dchua1969
教育

The inner dialogue of a trader

POLONIEX:XEMBTC   NEM / Bitcoin
I don't know about you, but this has happened to me one time or another before I learnt a few things about trading.

1. This is a probability and NOT a certainty game. Whatever indicators used, are at best a guide and cannot be the holy grail (else wouldn't the creator be multi-millionaires by now?)

2. Patterns - While some said there is a preceding patterns to follow, I beg to differ. Each chart is different and must be treated at the present moment to trade, meaning past data is nothing but a guide. It may or may not happen. It is merely a tool used by "gurus" to predict the market, to drive up demand and more likely for a self-serving purpose. Read all news with a pinch of salt.

3. Emotional roller coaster - Most traders can make profits , even large profits in their trading career. The challenge is making profits, CONSISTENTLY. That is the name of the game. And I suspect it is the emotions that is hardest to control for most traders. There are just too much information, too much noises out there to disrupt one's thoughts, not forgetting the fear of missing out (better get in before it's too late or better sell before I lose more), the comparing with others and many biases that we carry in trading.

4. The Market - The market has always been NEUTRAL. It is us, the traders that give meaning to our own trades, thinking/saying it is bullish or bearish , buy or sell. The market has never spoken a single word from day one, think about it. The collective psychology of all traders would determine the price action. If there is more buy than sell, than price would goes up and if you are in the buy camp, you profit and vice versa. This imbalance creates an opportunity for those who knows how to spot it and has the patience as well. The market merely projects what it is on a daily, hourly, minutes basis to us. The decision to trade, to just sit on the fence or pawn your gold             to buy or sell the assets is solely up to you.

In short, take responsibility for your own trade, be it a win or loss. It's is not the market that causes it to fail. It's also not the indicators you used. Worst, it's definitely not any of the authors here in TV, even the top ones that help make your extra zero in your bank account. IT IS YOU, always will, forever will be.

And this a hard truth that any trader can learn to accept it. When we lost money, we need to ease the pain, to outsource our emotional shipwreck to somebody - be it the market, indicator or a tip you heard elsewhere. It is hard to stomach all alone, I know , the blame game is easier and definitely make you feel a hell lot better. But better is the killer, it takes away the most important lesson of trading. To make mistakes, accept it and learn from it, taking 100% responsibility for it. That to me is the gem, a value that the market presents to me daily.

All that you behold, it seems without
It is within your own imagination
Of which this world of mortality
is but a shadow - William Blake
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