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Mental Games

Burn the boats

by Gav Leave a Comment

Here is the latest addition to the “Videos worth watching” collection.

Burn the boats! by Andy Andrews

In February 1519, Hernando Cortez set sail on the final leg of a voyage that was to take him from Cuba, a stopover, to the shores of the Yucatán. He commanded 11 ships, with more than 500 soldiers, 100 sailors, and 16 horses, bound for Mexico to take the world’s richest treasure. The precious jewels, gold, silver, and sculptures sheltered on this limestone peninsula had been hoarded by the same army for over 600 years. As they listened, Cortez leaned in and said three simple words that changed everything: “Burn the boats.”

Filed Under: blogs, Learn Trading, Mental Games, Trading Lessons

Coffee thought: Learning to drive and trading

by Gav Leave a Comment

IMG_20141025_152133_1

Here is something I thought might be helpful to some new traders.
My wife recently started her driving lesson. She is very keen to drive, but lack of confidence (and experience). Last evening, before heading out for grocery shopping, I thought it might be a good idea to let her drive while the traffic was low at that time.

She replied ” I will try later when I am more confident, and ready”.
My immediate reply was ” You will never be ready if you don’t drive”

How much screen time, readings, or even demo trading do you need before start live trading? It is good to get yourself prepared before investing your money in the market.The problem is, you will never be more ready, there is no “Right time” to start trading. I am not discounting the importance of getting the basic knowledge before start, but sometimes, we take too long to take the first step. Experienced traders will tell you, the real learning experience starts from live trading.

While I can’t promise you profitability in trading, rest assured you will discover something new every single trading day. Regardless how many books you have read, or how much time you have spent backtesting, you will be confronted with dilemmas when market moves against you swiftly, or it grinds you to death, or punches you on face with a series of losses, or it gaps so much in your “predicted” direction that makes you want to kill yourself for exiting too early etc.

You thought you are a disciplined person, maybe not. Market will tell you that. You thought you are patient, maybe not, market will test your patience. You thought you are a calm person, market will make you lose your cool soon.

The point is, you can’t buy, read, watch these experience. Put your money on the table, enjoy the challenge, learn from the challenge.

So, hope this small thought helps some of you. Meanwhile, I am going back to make sure she starts practicing driving now.

Filed Under: blogs, Learn Trading, Mental Games

TED talk: Your body language shapes who you are

by Gav Leave a Comment

I thought this TED talk is definitely worth watching. My weekend 21 minutes well-spent.

“Body language affects how others see us, but it may also change how we see ourselves. Social psychologist Amy Cuddy shows how “power posing” — standing in a posture of confidence, even when we don’t feel confident — can affect testosterone and cortisol levels in the brain, and might even have an impact on our chances for success.”

As I tweeted before, I will be on 1-month vacation to Southeast Asia, so trading will be light to none.� Have fun with your year end trading, and see you next year.

Filed Under: blogs, Mental Games, Trading Lessons Tagged With: TED

Coffee Thoughts 04 Nov 2012

by Gav Leave a Comment

 

After a series of trades (more than 30 trades), if you� are having winning rate greater that 80%,� maybe it is time to look into your exit/profit taking strategy.

Filed Under: Mental Games, Trading Lessons Tagged With: coffee thought, Trading Lessons

Coffee Thoughts 02 November 2012

by Gav Leave a Comment

Capital preservation is important. Risk management is important. But the trader’s job is to risk and make money, not sitting in the office to preserve capital.

When it is time to trade, just trade. Capital is a tool for you to use to make more money, not for you to preserve.

If you want to win, you’ve got to know the rules; and also, you can’t win if you are not at the table.

Just trade.

Filed Under: blogs, Mental Games, Trading Lessons Tagged With: coffee thought, Trading Lessons

9 life lessons from Rock Climbing

by Gav Leave a Comment

This is another great video from TED. Matthew Childs talked about 9 life lessons he learned from rock climbing. Good stuff for your weekend. Check it out.

Filed Under: blogs, Mental Games Tagged With: Trading Psychology, video

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