Eric,s Psych Circle

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eric

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Monday, February 19, 2007 - 11:45 am:

I thought I may start a thread dealing with the psychological demands, emotional discipline and various mindsets of a trader. Anyone interested?

If you are, I will discuss various aspects relating to the above on this thread, as well as trying to answer your questions.

Maybe it is worthwhile and of interest. If not, so be it.

Eric

Time frame: as long as it takes

dug

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Monday, February 19, 2007 - 12:43 pm:

I reckon Success as a Trader lies in Motivation.
The motivation to Know about such a complex,ever changing,many path providing MARKET.
I've been,well,disappointed in recent posts by "d'Young" along the lines of
"I worked 6 months for a Broker but I'm tired of making money for others so I'm Gunner do Options,Serious Trading with 30 grand.Oh it might take 5/10 years but I I I am for this,this Fab Lifestyle,waking up coming up MidDay having breakfast o'designer coffee,check the Close on me Lap Top,my portfolio is Long Term Holders,built on Ducks and 30% success rate but oh BUTT be Proud of ME!!! I'm a Share Trader extrodanaire!![and I don't need to Spell]"

Go into this Solely/Mainly for d'Money and ya Handicapped right THERE!
or so I reckon.

tick [1] VWAP in the upcoming "Whata we Want" subscriber poll of additions to d'Value 4 $'s IC chart programme.
VWAP is d'Tool of Professionals,TRUE!!

eric

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Monday, February 19, 2007 - 12:49 pm:

Dug, obviously motivation is a big part of it.
If you are not motivated to do it, why start?
Does not make sense.
Eric

Time frame: as long as it takes

smallworld

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Monday, February 19, 2007 - 01:05 pm:

Eric
I think its a good topic and I'll glad to hear your views and experience.
Waiting with baited breath

spider

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Monday, February 19, 2007 - 01:13 pm:

Hi eric,
what an excellent topic.
You certainly have the credentials for such a topic.
Here's one to start the ball rolling: "The expectations of others".

It has been my experience that 'others' have not go a clue what you do as a trader.

Sometimes this can be a plus. At a party 'others' assume that you are rich and work in a glamorous field (or they think you are a wanker!)

'Others' that we may be married (or attached) to simply want us to perform without really knowing what we go through. At one of our Christmas parties our spouses recited the chant "Show us the money!"

The expectation of 'ohers' can create interesting pressures.

P.S. I too would like to know what motivation means, if it does not mean the desire to make money.

spider.

dug

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Monday, February 19, 2007 - 01:41 pm:

Is share trading the EASIEST way to make money?To get a Head?
Is dutch/danish for example pursuing a Noble Cause in not wanting to Get a Day Job?
To take his Five Grand and Get a Life as a Share Trader instead of applying the 5 grand and get a Guaranteed what,Sixty/Hundred Thou a Year from say Driving a Truck!
If money is your prime Motivator,there's other,better ways to meet your Needs.
You trim what you Want,economise til your income desires equals,exceeds what you actually NEED.
High Life DREAMS are NOT for the Disciplined,it's ALL Work!

Happy Trading.
I mean Be a honest Tradie nix a Spiv Salesman!!

tick [1] VWAP in the upcoming "Whata we Want" subscriber poll of additions to d'Value 4 $'s IC chart programme.
VWAP is d'Tool of Professionals,TRUE!!

macca888

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Monday, February 19, 2007 - 01:49 pm:

G'day all

Nope dug I didn't get into this solely for "d'money".
I got into it for YOUR money.
Somebody has got to take the other side of my trades

.

As to motivation at least we agree on the intellectual challenge of "knowing the market".
There are other reasons, including being in charge of my own business, working from home and general lifestyle considerations that are motivating factors for me.

Speaking of which I'm off to Byron Bay tomorrow and will be thinking of you "dug" as I am "having breakfast o'designer coffee" post early morning walk along the beach with an old friend.

Motivation is a great starting point to initiate action.
But in the meantime, my usual persistence will probably pay off once again.

