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Trading Psychology Quotes

  
  Education
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Psychology matters more to trading or investing than perhaps any other income-producing activity. Here are some quotable quotes from some well known industry participants highlighting that reality…

 Anyone who claims to be intrigued by the “intellectual challenge of the markets” is not a trader. The markets are as intellectually challenging as a fistfight. Ultimately, trading is an exercise in self-mastery and endurance.

Ralph Vince (money management expert)

The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.

Victor Sperandeo (master Wall St trader) (more…)

The MASTER TRADER

  
  Education
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The MASTER TRADER…
…is rational.  He does not trade for egotistical reasons.
…is skilled in self-mastery thus able to deal with market reality.
…is able to see through the noise in the markets and find low-risk, high reward trade opportunities.
…is hard working and has the discipline to follow through with well thought out plans.
…is committed to his methodology and able to cut losses when called upon to do so.
…is humbled by his need to rely on the support of others.
…is adaptable to market changes.
…is up to the challenge of the trading game.  Enjoys profits and endures losses.
…is able to handle both success and failure without self-destructing. 

Stock Market Success

  
  Education
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SUCCESS11)  The psychological model – What makes great traders, this model  asserts, is self-mastery.  Great traders don’t necessarily possess  better trading methods or secrets, but apply common wisdom more  consistently, with less emotional interference, and therefore with  better risk management.  Developing trading expertise is a function of  developing oneself in this model.  

 2)  The scientific model – What makes great traders according to this  model is superior research.  Markets exhibit cause-effect  relationships, and these relationships shift over time.  The role of  research is to uncover these patterns and capitalize upon them.  Such  a model is, in a sense, the opposite of the psychological model.  It  hypothesizes that, once you discover inefficiencies in the  marketplace, these can be incorporated into mechanical systems that  eliminate any troublesome human elements from trading.   (more…)

Happiness and Quality of Life

  
  Education
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1) Inner Abundance – This relates to self-care and maximizing one’s energy and internal resources;
2) Quality Time – Time spent by oneself, for oneself;
3) Finding Meaning – Having goals that give purpose and significance to life.
The key idea here is that happiness is not just something that happens to people. It is the result of one’s relationship to oneself. 
I encounter many traders who lack a sense of abundance–they are forever fearing that they will miss market moves and opportunity. I find many traders that lack quality time: they are slaves to the screen and experience more frustration than joy in their efforts. I also see many traders who derive little sense of meaning and purpose in their work. If they’re not making money, they are not happy. (more…)

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