The Survivors!!
- Thread starter Saint
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Can we do this every morning before starting our Trading ?
Self Talk for Traders...
* I have a trading plan today.
* I am ready for both loss and profit.
* I will not put myself down if I make a loss.
* I will not feel emotional if I make profit.
* As GOD is busy with other novice traders, I will not disturb him again and again.
* I will exit the market when I have made my profit, I will not stay more as I am not greedy.
* I am not going to blame anybody for losses.
* I am going to appreciate the person who was the reason for the profit.
* I will treat trading as a job, and will dedicate discipline to my job.
* I will not trade on hunches.
Feel free to add more points.
Source:- Friends like you, Thanks
Self Talk for Traders...
* I have a trading plan today.
* I am ready for both loss and profit.
* I will not put myself down if I make a loss.
* I will not feel emotional if I make profit.
* As GOD is busy with other novice traders, I will not disturb him again and again.
* I will exit the market when I have made my profit, I will not stay more as I am not greedy.
* I am not going to blame anybody for losses.
* I am going to appreciate the person who was the reason for the profit.
* I will treat trading as a job, and will dedicate discipline to my job.
* I will not trade on hunches.
Feel free to add more points.
Source:- Friends like you, Thanks
Making a list as above is a positive routine. But, traders' skins are thick. Something more invasive is required. Regular revision of even such a profound list would act on the symptoms and not the ailment. Akin to applying cold cloth on a feverish body. The cloth does not cure the fever but is very relieving. Therefore, I suggest what I am doing for myself.
Make a personal list. Ensure it covers all the core Trading Principles. For that you can have it reviewed by one of the Seniors here. Now comes the important part: Whenever your actions trespass any one of the rule in the list... start a crucial process of Reflection.
First, find out which rule/s from the list you have violated. Then when you go deep into the recesses of your heart you will discover that you are NOT ENTIRELY CONVINCED WITH THE RULE in the first place. You were just doing a lip-job of revising the list.
Following this, you have a hard choice to make: Either you read and learn enough to get convinced about that rule or get gradually thrown out of trading. It is a hard cold choice to make. You owe it to yourself to sleep cowering in fear if you make the wrong choice.
For ex. I had (or still have, it has not surfaced for a few months) a problem of second guessing an entry signal when it occurred. As a result I ended up taking entries selectively, hence missing big moves.
I had violated the rule: "Take all entries the system gives. System is never wrong. Else it would have shown in backtests". Upon Reflecting, I realized that deep within, I was not entirely convinced about the rule. So I read.
I discovered a new angle. I saw that Entries and Exits are two sides of the same coin... Yin-and-Yang...
If I religiously follow my Stop Losses (Exits) then in corollary I must follow Entries too. Because, if SL contain losses, then Entries give profits, both of which serve the same purpose of welfare of my account. And you don't ever stop taking Stop Losses because it has given a few whipsaws, then why treat Entries differently; Why the duality in action then?
Since then my mind has not presented much resistance in taking entries. But, I am on alert and have that image handy.
The point is, you can be inventive with the process but these rules must be hard-wired into ones mind. Plain revision will only scratch the surface.
Regards.
Amit.
Make a personal list. Ensure it covers all the core Trading Principles. For that you can have it reviewed by one of the Seniors here. Now comes the important part: Whenever your actions trespass any one of the rule in the list... start a crucial process of Reflection.
First, find out which rule/s from the list you have violated. Then when you go deep into the recesses of your heart you will discover that you are NOT ENTIRELY CONVINCED WITH THE RULE in the first place. You were just doing a lip-job of revising the list.
Following this, you have a hard choice to make: Either you read and learn enough to get convinced about that rule or get gradually thrown out of trading. It is a hard cold choice to make. You owe it to yourself to sleep cowering in fear if you make the wrong choice.
For ex. I had (or still have, it has not surfaced for a few months) a problem of second guessing an entry signal when it occurred. As a result I ended up taking entries selectively, hence missing big moves.
I had violated the rule: "Take all entries the system gives. System is never wrong. Else it would have shown in backtests". Upon Reflecting, I realized that deep within, I was not entirely convinced about the rule. So I read.
I discovered a new angle. I saw that Entries and Exits are two sides of the same coin... Yin-and-Yang...
If I religiously follow my Stop Losses (Exits) then in corollary I must follow Entries too. Because, if SL contain losses, then Entries give profits, both of which serve the same purpose of welfare of my account. And you don't ever stop taking Stop Losses because it has given a few whipsaws, then why treat Entries differently; Why the duality in action then?
Since then my mind has not presented much resistance in taking entries. But, I am on alert and have that image handy.
The point is, you can be inventive with the process but these rules must be hard-wired into ones mind. Plain revision will only scratch the surface.
Regards.
Amit.
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