888

"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein

"A prudent speculator never argues with the tape. Markets are never wrong - opinions often are". Jesse Livermore

"The only sound reason for buying a stock is that it is rising in price.
If that is happening, no other reason is required.
If that is not happening, no other reason is worth considering".Nicolas Darvas

eric

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Monday, February 19, 2007 - 01:49 pm:

Spider, as a trader, you are only responsible to yourself. This is freedom. Others will never know your psychological makeup, they will not fully understand your trading plan. If you are confident with your trading plan, nobody should be able to put outside pressure on you.

You are not looking over some other traders shoulder and comparing your success with theirs. Nor should you have to. But learn from other traders as much as possible. Set your goals, your plan and stick to it. That is the only responsibility you have.

You are responsible for your own trading, however it is important that you discuss important issues with your spouse/partner. If you don’t, conflict and doubts will creep in and your mindset will be affected.

Happy Trading
Eric

Time frame: as long as it takes

eric

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Monday, February 19, 2007 - 02:01 pm:

888, when u engage in trading, all the traders put their money in a big pot. the money is faceless and belongs to nobody.

Eric

Time frame: as long as it takes

ingot54

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Monday, February 19, 2007 - 02:16 pm:

Macca nailed one home there - it's not the money - it's the lifestyle!

I met an old girl of 92 yrs when nursing in Hobart 2004.

She was admitted to hospital with a mild stroke. It left her basically unaffected, EXCEPT that it robbed her of the ability to speak.

Why bring this up?

Well, the old spinster had been a futures dealer in Melbourne throughout her active prime, and in retirement STILL traded futures daily (or whenever) with her broker.

Her neighbour told me about it - she was like a Dug - an avid reader of the AFR, but the difference is she was 92 yrs of age and thriving on it.

Money?

In Tasmania she probably burned $100 notes to keep warm in the winter. She passed the need for financial independence in her 30's.

For me it is not about the money either - of course I would like the extra bucks - but realistically it's not going to happen. After 3 years shaking this thing by the left ear, I have to say I have realised I don't have that killer instinct.

I am not smart enough to twig to the necessaries.

Who cares!

I love what I do - I can yabber on to my heart's content on this forum and that. My current interest is FX - next week it might be Coffee or Soya Beans! After that I might get sucked in to a discussion on the chances of BHP selling Uranium to China!

Or even start the discussion!

So what!

I'm having fun, and not doing any harm to myself.

But I am learning, and I am doing my own thing.

Now that's priceless to me.

You won't take that away!

But one day I might just find my niche - it's called never giving up - learning is fun.

Knowing it all is boring.

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

dug

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Monday, February 19, 2007 - 02:30 pm:

Where did you read that,mac8?the one about how traders take YOUR money?Must have read that at least five times now by different posters?
and how do you reconcile that Mightier than Thou kind of thinking with ya first Quote by whine inna stein?
Byron Bay is Ruined these days,crowds of,well,youse macca888!

tick [1] VWAP in the upcoming "Whata we Want" subscriber poll of additions to d'Value 4 $'s IC chart programme.
VWAP is d'Tool of Professionals,TRUE!!

macca888

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Monday, February 19, 2007 - 02:31 pm:

G'day eric

Yep, you're right. It's a big lovely pot.

But if you were to enter the darkest corners of "dug's" mind, a place where no one has been lost, then you might find the thought of dug's that all his is mine.
It's not personal for me, just business and only a thought of money.

You don't need a killer instinct ingot54, just a little persistance. One day it will all come together for you, whatever that means. In the meantime try to stay in the game.

One of my early mentors taught me that there is no evil in money. It's what you do with the surplus to your needs that is important.

888

eric

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Monday, February 19, 2007 - 02:33 pm:

Very few people get motivated by money. What is money really? Nothing much, but it is a tool to get what you want.

motivation is all about setting goals. It is the process of growth and achievement. We all have different goals. Our goal must not be evaluated in success or failure, but in personal and emotional terms.

You must know what you really want. This will give you motivation.

Most people don't know what they really want. Ask a few people "What do you really want. You will be surprised by the lack of clear statements.

Eric

Time frame: as long as it takes