My Journey In Technical Analysis
- Thread starter XRAY27
- Start date
Psychological Techniques to Improve your Trading Performance: Dr. Brett Steenbarger
Psychological Techniques
Psychological Techniques
Patience is a virtue that is vital to success in trading.
A large amount of patience is required in order to go through the learning curve.
You need patience to wait for a trade where all the variables from your system align.
And then patience is needed when in a position, in order to maximize profits.
“Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably one that is also sick or lame; only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading” – Mark Weinstein
Source:Lone stock trader
A large amount of patience is required in order to go through the learning curve.
You need patience to wait for a trade where all the variables from your system align.
And then patience is needed when in a position, in order to maximize profits.
“Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably one that is also sick or lame; only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading” – Mark Weinstein
Source:Lone stock trader
POINT OF RETURN 
“If a man does not know what port he is steering for,no wind is favorable to him.”seneca
A trader who got a valid system with positive expectancy , with some known limitations, often try to optimize it ,to have much better results by adding these new points which may be from open source , like forum,Internet,books,etc or with some observations, which may be practical or may fail at execution , temptation of betterment will make us try this at onces .
Quest of optimization may endanger the existing system which may loses its positive expectancy and will be thrown to miniature level with all this new addition, so before adding any new point always maintain notes of your existing method so that there is point of return
Never forget Point of return is much better then become mad with additions and lose the shine of the system
“If a man does not know what port he is steering for,no wind is favorable to him.”seneca
A trader who got a valid system with positive expectancy , with some known limitations, often try to optimize it ,to have much better results by adding these new points which may be from open source , like forum,Internet,books,etc or with some observations, which may be practical or may fail at execution , temptation of betterment will make us try this at onces .
Quest of optimization may endanger the existing system which may loses its positive expectancy and will be thrown to miniature level with all this new addition, so before adding any new point always maintain notes of your existing method so that there is point of return
Never forget Point of return is much better then become mad with additions and lose the shine of the system
Reality of trading
Foundation of successful trading is built on an understanding of the randomness of every trade. Once you truly understand and accept that every trade has a random outcome, regardless of what happened on your last trade, you shouldn't be disappointed or even excited about the result of your current trade; because you should have no expectations.
Foundation of successful trading is built on an understanding of the randomness of every trade. Once you truly understand and accept that every trade has a random outcome, regardless of what happened on your last trade, you shouldn't be disappointed or even excited about the result of your current trade; because you should have no expectations.
Profitable trading does not depend on the knowledge of large number of theories,rather it depends on successful implementation of Few....Explained by Sunil Minglani in conversation with Sumit Agrawal
WATCH THIS VIDEO
WATCH THIS VIDEO
Similar threads
-
-
-
My journey of trading -- Traders should know that investing/trading is filled with ocean full of opportunites- Started by Maheswarra
- Replies: 1
-
-