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Strategies & Market Trends : Technical Analysis - Beginners
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To: Jim DiFalco who wrote (9142)2/4/1999 10:47:00 AM
From: sean sanders  Read Replies (2) of 12039
 
Jim, (a lot of reading here, but good IMO)

In response to:
"Often I find the ability to divorce ones self from your emotions is almost as valuable as having the right system or indicator"

I recently read an article here is the section that included emotions

"OBSERVATION # 6

Losing traders often fail to acknowledge and control their emotive
processes during a trade. Winning traders acknowledge their emotions and then examine the market. If the state of the market has not changed, the emotion is ignored. If the state of the market has
changed, the emotion has relevance and the trade is exited.
CONCLUSION:

If a trader enters or exits a trade based purely on emotion then his
market approach is neither practical nor rational. Strangely, much
damage can also be done if the trader ignores his emotions. In
extreme cases this can cause physical illness due to psychological stress. In addition, valuable subconscious trading skills that the trader possesses but has no conscious awareness of may be lost. It is best to acknowledge each emotion as it is experienced and to view the market at these points to see if the original reasons we took the trade are still present. Further proof that this conclusion may have validity can be seen in even highly systematic traders exiting a trade for no apparent reason, and pegging a profitable move almost to the tick. Commonly, this is referred to as being "lucky" or being "in the zone".

also here was another point
"OBSERVATION #11

Losing traders often take themselves quite seriously and seldom
find humor in market analysis or the trading environment. Successful
traders are often the funniest and most imaginative people you will ever meet. They take joy in trading and are the first to laugh or relate a funny story. They take trading seriously, but they are always the first to laugh at themselves.

CONCLUSION:

Its no wonder that one of the first things psychiatrists test for when
treating a patient is whether or not the patient has any sense of humor about his affliction. The more serious the tone of the individual, the more likely that insanity has set in."

So I hope those exerps here helpful.

I know I wish I could look at trades like that; when I'm riding a put though a bull market <g>.

Sean
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