Comments on: Five Ways to Increase Possibilities for Profit http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/ Helping traders overcome fears and emotions in trading Thu, 09 Feb 2012 14:53:15 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: CONNOR http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/comment-page-1/#comment-158510 CONNOR Thu, 01 Jan 2009 14:27:51 +0000 http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/#comment-158510 HI, Grab Your Free 1,500 Spins for Christmas. No deposit required. Spin the wheel and everything you win, you keep! No deposit requirement, just spin and win! Hit the Jackpot this christmas! HI,
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]]> By: Corey http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/comment-page-1/#comment-168 Corey Mon, 19 Mar 2007 04:10:28 +0000 http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/#comment-168 For me, I sought answers through seminars, books, websites, and any academic information I could find. Everyone kept telling me "Just do it" (in terms of taking the trades and the risk). I tried to find the perfect answer for overcoming fears, but for me, the answer came from - surprise - just doing it and taking on the risk incrementally and the world didn't end. I got better and more experienced, and that provided the best help. Seeing things for myself made all the difference. The knowledge I gained built the base - the actions provided the solution. I really enjoy that post(Traits of Successful Traders) - I've read some of the other articles on the website and am quite impressed. I'm also looking forward to reading more from your blog and am right there with you, cheering you on! Corey For me, I sought answers through seminars, books, websites, and any academic information I could find. Everyone kept telling me “Just do it” (in terms of taking the trades and the risk). I tried to find the perfect answer for overcoming fears, but for me, the answer came from – surprise – just doing it and taking on the risk incrementally and the world didn’t end. I got better and more experienced, and that provided the best help. Seeing things for myself made all the difference. The knowledge I gained built the base – the actions provided the solution.

I really enjoy that post(Traits of Successful Traders) – I’ve read some of the other articles on the website and am quite impressed. I’m also looking forward to reading more from your blog and am right there with you, cheering you on!

Corey

]]> By: Caravaggio http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/comment-page-1/#comment-166 Caravaggio Mon, 19 Mar 2007 01:44:46 +0000 http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/#comment-166 Thanks for the book recommendations. I've heard so many good things about The Disciplined Trader book that I will have to give it a go. The same goes for Steenbarger's two books. I must say that over the past six months or so, even though I haven't touched any books of this variety, I feel I have learned even more from looking within, and from the comments others have provided on my blog. Still, it is important to keep the door open and to always be learning, so I will give these books a try. We journey onwards, and hopefully upwards. Lastly, from NYSE Scalper's site I found this link quite insightful: http://trade4cash.blogspot.com/2007/03/character-traits-of-successful-trader.html . all the best Thanks for the book recommendations. I’ve heard so many good things about The Disciplined Trader book that I will have to give it a go. The same goes for Steenbarger’s two books. I must say that over the past six months or so, even though I haven’t touched any books of this variety, I feel I have learned even more from looking within, and from the comments others have provided on my blog. Still, it is important to keep the door open and to always be learning, so I will give these books a try. We journey onwards, and hopefully upwards.

Lastly, from NYSE Scalper’s site I found this link quite insightful: http://trade4cash.blogspot.com/2007/03/character-traits-of-successful-trader.html .

all the best

]]> By: Corey http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/comment-page-1/#comment-164 Corey Sun, 18 Mar 2007 18:55:25 +0000 http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/#comment-164 Caravaggio: Thank you for the comment and insights. You're right - this is a good illustration regarding enhancing the core and branching out. This is the case in most athletics too. In trading, you have to know your risk tolerance, preferences, biases, knowledge levels (how to grow) and so much more. It is an immensely personal and difficult journey at times. The "U" shaped experience you described fits me perfectly, and I'm sure it fits so many other traders. I came in during a rising bull market and thought I was a genius, then got overly aggressive, blew out all my gains and much more, and walked away for a while. I couldn't stay away, and so I kept learning and reading and studying. Every attempt I made to return never had the "arrogance" (false confidence) I had at the early stage. Eventually, you give it up or keep going. There were times where I walked away for good... only to return. It really was my persistence, more than my confidence, that kept me from permanently throwing it in. Besides, I love it - the game is fun. Mark Douglas's book <strong>The Disciplined Trader</strong> did the best job for me in explaining how fear mentalities set-up and keep you from profitability. To overcome this, it took more reading than one book and then what helped was actually taking trades and taking on risk and seeing for myself that what I feared (losses, being a loser, not being perfect) wasn't so bad. Brett Steenbarger's book <strong>Enhancing Trader Performance</strong> also is a great resource for structured learning that helps you achieve new levels in trading (and does a great job of describing "Trading Traumas"). It took a long time to get back to confidence and I approached trading with a fear mentality for a long time (trading "not to lose" vs. "trading to win"), and I'm still not where I was when I was "ignorant but blissful" to the risk in the market and in trading. I don't know if I ever will be able to get that overcondifent again - nor should I. I've had too many nasty losses that keep me gounded as risk-averse, and that is working for me - slowly but steadily, with high-probability trades that create an edge over time. I still have plenty of losses, but they're not "nasty" or debilitating. Development is probably like any price swing chart we view. Higher highs are followed by consolidation or pullbacks and a base, only to swing higher, consolidate more, retrace a bit, swing higher, etc. Trading development is described as 2 steps forward, 1 back (or sometimes 1 forward, 2 back!). My best to you. Caravaggio: Thank you for the comment and insights.

