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Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
I just had a realization. And an further rationalization for trading the bigger time frames as opposed to the tiny ones where the normal wiggles take out the stop. I will die. I will have to pay taxes. Longer time frames allow for more accurate predictions. Albeit general ones.
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...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
I am halfway through this book, it is superb, one of the most helpful books ever. The big point for me so far, is that in the end, our beliefs are at the root cause of our actions, and therefore create our circumstances in life. Beliefs cause emotions cause thought cause action. Something similar was said my Rande Howell on a webinar he did on overtrading, like we might have a deep set belief that we "have to DO something, MAKE something happen and if we are not doing something we are lazy" and that produces a sense of anxiety and urgency, especially if the market is quiet, and we start forcing trades. In this sense, mindfulness will disrupt the emotion-action causal link but it will not change the root cause - beliefs. Ypu still have to "manage" your state and the detracts from trading. Better to form new beliefs.
Another eye opener for me was "mindset" by carol dweck. The difference between a growth vs a fixed mindset, how we are often conditioned into fixed mindsets and how they are extremely limiting.
Understanding yourself is just as important as understanding markets.
Why we do what we do: understanding self-motivation (Edward L Deci).
Its about Intrinsic vs Extrinsic motivation (activity for the sake of activity, vs activity as a vehicle for results).
How the latter ironically produces decreased performance, decreased interest and can lead to burnout (i.e, it is often assumed
people will produce better results when "motivated" by a higher pay, prize etc), and can diminish intrinsic motivation.
Intrinsic motivation is linked to autonomy and individual choice, extrinsic motivation is perceived to be controlling/manipulative.
There's quite a bit more material in the book, these are the main ideas.
Good read, plenty of experimental evidence to back its claims. Reinforces why we should be process oriented and not "think about the money". I have been too focused on getting results and I realize it is burning me out. I remember first starting out, being introduced to the xtrader DOM and trying out various trading drills, it was really fun and enjoyable. There was no goal and ironically I was performing better than I have in the past few days. Trying to hit certain targets or "quotas", or fretting about losses, that has ground me down a lot and seriously impacted performance, so I'm taking a break and getting back at my roots.
Understanding yourself is just as important as understanding markets.