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On trading: I started trading @ professional equities arcade w/ guys who cld make/lose a doctor's annual salary in a day. I moved to futures prop & was profitable in less than a yr before I left & started my own shop. I've put 29 traders thru my group. Saw the same issues (cont)
again & again. We r all very similar. I've been doing this for 19 yrs now. The thing that amazes me is how often ppl come in & do same thing every day, again & again even though results r poor. Very little emotional/self-awareness. (cont...)
This isn't these traders' fault. It is an issue w/how we r trained to think. We don't stop to ask "what am I doing? How is it working? Why am I continuing to doing this? Can I be doing something better or differently?" My traders had to be taught to be self-aware (cont...)
Easily 80% of my cost & effort went into emotional awareness (no such thing as emotional control really-just response control). Behavior modification is tough, but is key to making the turn. So my challenge to u for this week: (cont...)
Figure out the following for yourself--
1) Do u have a goal set & reasonable time frame to achieve it?
2) R u aware of the quality of the talk in ur head? Is it positive/constructive?
3) R u tracking ur progress like ur career depends on it (it does)?
(cont...)
1) Do u have a goal set & reasonable time frame to achieve it?
2) R u aware of the quality of the talk in ur head? Is it positive/constructive?
3) R u tracking ur progress like ur career depends on it (it does)?
(cont...)
4) R u aware of ur emotions & weather fear is deciding ur actions? Don't control emotions. It is impossible. Just be aware & manage ur reactions.
5) Do u accept that ur perf is predicated on 100s of perfectly executed trades & not this next trade?
(cont)
5) Do u accept that ur perf is predicated on 100s of perfectly executed trades & not this next trade?
(cont)
6) Do u accept irrefutable role of randomness in trading outcomes & that u can't plan/study losses out of ur dataset? Outcomes always 50/50
7) R u forgiving urself & focusing on improvement?
8) R u remembering that failure is necessary just as losses r?
(cont..)
7) R u forgiving urself & focusing on improvement?
8) R u remembering that failure is necessary just as losses r?
(cont..)
Most of all, r u staying rooted in gratitude and recognizing that this is just a journey. Enjoy the process. Give it your best until there is no joily in it. It is not the end of the world to take a break or to stop. Breaks are underrated!
Wishing all the best in everything!
Wishing all the best in everything!
Really tough to type on my phone without a billion misspelling like weather instead of whether.
