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Web of Finance
171 hits
| May 23, 2002 5:31 pm |
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re: re: The effect of fear in trading by Mark Douglas |
Sean Phelan
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Well said Mike.
Your comment, "anyone who thinks they really know themselves should try trading for a living" reminded me of a favorite allegory. Of course, this will be more interesting for fellow Fantasy/SciFi fans, but recall in 'The Empire Strikes Back' when during Jedi training Yoda tells Luke to go into that mysterious cave? Luke wants to bring his weapons but Yoda tells him he won't need them & something to the effect that all he has to fear is what he brings with him.
The first time I saw that movie since being in the industry it struck me how much like trading that is. The only thing you have to fear is all the baggage you just walked in with. Of course, Luke ignores his mentor's advice - that's pretty apropos, as well.
> Mike Ball wrote:
> Great post. I couldn't agree more. The first 2 months of actual Daytrading the markets I have recently felt compelled to write down that which I perceive is holding me back from consistent profits.
>
>I'm afraid of and must therefore overcome the following;
>
>I fear...
>
>...lack of focus and discipline
>...trying this at the wrong time in my life
>...delluding myself
>...always working alone
>...not having a coach
>...feeling inadequate
>...running out of money
>...running out of time
>...progressing too slow on my own
>...never being successful at it
>...being wrong
>
>anyone who thinks they really know themselves should try trading for a living. Rest assured you'll find out who you really are.
>
>-momo
>> Sean Phelan wrote:
>> "In a winning trade, the fear of losing will cause us to focus our attention on information that the market is going to take our profits away, compelling us to get out early. In a losing trade we will focus our attention on just the opposite information-anything other than that which would indicate the trade is a loser. Fear causes us to act without a perception of choice. When we are afraid to confront certain categories of market information, it drastically limits the choices that we perceive as available. Cutting a loss isn't a choice if we systematically block from our awareness any information that would indicate that we are in a losing trade. Staying in a winner isn't a choice if we are consumed with the fear that the market is going to take away our money... To prevent these blind spots in our perception, we have to learn to trade without fear."
>>- The Disciplined Trader: Developing Winning Attitudes, by Mark Douglas
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Private Reply to Sean Phelan (new win) |
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