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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: hypostomus who wrote (14345)	10/8/2001 11:26:46 PM
From: OZ	Read Replies (2) \| Respond to of 18137

Tharp said: The composite profile of the losing trader would be someone who is highly stressed and has little protection from stress, has a negative outlook on life and expects the worst, has a lot of conflict in his/her personality, and blames others when things go wrong....In addition losing traders tend to be disorganized and impatient. They want action now." Since MOST lose money in this game, I think it is fair to say that people that are much better off than that description lose money too. Either that or most people just fit that description and that is a sad thought. I think that the most accurate quote in relation to why only such few make steady money is the one Douglas makes that says "The determining factor is psychological- the consistent winners think differently from everyone else... What I have discovered is that, at the most fundamental level, there is a problem with the way we think. There is something inherent in the way our minds work that doesn't fit very well with the characteristics shown by the markets. Those traders who have the confidence in their own trades who trust themselves to do what needs to be done without hesitation, are the ones who become successful. They no longer fear the erratic behavior of the market . They learn to focus on the information that helps them spot opportunities to make a profit, rather than focusing on the information that reinforces their fears." IOW, I think what separates the great traders from the losing ones is the uniqueness of the great traders as opposed to the commonality of the average people (losing traders). The masses get scared at the same time and get comfortable at the same time, someone has to stay even tempered at all times and take money from all. I can never tell when the million dollar traders that I know are making money or losing until I ask and that is just one of the unique virtues that I have seen between them. Oz