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Joe,
On Date: Thu, 6 Dec 2001 19:58:55 -0500 you wrote:
From: "Joe Duffy" <joeduffy@xxxxxxxxx>
Subject: Re: Always on the Right Side
As volatility breakout trader who averages down in the expectation
you can always be on the right side of the market, how DO you stay so
calm?
I am calm because I have done my research, gained my experience and
under-trade - same as any other calm trader whatever the style of their
trading system or the markets or instruments they trade.
I am calm because nothing can hurt me because I under-trade.
I am calm because my ego is not involved because I under-trade and
because I make no prediction for my ego to be attached to.
I am calm because I love the occasional loss - any set of trades that end
in loss is good in the same way Las Vegas casinos love to pay out a
million on a one-armed bandit - it encourages the losers to keep on
playing and lose several million dollars back to the casino.
In fact they love losing so much they advertise it with flashing lights
and loud music.
I am calm because calm generates more calm - a virtuous
circle. Calm generates clearer perceptions (fewer
emotions clouding perception) and so my ability to identify opportunities
is improved, so I make more successful decisions and act more effectively
and this generates more calm and serenity.
I am calm because I know I can make money almost every day on any market
that moves significantly.
I am calm because I believe I provide a service and that is why I get
paid (make profits). So I am not in the class of
traders who self-sabotage.
I am calm because I enjoy learning, and learning benefits from
mistakes. So mistakes are opportunities for improvement
not reasons to punish myself.
I am calm, because I have seen most things before and know I make the
most money on periods where initial market moves go against an initial
position. I have only recently overcome
disappointment (a low grade emotion) when the market moves quickly in
favour of an initial position, for these are often the least profitable
trading experiences - because service provided is minimal.
I am calm because I know the more service I provide to more traders, the
more I tend to get paid.
I am calm because I know the odds are heavily on my side.
I am calm because a mistake is just one part of one series of trades on
one market - there is no problem - it gets lost in the wash and I can
learn from the mistake.
I am calm because I know the market makers are working their butts off to
make me money.
I am calm because I know the big money is just waiting to help my
position out.
I am calm because if the market moves temporarily against my position,
the next trading period will have even better odds in my
favour.
I am calm because any increase in margin by the clearing house will shake
out more losers for me to make more money.
I am calm because as the market moves against a position, the odds in
favour of the position improve markedly.
I am calm because nearly all slippage is in my favour.
I am calm because it is just one set of trades and the result is not
important.
I am calm because I am patient.
I am calm because I am a seller near the top and a buyer near the bottom
because I repeatedly sell into rises and buy into falls.
I am calm because I meld with the market.
I am calm because I am doing what I love to do.
I am calm because the market showers me with presents as reward for
helping in its cause of serving traders to the best of its
ability.
I am calm because the teaching I am privileged to receive from the market
is helping me in other aspects of my life.
I am calm because I have learned to be calm.
I am calm because I have made lots of mistakes and lost money in many
combinations of markets, instruments, trading systems - in other words I
have done my apprenticeship.
I am calm because I can often learn from wisdom of others.
I am calm because I can often learn from mistakes of others.
I am calm because I do not need to be right.
I am calm because a gap in either direction helps me.
I am calm because I do not need to worry about loss of data-feed or
telephone connections.
I am calm because I am getting past excitement and into enjoyment and
fulfilment.
I am calm because I have no need for expensive data feeds, or expensive
graphing software.
I am calm because I know have unlimited opportunities for
profit.
I am calm because I can get on with my life without worrying about an
open position - the worst that can happen is that I miss a good
opportunity.
I am calm because I know have unlimited opportunities to
improve.
I am calm because I am in the moment.
I am calm because I know my skills are limited and this does not
matter.
I am calm because I can appreciate and admire the skills of those few
traders who fight heavy odds and win through vastly superior
skill.
I am calm because ...
If you are not calm why are you not calm? If you are calm why
are you calm?
So my question is why so many traders are unable to get past fear and
greed? I have 95% as many answers to this question as traders
I have shared experiences with. But I never cease to be
surprised, intrigued and learn from each new answer.
Perhaps the real question is:
"How do so many traders remain so lacking in calm when they see the
best trader in the world - the market - operate so successfully every
moment of every day?"
There you have it, the market is the worlds best trader and yet most
traders cannot or will not see it. Yet some will
willingly pay to attend seminars given by traders who will never be as
good a trader as the market is - and the markets seminars are open for
all.
Regards, Ric.
www.traderscalm.com
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