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Hi,
This is about ownership - or if you prefer self-identity of traders.
Hopefully it will inspire some.
Many traders have pet methods and pet markets and pet trading instruments
and ...
After a while, it is human nature to identify with what we do - I am a
builder, an engineer, a trader...
Some go as far as to identify themselves with particular aspects of their
trading, using a specific trader related email name as I do - calmtrader1@xxxx
When this becomes a problem is when instead of the trader owning the
method, markets and instruments ... , these things begin, in a way, to own
the trader.
At one time I was an Elliott waver, trading FTSE-100 futures. When the
method gave an entry signal, when the FTSE market moved, I was enhanced
when the futures made profits and diminished when they made losses.
My opportunities were restricted by the Elliott signals and the single
style of trend-following, by my focus on one market and my single
instrument of choice.
At this point the self-identity is in some way attached to the method, the
market, the instrument ...
This shows up as touchiness when one correspondent dares to mention in
passing or directly that there is another method, market, instrument
... that might be as good or better or easier or calls into question some
belief ...
Such personalisation of the impersonal is a good sign of feeling attacked,
of insecurity, and this is often associated with a feeling of ones
self-identity being called into question.
The trader is then owned, to some degree, by his trading and the reaction
reinforces the ownership of the trader.
Sad really, because it becomes difficult to change, develop, grow other
than by digging a deeper hole.
The classic for traders is spending a large proportion of the trading time
watering one part of the trading hole - or what is sometimes nastily called
curve-fitting - and by so doing carefully avoiding watering the trader himself.
Another classic is spending an inordinate amount of time or investing a
high value in a trading journal.
A 'traders log' as the name suggests is owned by the trader, often a
'trading journal' is where the trader is owned by the journal. A traders
log helps you get out of any hole, a trading journal can be used to dig the
hole deeper, often using emotions.
Still, there is always a chance to identify your identification with:
- one trading method or style,
- one market or class of markets,
- one instrument type,
- ...
and to release yourself from ownership especially now if brought to focus
by this email.
You can be more than your temporary self-identification if you can break
free of your self-imposed chains.
It is good to be free, if only to re-chain and re-free.
It is even better to be free to grow without self-imposed constraints -
comfort zones and artificial identification and attachments.
Some of my more successful clients trade multiple trading systems/trading
styles on multiple markets using many different instruments ...
Their identification is to change, ever improving their reward to risk
ratios and learning.
Their self-identity is to continual remaking of their self-identity.
Their self-identity has accepted that change, like the markets, requires
retracements, and taking a step back is part of taking two forward.
To inspire yourself, in part you need to free yourself of self-imposed
identification - releasing attachments and getting past denial of change
and petty taking of impersonal things personally.
If you have taken this email personally you have a problem as you are
self-limiting.
If you have seen this email as a thought provoking opportunity, you have no
limits for growth.
May your potential be realised, Ric.
www.traderscalm.com
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