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Day Trader Confessions

I've been day trading for over twelve years, and I still like that, What am I doing. Actually, I even love that, what do i do. Day trading is a kind of addiction. I need a daily charge with research and trade. My day will be somehow different, if i don't trade, even if i face failure. My analysis is good, and trade is very far from perfect. Certainly, there are ups and downs, but, in the end, this is a very difficult and intellectual job. You must be able to adapt, be flexible and resourceful. It's a constant psychological struggle. Trading is sometimes very painful and can cause headaches.. Sometimes my strategies stop working, and I have to start all over again. The pain and anguish can be quite intense.. If someone disagrees and says, what a "pleasant trip", i just don't believe it. This process doesn't have to be painless.. No pain - no gain. Only pain and anguish take me to the next level. Losses bother me, but don't scare (well, maybe a couple of times a year). Unfortunately, I have a bad habit of letting losses into my personal life. My life outside of trade is impacted. Do you think, that you will be able to trade and live your personal life as before? …

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12 simple tips for a trader

The Power of Exercise The Sedentary Trader's Life Style, seems incompatible with exercise to many. But getting the necessary regular workloads is one of the most valuable investments in your own life.. Frequent exercise induces a flow of endorphins, which not only make you feel euphoric, but also improve mental clarity, and also stimulate the learning process. Exercise also helps maintain a stable energy level throughout the day.. It has been proven more than once, that physical activity is a very effective way to get rid of depression and a good way to increase life expectancy. What can we say about that, what will you look better! Start practicing! First, find something easy and doable.. It could be something like walking fast., any special program with push-ups and squats, jogging or light yoga. For those who love to travel, important to remember, that intense training can be carried out with your own weight, without barbells and dumbbells.

How not to go crazy from trading on the stock exchange

nyse ki Trading on the stock exchange would not be so difficult without periodic nerves and frustrations. A permanent streak of luck is possible only in fairy tales. Even the best traders take two steps forward, three back and then a half forward, and after all this they are surprised, why are they so exhausted, , in fact, practically did not budge.

Bernard Baruch / Bernard Baruch

Bernard Mannis Baruch (Bernard Mannes Baruch) – American financier, speculator, as well as a politician and statesman. Bernard Baruch was born 19 august 1870 in Campden, South Carolina and was the second of four sons of Simon and Bell Baruch. His father, Simon Baruch (1840—1921), German immigrant of Jewish origin immigrated to the USA from Germany 1855. Physician by profession, during the civil war he served in the army of the southerners and was one of the founders of physiotherapy. IN 1881 his family moved to New York, where Bernard went to City College (City College of New York). After graduating from college, Bernard Baruch began working for Houseman and Company. (A. A. Housman and Company). Moving up the career ladder, he became a broker, and then partner A. A. Housman and Co., and seven years later he already owned an eighth of this brokerage house. The source of his income was part of the commission, received by him from each transaction of the client.

Laura Pedersen (Laura Pedersen)

Laura Pedersen (Laura Pedersen) started working on Wall Street in 17 years; in 20 years she, By the way, was the youngest, which had its own place on the American Stock Exchange (her employer rented this place for her, since she did not pass the age to own it). Before reaching another 24 years, she did 1,5 million. Doll. Growing up on the outskirts of d. Buffalo, Pedersen is a born entrepreneur: at the age of six she was selling tomatoes from her mother's garden, played poker and bet on horses; asked for company shares at ten years old “Pepsi-Cola” as a birthday present; in 14 years went to New York on an excursion to the American Stock Exchange (АМЕХ). After her first boring semester at the University of Michigan, she dropped out.. “If I wanted to be a movie star, – she reflected, – I think, I would head west, to Hollywood; and since I was only striving to make a fortune, I flew east, on Wall Street”. In January 1984 Pedersen began working as a clerk, Earning 120 Doll. in Week. She has worked for several companies, before settling in “Spear Leeds Kellogg / Investor Company” as a secretary of traders. When traders went for a smoke break, she briefly replaced them. It was the world, full of obscene language and vulgar gestures. As Pedersen said: “Four years, three …

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Accept Your Incompetence

To become a first-class trader, You need to be clear about your own limitations.. But most novice traders don't know this.. For example, behavioral economist Dr. Terrance Odean revealed, that internet investors seek to trade outside of their experience. They don't have an exact picture, what can they, and what can't they do. This distorted exaggeration of ability is not unique to traders.. This is a widespread phenomenon.. Research shows, what, when you try to rate, how good is your newbie trader activity, it's better not to trust your intuition.

Remedy for fear of failure

Our approach to trading is determined by the vision of the future and expectations. For example, if we are too scared, we refuse to take mother risks, and as a last resort we may even be afraid to enter a deal. Our expectations, knowingly or unknowingly, have a huge impact on trading results. Traders face many common fears, and each of them is based on beliefs and assumptions, which should be identified and refuted. For example, in his book “Trade in the Zone”, Mark Douglas highlights such fears, which became the cause of many trading mistakes: be wrong, lose money, exit the game, leave money on the table. Many of these fears reflect a fear of failure..

Trading & Gambling. What's the difference??

I grew up in a small town near Las Vegas.. One summer, a group of teach lei decided to work part-time in a casino while on vacation. Fun for fun, они объединили свои деньги, To view, what's going to happen, if they constantly play on a machine with one lot to the jackpot. They lost about a quarter of their money.. This story shows that, what we all know so. Non-professional players will never be able to leave the casino, even with a zero balance. Free alcoholic drinks, entertainment, lounges are the only goal for non-professionals, who come to the casino to relax and lose money. The casinos are arranged like this, that the probability is always in their favor. Everything, what they need to do is wait, let people play and stuff their safes with cash. Playing casinos can be fun, if you know, how to limit your losses, and when to finish the game. If you don't manage risks, trade without a reliable trading plan and trading strategy, trading is an activity similar to playing in a casino for the sake of relaxation.

What is the difference between a statistical drawdown and a psychological one??

Have you ever had a time getting into a situation?, when losing trades follow one another? You suddenly start to panic., and think, that it never ends? But how strong is this drawdown? Maybe, you just panic for no reason? Maybe, you turn statistical drawdown, which can always happen, into the psychological, what not to do? Statistical drawdowns need to be predicted. If you are using a reliable trading system, then the law of large numbers is on your side. From the point of view of statistics, there is nothing to worry about in a series of losing trades.. Since a large number of trades gives you a statistical probability of making a total profit. It's okay, to get a series of losses. It's just a matter of probability. If you don't take it personally, and just keep on lying to the system (managing risks), sooner or later everything will change, and the system will return to profitability. However, some traders turn statistical drawdowns into psychological ones.. They indulge in despair and pessimism., start thinking about failure. And thoughts have the ability to materialize. Reality can change, if you think, that ended up in a financial hole. Psychological drawdown is able to make you think, that you are stumped.

Modesty is the key to success

5 years ago, I wrote a book called "Successful Trader". Mental state necessary for success in the market". When it came to initiation, I decided to dedicate the book “Traders, who don't want fame ". During my work, I had to meet many traders, who failed due to an inferiority complex. They felt like worthless losers, inferior people and were not sure of their life goals. For them, trading is a way to prove to themselves, that they are worth something in life. They feel, that the more money they have, the more they are significant as individuals. But in reality it’s not like that. Traders, who are looking for wealth and fame, as a rule, failure awaits. Modest traders become winners.

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