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Emotions and Behaviors in Trading

  
  Education
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Successful trading requires the individual to have more than a certain amount of control over emotions and behaviors.
Emotions may include, but not be limited to, the following items:
1. Anger, anxiety, confusion, depression, disappointment, exhilaration, frustration, insecurity, passion, satisfaction, etc.
Behaviors may include, but not be limited to, the following items:
2. Arrogant, consistent, controlling, denial, following through, [im]patient, [ir]rational, letting go, perseverance, stubbornness, tenacity, etc.
Having control over these and other emotions and behaviors will allow for the trader to execute trades objectively, and more importantly, according to a strategic plan.

Sounds easy enough, does it not? “Execute trades objectively, and more importantly, according to a strategic plan.” Being that traders are human, it is not such an easy task to accomplish. It is not easy to be objective and diligent about sticking to a strategic plan day after day after day – especially with the constant volatility and erratic dynamics of the market tempting and enticing you at every turn to take actions that are NOT necessarily objective and NOT necessarily part of the strategic plan.

10 COMMANDMENTS FOR MAKING MONEY

  
  Education
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1.  BELIEVE IN THE DIGNITY AND MORALITY OF BUSINESS:  Making money is much harder if, deep down, you suspect it to be a morally reprehensible activity. 

2.  EXTEND THE NETWORK OF YOUR CONNECTEDNESS TO MANY PEOPLE:  Befriend many people who are a rung or two above and below your financial level, then find ways to help them achieve their desires.  You will have discovered the secret of Partnership Power. 

3.  GET TO KNOW YOURSELF:  To change the way others see you, first you have to learn to see yourself as others see you. 

4.  DO NOT PURSUE PERFECTION:  Neither neglect the imperfect nor expend yourself on futile pursuit of perfection, while failing to make the most of less perfect circumstnaces. 

5.  LEAD CONSISTENTLY AND CONSTANTLY:  Learning to lead is important, but it may not be what you think it is.  Leadership is not a noun; it is a verb.  It is not an identity; it is an action.  Don’t try to become a leader, just do it. Just lead.

6.  CONSTANTLY CHANGE THE CHANGEABLE WHILE STEADFASTLY CLINGING TO THE UNCHANGEABLE:  Convert change from enemy to ally by understanding when to enjoy the exhilaration of change and and when to fight it and steadfastly defend the unchangeable. 

7.  LEARN TO FORETELL THE FUTURE:  Who is wise? One who can tell what will be hatched from an egg that has been laid. Not he who can see the future-that is a prophet.  Wisdom is seeing tomorrow’s consequences of today’s events. 

8.  KNOW YOUR MONEY:  Your money is a quantifiable analog for your life force-the aggregate of your time, skills, experience, persistance, and relationships.

9.  ACT RICH: GIVE AWAY 10 PERCENT OF YOUR AFTER TAX INCOME:  Through the mystical alchemy of money, giving charity jump-starts wealth creation. 

10.  NEVER RETIRE:  Integrate your vocation and your identity by thinking of life as a journey rather than a destination. 

If you have not figured it out yet you soon will: learning to trade inside the charts finds its firm foundation outside the charts.  It is all in the way you think and in what you believe about money and wealth creation. 

Beating The Game

  
  Education
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3575My satisfaction always came from beating the market, solving the puzzle. The money was the reward, but it was not the main reason I loved the market. The stock market is the greatest, most complex puzzle ever invented – and it pays the biggest jackpot….it was never the money that drove me. It was the game, solving the puzzle, beating the market that had confused and confounded the greatest minds in history. For me, that passion, the juice, the exhilaration was in beating the game, a game that was a living dynamic riddle, a conundrum to everyone who speculated on Wall Street. Jesse Livermore

Secrets of Jesse Livermore

  
  Education
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1. Money Management:
    * “I trade on my own information and follow my own methods.”
    * “The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street, even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.”

2. Business of Investing:
    * “I believe that anyone who is intelligent, conscientious, and willing to put in the necessary time can be successful on Wall Street.  As long as they realize the market is a business like any other business, they have a good chance to prosper.”
3. The Investor Self:
    * “My satisfaction always came from beating the market, solving the puzzle.  The money was the reward, but it was not the main reason I loved the market.  The stock market is the greatest, most complex puzzle ever invented – and it pays the biggest jackpot…it was never the money that drove me.  It was the game, solving the puzzle, beating the market that had confused and confounded the greatest minds in history.  For me, that passion, the juice, the exhilaration was in beating the game, a game that was a living dynamic riddle…”
4. Market Analysis:
    * “What beat me was not having the brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favored my play.”
    * “It cost me millions to learn that another dangerous enemy to a trader is his susceptibility to the urgings of a magnetic personality when plausibly expressed by a brilliant mind.”
5. Routines:
    * “It is what people actually did in the stock market that counted – not what they said they were going to do.”
    * “The game of speculation is the most uniformly fascinating game in the world.  But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer.  They will die poor.” (more…)
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