Eagle, it is confidence, not cockiness that we are talking about. In the case of the charts I posted, it is just pictorial evidence to repudiate common fallacies.
Personally, I feel there is a need to be confident. Have you ever met a successful trader who is not confident? A good trader is like a rock. They are immovable from their methodology, yet they also respect all others approaches to the markets.
Now, I'm going to step on my buddy's toes (or is that his wing). Cockiness is like drinking. All the moderation garbage can be thrown out the window. I would not drink gasoline in moderation. I would not drink something to inebriate my mind, dull my senses, or give me headaches the next day when I wake up. The same goes for cockiness. In a venue like this where we really don't know each other, my concern is that my confidence comes off as being smug or cocky. Cockiness would inebriate my mind towards my trading, dull my senses, and give my bottom line headaches.
If we want to talk moderation, then okay. I watch how much coffee (This sure is a good cup at 6:30 in the morning.) I drink, because I don't like heartburn. I watch how much ice tea I drink, because I don't like kidney and lower back problems. I watch how much chamomile tea I drink before bedtime, because I don't like to get up at 2:00 in the morning to go to the bathroom.
I watch my confidence, even though I'm heavily endowed by it, because I don't want it to get in the way of being able to gather new ideas, or have it come off as smug.
Personally, I feel there is a need to be confident. Have you ever met a successful trader who is not confident? A good trader is like a rock. They are immovable from their methodology, yet they also respect all others approaches to the markets.
Now, I'm going to step on my buddy's toes (or is that his wing). Cockiness is like drinking. All the moderation garbage can be thrown out the window. I would not drink gasoline in moderation. I would not drink something to inebriate my mind, dull my senses, or give me headaches the next day when I wake up. The same goes for cockiness. In a venue like this where we really don't know each other, my concern is that my confidence comes off as being smug or cocky. Cockiness would inebriate my mind towards my trading, dull my senses, and give my bottom line headaches.
If we want to talk moderation, then okay. I watch how much coffee (This sure is a good cup at 6:30 in the morning.) I drink, because I don't like heartburn. I watch how much ice tea I drink, because I don't like kidney and lower back problems. I watch how much chamomile tea I drink before bedtime, because I don't like to get up at 2:00 in the morning to go to the bathroom.
I watch my confidence, even though I'm heavily endowed by it, because I don't want it to get in the way of being able to gather new ideas, or have it come off as smug.
Well done, Paul. Such logical thinking has always been expected of you. The funny paradox is, in this high-probability game of trading that we are in on daily basis, it is very easy to get cocky whenever a few variables repeatedly converge so as to give hint of its future movement.
'Cockiness' in moderation, like a drink or two, is acceptable. Afterall, a degree of confidence is always needed to execute the trade flawlessly as per one's methodology. But runaway-cockiness is a sure recipe for one's ledger destruction.
But how would one differentiate?
Honestly, I don't know. I mean, I know one could always bore others with lectures on Money management, experience, and all that...quoting this or that market wizard on top - though, knowing fully well that 'one size fits all' is a dangerous fallacy.
For me personally, well, the answer lies somehow in that century-old, bed-time prayer: God, grant me the serenity to accept the things I cannot change, the courage to change the things that I can, and the wisdom to know the difference. Amen.
'Cockiness' in moderation, like a drink or two, is acceptable. Afterall, a degree of confidence is always needed to execute the trade flawlessly as per one's methodology. But runaway-cockiness is a sure recipe for one's ledger destruction.
But how would one differentiate?
Honestly, I don't know. I mean, I know one could always bore others with lectures on Money management, experience, and all that...quoting this or that market wizard on top - though, knowing fully well that 'one size fits all' is a dangerous fallacy.
For me personally, well, the answer lies somehow in that century-old, bed-time prayer: God, grant me the serenity to accept the things I cannot change, the courage to change the things that I can, and the wisdom to know the difference. Amen.