You’re right – this is a good illustration regarding enhancing the core and branching out. This is the case in most athletics too. In trading, you have to know your risk tolerance, preferences, biases, knowledge levels (how to grow) and so much more. It is an immensely personal and difficult journey at times.

The “U” shaped experience you described fits me perfectly, and I’m sure it fits so many other traders. I came in during a rising bull market and thought I was a genius, then got overly aggressive, blew out all my gains and much more, and walked away for a while. I couldn’t stay away, and so I kept learning and reading and studying. Every attempt I made to return never had the “arrogance” (false confidence) I had at the early stage. Eventually, you give it up or keep going. There were times where I walked away for good… only to return. It really was my persistence, more than my confidence, that kept me from permanently throwing it in. Besides, I love it – the game is fun.

Mark Douglas’s book The Disciplined Trader did the best job for me in explaining how fear mentalities set-up and keep you from profitability. To overcome this, it took more reading than one book and then what helped was actually taking trades and taking on risk and seeing for myself that what I feared (losses, being a loser, not being perfect) wasn’t so bad. Brett Steenbarger’s book Enhancing Trader Performance also is a great resource for structured learning that helps you achieve new levels in trading (and does a great job of describing “Trading Traumas”).

It took a long time to get back to confidence and I approached trading with a fear mentality for a long time (trading “not to lose” vs. “trading to win”), and I’m still not where I was when I was “ignorant but blissful” to the risk in the market and in trading. I don’t know if I ever will be able to get that overcondifent again – nor should I. I’ve had too many nasty losses that keep me gounded as risk-averse, and that is working for me – slowly but steadily, with high-probability trades that create an edge over time. I still have plenty of losses, but they’re not “nasty” or debilitating.

Development is probably like any price swing chart we view. Higher highs are followed by consolidation or pullbacks and a base, only to swing higher, consolidate more, retrace a bit, swing higher, etc. Trading development is described as 2 steps forward, 1 back (or sometimes 1 forward, 2 back!).

My best to you.

]]> By: Caravaggio http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/comment-page-1/#comment-163 Caravaggio Sun, 18 Mar 2007 17:52:57 +0000 http://blog.afraidtotrade.com/five-ways-to-increase-possibilities-for-profit/#comment-163 I like you last point best. "Expanding knowledge also means testing your strategy or gathering more data on yourself and your strategies." - Knowing yourself, or myself, comes top of the list for me. I believe in strengthening the core, branching out, returning to the core, and repeating, over and over. "Through increased knowledge, fear and anxiety should decrease as confidence in yourself and your abilities increase." - This makes sense, although my experience was U shaped. I approached trading with a false sense of security and heightened confidence. This was shot to pieces as my results fell apart and as increased knowledge produced an increased awareness of the possibility for failure, black swans etc. But now, I feel I my confidence is returning. I don't know whether this will be cyclical. I like you last point best.

“Expanding knowledge also means testing your strategy or gathering more data on yourself and your strategies.” – Knowing yourself, or myself, comes top of the list for me. I believe in strengthening the core, branching out, returning to the core, and repeating, over and over.

“Through increased knowledge, fear and anxiety should decrease as confidence in yourself and your abilities increase.” – This makes sense, although my experience was U shaped. I approached trading with a false sense of security and heightened confidence. This was shot to pieces as my results fell apart and as increased knowledge produced an increased awareness of the possibility for failure, black swans etc. But now, I feel I my confidence is returning. I don’t know whether this will be cyclical.

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