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Hi Guys
Interesting thread here.
There is no doubt that the psychological aspects of trading
are critical to a trader's success. For me what is important
is that a trader possess a set of empowering beliefs that
translate to actions which lead to success. While the
empowering beliefs may be universal, the actions tend
to be trader specific.
Elder's approach works for him. It may or may not work
for others. It wouldn't work for me as my decision making
process gravitates towards the positive rather than the
negative.
regards
ray
R Barros
101/25 Market Street
Sydney NSW 2000
Australia
Voice: 61 2 92673470
Fax: 61 2 92673478
E-Mail: rbarros@xxxxxxxxxxxxxxxxxx
----------
: From: Dennis L. Conn <dconn@xxxxxxxxx>
: To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
: Subject: Re: Wrong Lessons for trading.
: Date: Thursday, November 26, 1998 12:14 PM
:
: Hi Dave,
:
: When I first read it, it seemed to be exactly the opposite of the
approach
: I would take to trade. But the thinking behind it begins to make sense if
: you can equate losing with alcoholism; according to Dr. Elder, your focus
: should be on transcending the behavioral patterns that cause you to lose
: consistently. If you have demonstrated a pattern that will inevitably
: destroy your account, he advises using the same approach as AA - instead
of
: standing up and introducing yourself as an alcoholic to a group of
people,
: he recommends 'introducing' yourself to your computer each trading day in
: the same way, substituting the word loser for alcoholic. By reminding
: oneself of the tendency, one can avoid it - at least that's what I get
from
: it.
:
: Since a lot of our problems in trading stem from ingrained behavior that
we
: have to transcend, and from habits of thought that we need to change,
maybe
: there's some merit to his approach. Maybe it's an intermediate step on
the
: path to becoming the person one needs to be in order to be consistently
: successful as a trader. Whether it works for everyone, I don't know; I do
: know that when I started trading, I dismissed the psychological aspect as
: unimportant. But these days I find myself more interested in that than in
: any possible profits, and see as much need to examine and learn more
about
: myself as I once saw to examine charts and learn analysis - maybe more.
:
: Regards,
:
: Dennis C.
:
: -----Original Message-----
: From: David Hunt <adest@xxxxxxxxxx>
: To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
: Date: Wednesday, November 25, 1998 19:28
: Subject: Re: Wrong Lessons for trading.
:
:
: >I must say when Dr Elder said in his Psychology Video say to yourself "I
am
: >a Loser" each day before trading, he lost me. Did anyone else have this
: >effect from the book?
: >
: >David Hunt
: >http://www.adest.com.au
: >
: >
: >----------
: >| From: RAY RAFFURTY <rraff@xxxxxxxxxxx>
: >| To: tesla@xxxxxxx; RealTraders Discussion Group
: ><realtraders@xxxxxxxxxxxxxx>
: >| Subject: Re: Wrong Lessons for trading.
: >| Date: Wednesday, November 25, 1998 11:35 AM
: >|
: >| Elder's book is quite good, but contains only about 3 chapters
: >about
: >| the psychology of trading. The rest is devoted to descriptions and
: >methods
: >| of using some of the more basic and readily available indicators. He
: >then
: >| develops these into trading systems and presents some risk management
: >| techniques. After reading it you will probably want to go to some
more
: >| detailed texts on the subjects that interest you. For an excellent
book
: >on
: >| the psychology of trading try "The Disciplined Trader" by Mark
Douglas.
: >|
: >| Good luck
and
: >| good trading,
: >|
: >Ray
: >| Raffurty
: >|
: >| -----Original Message-----
: >| From: Terry S. Smith <tesla@xxxxxxx>
: >| To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
: >| Date: Tuesday, November 24, 1998 11:11 AM
: >| Subject: Re: Wrong Lessons for trading.
: >|
: >|
: >| >Have never read Elders, Trading for a Living, but I have heard great
: >things
: >| >about it, maybe I will add it to my trading library. E-mail me
privately
: >in
: >| >this matter.
: >| >-----Original Message-----
: >| >From: Mike Campbell <mcampbell@xxxxxx>
: >| >To: tesla@xxxxxxx <tesla@xxxxxxx>; realtraders@xxxxxxxxxxxxxx
: >| ><realtraders@xxxxxxxxxxxxxx>
: >| >Date: Tuesday, November 24, 1998 8:54 AM
: >| >Subject: Re: Wrong Lessons for trading.
: >| >
: >| >
: >| >>Terry S. Smith writes:
: >| >>
: >| >>> The best book I have found to unlearn basic human nature is
MINDTRAPS
: >| >>> UNLOCKING THE KEY TO INVESTMENT SUCCESS By Roland Barach. Before
: >| >>> reading the book it did not occur to me that I needed to shift my
: >| >>> perspective 180 degrees to be successful. After reading it I
began
: >to
: >| >>> realize why I was struggling to making any money in my investing
: >| >>> persist. It lists 88 psychological snares or Mindtraps that we
must
: >| >>> unlearn to become successful in this business. The ISBN is
: >| >>> 0-935219-07-2. Happy trading,
: >| >>
: >| >>How would you rate this book with respect to Elder's "Trading for a
: >| >>Living"? I'm reading that now, and it's an eye-opener for me.
: >| >>
: >| >>
: >| >
: >|
: >|
|