Who Me? Emotional??? What!!@#

[Mysticforex 13]

When I meet people who want to get into trading, one of the things they often say is, "If I just had someone to really teach me, I KNOW I could do this." Of course they also have in their minds all the money they plan to make.

 

The first place they do is to find a method or trading system which is not a bad place to start, but they don't even understand how they react to making or losing money.

 

Prime example:

 

Had a friend who never thought she would ever trade. She learned her method well, but was afraid to put on her first trade...in a DEMO account. After several weeks, she finally did.

 

I got a call around 10:30 pm one night that went something like this:

 

Me: Hello Jane (not her real name)

Jane: Oh my gosh! Oh my gosh! I can't get out; I can't get out!!!

Me: What's going on?!

Jane: I can't stop this thing, oh my gosh!

Me: Stop what?

Jane: I put on a trade, and I can't get out! I forgot what to do.

Me: Calm down Jane. Are you losing money or making money?

Jane: I'm making money but it's going so fast. I can't remember how to close this thing. Now I think I just bought again instead of selling...twice.

 

This went on for about 45 minutes before I could get her to calm down enough so I could walk her through it. We talked about it for a while. Now she sits there cool as a cucumber.

 

We just don't know how we are going to react. She for one never thought she would panic like that when she saw herself making big money that fast...which was what she hoped trading would do. Her mind wanted one thing, but her emotions had to develop to support/facilitate that idea.

[SIUYA 11]

When I meet people who want to get into trading, one of the things they often say is, "If I just had someone to really teach me, I KNOW I could do this." Of course they also have in their minds all the money they plan to make.

 

When ever someone asks me the first thing I suggest is - go and get the book market wizards and read it. It may not make a lot of sense but if it was interesting and you want to take it further come back and see me.

You know how many people have come back to me after that simple recommendation to buy a $25 book and spend a weekend reading it - about 2 out of 30 people....clearly the 28 are not serious.

 

so if you cant be bothered reading an enjoyable book or interviews that most serious traders I know continually refer to for inspiration, ideas, consolation or simply a good read then what hope have you got of controling any emotions even if you dont like the book.....why ask for advice if you are going to ignore it. :doh:

[Mysticforex 13]

When ever someone asks me the first thing I suggest is - go and get the book market wizards and read it. It may not make a lot of sense but if it was interesting and you want to take it further come back and see me.

You know how many people have come back to me after that simple recommendation to buy a $25 book and spend a weekend reading it - about 2 out of 30 people....clearly the 28 are not serious.

 

so if you cant be bothered reading an enjoyable book or interviews that most serious traders I know continually refer to for inspiration, ideas, consolation or simply a good read then what hope have you got of controling any emotions even if you dont like the book.....why ask for advice if you are going to ignore it. :doh:

 

LOL. . .

The fellow teaching me told me to get a copy of "Technical Analysis of Stock Trends" by Edwards and Magee,so I did.

[Obsidian 10]

...We just don't know how we are going to react. She for one never thought she would panic like that when she saw herself making big money that fast...which was what she hoped trading would do. Her mind wanted one thing, but her emotions had to develop to support/facilitate that idea.

 

trading without a plan is a bad idea even if you are winning...during my stock trading years, I closed many positions too early with rather small profits simply because I didn't know how to react (fear, hope, rely on technical levels?)

[BlueHorseshoe 10]

When ever someone asks me the first thing I suggest is - go and get the book market wizards and read it. It may not make a lot of sense but if it was interesting and you want to take it further come back and see me.

You know how many people have come back to me after that simple recommendation to buy a $25 book and spend a weekend reading it - about 2 out of 30 people....clearly the 28 are not serious.

 

so if you cant be bothered reading an enjoyable book or interviews that most serious traders I know continually refer to for inspiration, ideas, consolation or simply a good read then what hope have you got of controling any emotions even if you dont like the book.....why ask for advice if you are going to ignore it. :doh:

 

There's another book that follows pretty much the same format as the MW books which you might enjoy if you haven't already read it. Nowhere near as good, but still well worth reading. More of a focus on successful retail traders rather than hedgefund superstars, although for some the interview is clearly an exercise in publicising a fund launch.

 

Real People; Real Traders - Adrienne Laris Toghraie and Murray Ruggiero

 

One author is a psychologist/trading coach, while the other is a system developer.

 

BlueHorseshoe

 

Real Traders, Real People: How People Like You are Making it in the Markets: Amazon.co.uk: Adrienne Tograhie, Murray Ruggiero: Books