"Zen masters" of trading
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  1. #1
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    "Zen masters" of trading

    Hi there!

    There is a popular myth that professional trader should be like "zen master", never letting greed and fear appear in his mind. This idealistic picture has nothing similar with reality.

    In fact, professional traders are quite different people. One can be really calm, other can be very emotional.
    But what really distinguishes pro from amateur - pro never brings his emotions to trading.

    There is one funny example, that Mike Bellafiore (Mike is an owner of large proprietary trading firm in NY) tells in his book "Playbook". Traders were sitting near their workplaces, suddenly one of them sreamed and broke the keyboard. Nobody said a word, and he just gave him a new one. In the end of the month, this trader will be charged 25 USD and that's it.

    So, emotions are normal, we can't eliminate emtions and this is not realistic.

    I would suggest to focus on more realistic goals - to follow your plan, to increase self-awareness or to execute your trades better. But not to eliminate emotions. The more you trade, the less emotional pressure you will have. It's natural thing and if you fight emotions you won't win.

    Maybe if pressure is unbearable, it's useful to lower you risk.

    Another famous example is well-known George Soros. He was so emotional, that he felt pain in his neck when something was going to go wrong.

    Bottom line: don't fight it, focus on what you can change. There is a lot to change in your trading :)

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    Last edited by Value trader; 08-09-2013 at 12:09 AM.

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    I share this view too, there are many traders in this market, but they do not reason about the market in the same way, this makes result different, also because of the different sources at which they gathers information, things might not be the same, but if you think and search in deep, you will find the truth about the things you want about the market and the way you want your thing.

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    Well, as humans it is natural to have emotions. We feel the pain and pleasure. However certain emotions like greed should be controlled. A trader should not allow greed to influence his trading decisions. He should trade by focusing on his knowledge and experience and always have a realistic approach.

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    Exactly ! Value trader, you are 100% right ! Emotions is the thing which DISTINGUISHES/DIFFERENTIATES a professional/expert trader with a newbie trader. Newbies have a lot of emotions when they are doing trading and experienced traders dont have these . So that is why, experts says to always control your greed , otherwise you might face failure.

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    Yes, the new trader may have more emotions in the Forex trade and for this they can not do well in the Forex trade. If a Forex trader can remove his emotions from the Forex trade then they can do well in the Forex market I think, greed is also rejected in the Forex market.

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    Quote Originally Posted by Value trader View Post
    Hi there!

    There is a popular myth that professional trader should be like "zen master", never letting greed and fear appear in his mind. This idealistic picture has nothing similar with reality.

    In fact, professional traders are quite different people. One can be really calm, other can be very emotional.
    But what really distinguishes pro from amateur - pro never brings his emotions to trading.

    There is one funny example, that Mike Bellafiore (Mike is an owner of large proprietary trading firm in NY) tells in his book "Playbook". Traders were sitting near their workplaces, suddenly one of them sreamed and broke the keyboard. Nobody said a word, and he just gave him a new one. In the end of the month, this trader will be charged 25 USD and that's it.

    So, emotions are normal, we can't eliminate emtions and this is not realistic.

    I would suggest to focus on more realistic goals - to follow your plan, to increase self-awareness or to execute your trades better. But not to eliminate emotions. The more you trade, the less emotional pressure you will have. It's natural thing and if you fight emotions you won't win.

    Maybe if pressure is unbearable, it's useful to lower you risk.

    Another famous example is well-known George Soros. He was so emotional, that he felt pain in his neck when something was going to go wrong.

    Bottom line: don't fight it, focus on what you can change. There is a lot to change in your trading :)
    very brilliant and humorous post you have there,especially the story of the guy who smashed his keyboard you know i must confess i have found myself in such situation when you feel like the market keeps going against you as if all odds are against you.This mainly has to do with our emotions,we have to learn to deal with our emotions,before we can actually deal with the currency market properly.

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    Quote Originally Posted by taharoyal52 View Post
    Exactly ! Value trader, you are 100% right ! Emotions is the thing which DISTINGUISHES/DIFFERENTIATES a professional/expert trader with a newbie trader. Newbies have a lot of emotions when they are doing trading and experienced traders dont have these . So that is why, experts says to always control your greed , otherwise you might face failure.
    You're right, but I will add - control of actions distinguishes professional from amateur. We all have emotions, but not everybody is capable to control actions. Professionals are focused on doing proper things, rather than trying to reduce greed and fear.
    The more you do right things, the less emotional pressure you have :)

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    Yes sir, it's hard to avoid emotions since it's our natural characteristic as human being. The best thing to do is improving our trading skills without worrying too much about our emotion because it's unchangeable. We better use our emotion in the right moment but not too much. For example, we may feel happy to get some profit but don't get excited too much. Or we may feel stress and regret because we suffer losses but don't take it too deep.

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    As time passes by, and if we are serious, we will surely improve a lot. No one is a born trader . No one has born skills or knowledge to trade in this business. No one has knowledge before until and unless he/she himself trades.
    So as time passes by, we can really improve. We need to show a serious attitude. We should be motivated towards our trading and should stop things which distracts us if we want to do this business for long term .

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    Quote Originally Posted by Value trader View Post
    You're right, but I will add - control of actions distinguishes professional from amateur. We all have emotions, but not everybody is capable to control actions. Professionals are focused on doing proper things, rather than trying to reduce greed and fear.
    The more you do right things, the less emotional pressure you have :)
    a professional trader is often prioritize transaction analysis and present reality, they are not going to be greedy because they know that the greedy nature that will make them get the loss, but the amateur will only see gains without any basis upon opening a position in forex

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