Traders Thought for the Day

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“Don’t judge each day by the harvest you reap but by the seeds that you plant.”
- Robert Louis Stevenson
 
“Before enlightenment: Chop wood, carry water. After enlightenment: Chop wood, carry water.”
- Zen Saying
 
"Just when you think it can't get any worse, it can. And just when you think it can't get any better, it can."
- Nicholas Sparks
 
"Let go of being right. Let go of having to do it your way. Your way has gotten you exactly what you've got right now."
 
“Never allow someone to be your priority while allowing yourself to be their option.”
- Mark Twain
 
“Tomorrow is the most important thing in life. Comes into us at midnight very clean. It’s perfect when it arrives and it puts itself in our hands. It hopes we’ve learned something from yesterday.”
- John Wayne
 
"Bring your desires down to your present means. Increase them only when your increased means permit."
- Aristotle
 
“Without numbers, there are no odds and no probabilities; without odds and probabilities, the only way to deal with risk is to appeal to the gods and the fates. Without numbers, risk is wholly a matter of gut.”
– Peter L. Bernstein
 
the golden gun said:
https://youtu.be/svbhTDVVyQc?t=7m32s
Click to expand...

Somewhat similar to the way I approach trading -

if one HAS to win, then just setting oneself up for failure.
once committed to the trade I assume that the money is 'lost'
this removes any pressure
win or lose, just rinse and repeat

Obviously the risk has to base low enough, eg max 1% risk capital, otherwise would be just fooling oneself.
 
rod178 said:
Somewhat similar to the way I approach trading -

if one HAS to win, then just setting oneself up for failure.
once committed to the trade I assume that the money is 'lost'
this removes any pressure
win or lose, just rinse and repeat

Obviously the risk has to base low enough, eg max 1% risk capital, otherwise would be just fooling oneself.
Click to expand...

yes, i'm living proof that you can't win if that's all you try to do. for many years i felt i needed to win because i hated my job and i wanted a way out. i knew the more i won, the less time i'd have to be there. then when the debt from those losses began to mount, i felt i had to win because that was the only way to pay the debt and become net profitable. i had to avoid losses at all costs because that would be more debt and more psych. pressure.

in the end it broke me down to nothing. at least i can say how absolutely essential it is to not have that need-to-win mindset. i got caught a bit because usually i'm the type of person that does better under pressure (ie. tests, last-minute deadlines) but this was a scenario outside that realm, and the strategies that helped me succeed in other areas of life caused me to fail miserably in this arena.
 
the golden gun said:
yes, i'm living proof that you can't win if that's all you try to do. for many years i felt i needed to win because i hated my job and i wanted a way out. i knew the more i won, the less time i'd have to be there. then when the debt from those losses began to mount, i felt i had to win because that was the only way to pay the debt and become net profitable. i had to avoid losses at all costs because that would be more debt and more psych. pressure.

in the end it broke me down to nothing. at least i can say how absolutely essential it is to not have that need-to-win mindset. i got caught a bit because usually i'm the type of person that does better under pressure (ie. tests, last-minute deadlines) but this was a scenario outside that realm, and the strategies that helped me succeed in other areas of life caused me to fail miserably in this arena.
Click to expand...
dont give in you dont know how close you maybe :thumbsup:
 
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