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Trading Psychology and How The Mind Works (I)

Discussion in Psychology and Money Management

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Trading Psychology and How The Mind Works (I)

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  #21 (permalink)
Colorado Springs Colo/USA
Posts: 8 since Dec 2017
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No, I have not worked with him yet. The cost is very high so I am trying to find someone who has worked with him for a reference. I will hop over to the other thread to read your input.

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  #22 (permalink)
Eugene, OR. USA
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jstnbrg View Post
A friend just pointed me to an interesting and highly pertinent article in the New York Times Magazine online. The title is "Do You Suffer from Decision Fatigue?"

I traded in the pits at the CBOT for 16 years, but the first three years were difficult for me. I did make money in each of the first three years, but not enough to grow as a trader and barely enough to cover my living and trading expenses. One big problem that I had was that I would often do well in the morning, but give back most or all of my day later on. I eventually decided to trade for a set goal of 4 ticks/unit of size per day, and then leave even if I had only been on the floor for 10 minutes, on the theory that with such a modest goal I could take only the safest trades and still make enough money to grow, and that going home a winner every day was more important than catching all the action. After I made that decision, I didn't have a losing month for 6 1/2 years. Perhaps lack of decision fatigue is why.

This simple idea has made a huge difference to my trading.............
This video also brings this idea out and that you don't need to catch those big trends to make really good money also illustrated in the spreadsheet image.

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  #23 (permalink)
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Hemmo View Post

After completing the intense upfront homework, I had the first session with Steve Present last week, which was great.

There is an existing thread in relation to Steve and his website ... Trading Psychology ...

That is where I am planning to provide some feedback on the experience for other members to consider approaching Steve Present for their trading psychology issues. It was these contributor's comments that made me feel comfortable in outlaying the money to work with Steve.

[Mike, I feel like I now have something to contribute to!]

Reallypo, have you worked with Steve? How many sessions? Do you feel that the impressive changes have remained permanent?

If you don't mind sharing, roughly how much upfront does Steve charge?

Sent using the mobile app

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  #24 (permalink)
Zuerich / Switzerland
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PhillyFanatic View Post
Is it easier to trade with a $100,000 account or $10,000? Does it change how you approach the market mentally?


It is in the final stage all about risk and money management, regardless how good you are in what ever in trading. You can read Wizard Books and Wizard Comments on and on, at the end this will be the point as soon as you make real money with trading. Even in today's algo trading, the risk is more or less the first topic to look at.


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  #25 (permalink)
Huntsville, AL
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Any suggestions on how to get into the right midset?

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  #26 (permalink)
Phoenixoboros's Avatar
Paris France
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Trading: CME Futures & US Treasury Bonds Futures (week) and Bitcoin (week-end)
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Amygdala hijack is a trader's ennemy.

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  #27 (permalink)
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 Small Dog 
Sydney NSW Australia
Experience: Intermediate
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George View Post
Now to the other issue. Have you heard of the term "Know Thyself"? I am sure you have, but what does it really mean? Well it's about knowing who you are and in this case the very essential part order to stop yourself from committing those errors, you'd have to stop yourself before YOU happen. In other words get to know yourself well enough in order to catch yourself before it happens. That way you don't have to trade those days, or commit those errors leading to those heartbreaking results.

"Knowing yourself", sounds very cool and very New Age, but an immensely hard goal to achieve. What's "yourself" anyway? Some Buddhist schools deny its existence altogether. As strange as it sounds, modern science has very little idea about consciousness. We know it is connected to the brain, but that's about it. There are plenty of theories that involve various neurotransmitters and anatomical structures, but at the end of the day they tell us nothing. Sure, you put a person in fMRI machine, show him a picture and his temporo-occipital zone goes from yellow to red. Now what?

There is a great book by Suzan Blackmore, Zen and the Art of Consciousness. She describes her experience with the practice of Buddhist koans. Koans are little riddles that don't make sense and cannot be answered by logic. Their goal is to transcend the logical thinking and "get it!" So the first koan was, am I conscious right now? As simple as it sounds, when you start paying attention and thinking about this, things start getting strange.

Anyway, it's a big topic. For those interested here is the link to one of her articles: Delusions of Consciousness

So what does it all have to do with trading? Well, I am not sure. I wish it was possible to dissect the mind and its functions and come up with some sort of a solution for not fucking up the trading account. Personally, mechanistic approach makes most sense to me. I don't necessarily mean algo trading, but rules in general. Look at the chart, make up your mind and make the decision. Long or short, stops and profit targets, whichever method makes sense, put the orders in and that's it. Don't change anything after that. Keep a diary and come back to it to see what went well and what went wrong.

Is it useful to analyse my childhood and try figure out if I cut the losses too early because I was worried about the integrity of my genitals while I subconsciously wanted to screw my mother, as per Ol' Sigmund? Even if it does turn out to be the reason, will it help me change my behaviour? I don't know. Strangely enough, we, humans, are so similar and so different from each other at the same time. The topic for another koan I guess.

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