me.
I guess it's about what we associate with certain titles or jobs. I sold my first program when I was eight years old. But I always considered myself a coder because my associations of being a programmer were not as positive. The job title data scientist has often been called the most sexy job title or something of that nature. Would that quote have resonated with anyone if they had used the term "data analyst"? Probably not even though that's what most data scientist jobs are or at least require the most job is working with data.
There are two psychology lessons contained in this post. One some traders may find it functional to separate themselves from their performance while still taking responsibility for it. One way to achieve this is to simply limit the use of the pronoun I in your journals and instead make them completely or mostly market focused or break it down into two parts one part I and one part market centric. Now some traders may not want to do this simply because if you make a really good journal then it's going to probably have to give away your secrets or you're limited in some way. What I do is actually is I have a trading partner that I send all my ideas to and that works for me as my journal.
The other lesson is a little bit different but is really about focus. A good title will help you to focus and harness your trading energies. If every time you sit down to work on the market or whatever and you have a reminder of an empowering title that will help you focus your energies.
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