stranik
Private, 1st Class
- Messages
- 35
It is your PERSONALITY who trades
As I was on the forum more than usual last week, I noticed this frustration that some of your expressed as well. I want to offer an advice hopping to help.
A little background -
I have been trading for few years, spent time on working out my 3Ms (Method, MoneyManagement, and Mind), read tons of TA books, studied extensively Mark Douglas, Ari Kiev... - I assume majority of us on this forum knows about them), but still had feeling that some piece of my trading strategy puzzle was missing.
Coincidently, about a year ago I started a project on an individual personality and how our genetics affect our career (from a different prospective, corporate organizational structure - in my other life
). Some learning and discoveries from that project shoot a bright light on my trading deficiency. And I decided to took a "pet" project of my own to dig more in the personality study related to traders...
Long story short – to be a successful trader, you not only need to know your money management techniques, your trading method and its edge, and have a right mind set. But, most importantly, you need to know YOURSELF! Discover what type of personality you are born with. Are you a risk-taker or risk-avoider, need actions/changes or calm/stability, looking into getting all the details on a subject or just want to see the overall picture. The other important piece of that learning was for me that these qualities are coded in our genetics. Do you see a kid who wants to re-read each word in a book over and over, and another one who jumps through the pages and just wants to know how the story ended? Yes, obviously our life experiences shape us... but in a deep self we are who we are.
If you know who you are, next you should find a trading style that suits your personality. Can you wait few weeks (or days) for a patter to materialize or you need to trade news for few minutes and move on? For people of action monthly/weekly setups will bring losses, while for people of patience they will end up with profit.
I know that Sive has a different style and it does not suit my personality. Did I use his targets? Yes, occasionally I fall into that trap And I should admit those trades were not much success for me. Did I blame Sive for my losses? Obviously not! I am the one who set the order and clicked "buy" or "sell". No one forced me to do it, apart from either my greed or my fear. But now when I question myself why did I take a trade on EUR and it did not work, I know the answer!
The main point – don't try to change yourself, but learn who you are and use this learning to your advantage.
Hope it helps,
stranik
As I was on the forum more than usual last week, I noticed this frustration that some of your expressed as well. I want to offer an advice hopping to help.
A little background -
I have been trading for few years, spent time on working out my 3Ms (Method, MoneyManagement, and Mind), read tons of TA books, studied extensively Mark Douglas, Ari Kiev... - I assume majority of us on this forum knows about them), but still had feeling that some piece of my trading strategy puzzle was missing.
Coincidently, about a year ago I started a project on an individual personality and how our genetics affect our career (from a different prospective, corporate organizational structure - in my other life
). Some learning and discoveries from that project shoot a bright light on my trading deficiency. And I decided to took a "pet" project of my own to dig more in the personality study related to traders...Long story short – to be a successful trader, you not only need to know your money management techniques, your trading method and its edge, and have a right mind set. But, most importantly, you need to know YOURSELF! Discover what type of personality you are born with. Are you a risk-taker or risk-avoider, need actions/changes or calm/stability, looking into getting all the details on a subject or just want to see the overall picture. The other important piece of that learning was for me that these qualities are coded in our genetics. Do you see a kid who wants to re-read each word in a book over and over, and another one who jumps through the pages and just wants to know how the story ended? Yes, obviously our life experiences shape us... but in a deep self we are who we are.
If you know who you are, next you should find a trading style that suits your personality. Can you wait few weeks (or days) for a patter to materialize or you need to trade news for few minutes and move on? For people of action monthly/weekly setups will bring losses, while for people of patience they will end up with profit.
I know that Sive has a different style and it does not suit my personality. Did I use his targets? Yes, occasionally I fall into that trap
And I should admit those trades were not much success for me. Did I blame Sive for my losses? Obviously not! I am the one who set the order and clicked "buy" or "sell". No one forced me to do it, apart from either my greed or my fear. But now when I question myself why did I take a trade on EUR and it did not work, I know the answer! The main point – don't try to change yourself, but learn who you are and use this learning to your advantage.
Hope it helps,
stranik
