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Are you hiding your trades from your spouse? Your own trading psychology can stuff up your relationship.

goatDo you hide the trades that aren’t going well from your spouse and only show them the ones where you’re making money?

Are you a perpetual bull, or a perpetual bear when talking to your spouse?

Do you deluge your spouse with details about trading, until their eyes glaze over and they start looking feverishly around the room for a staple gun so they can staple themselves to death?

All of these issues may just mean that your spouse is just not that into you… as a trader. Work on your trading psychology before bombarding your spouse with your issues..

So often we barrage those we love with things that interest us – never stopping to wonder whether they’re as keen on the topic as we are. Take pity on your spouse. Give them a break. Find a trading friend to rave to, or you might just find yourself damaging your relationship.

Lost Your Zeal? It’s Time to Work on Your Trading Psychology.

Sleeping_dog_98aThe minute we start to feel like life is mundane is the minute we start to feel old. Ahhh… the enthusiasm and vigour of youth. Makes you envious doesn’t it! Or does it? Is it that you still feel like bouncing out of bed, eager for the day’s challenges? Or, are you feeling stale, tired and jaded?
If you’re more in the latter camp, I have a major suggestion. You see – I’ve been there. I’ve had a couple of spectacular times in my life where I was ‘burnt out’, and I managed to claw my way out of that hole. Now, I can recognise the lure of the abyss. I can stand on the edge, peer over into its inky blackness, and I know what to do to back away and not let it claim me.
The first step is to acknowledge you are low. Sure, you could replay and replay all of the pain, misdemeanours and bad luck you’ve had, but that won’t help you. You’ll be reinforcing your funk.
Step two involves making a list. Make a list of all of the things you are grateful for. This may be people, events, things… anything that tickles your fancy. This is where the seeds to your recovery lie.
As a trader, put down on paper all of the reasons you’re grateful that you’ve chosen this profession. Make the reasons vivid. Put them in a place you’ll see often.
Any form of negative emotion is self pity. It’s a bitter pill to swallow, but it’s accurate. Start getting ‘grateful’ for the things that are going right in your life, or you’ll be destined to repeat your lack of inspiration with life into the future.

 

Working on your trading psychology is essential. Without constantly working on yourself, your results won’t reflect your abilities.

Idiot Trading Statements When Buying Shares in Australia

MrWrong

Chris and I are subjected to all sorts of mind blurts from people who are researching buying shares in Australia. Many are feeding their minds crud. Here is a count down of our favourite idiot trading statements…

Idiot Trading statement #10: “I can trade alone, without a Mentor… it’s easy”. Far out – Do you even trade?

Idiot Trading statement #9: “The Managing Director of that company told me it was a good company… so I invested in it”. Far out – Do you even trade?

Idiot Trading statement #8: “Trading full-time… how hard can it be?”. Far out – Do you even trade?

Idiot Trading statement #7: “The company’s balance sheet will tell me all I need to know”. Far out – Do you even trade?

Idiot Trading statement #6: “Astrology can help you trade! Gann was a genius.”. Far out – Do you even trade?

Idiot Trading statement #5: “Good stocks always get better. It’s dropped in price now… I’ll buy more”. Far out – Do you even trade?

Idiot Trading statement #4: “It’s not a loss until you sell – so I’ll just hang on to this one for the long term.”. Far out – Do you even trade?

Idiot Trading statement #3: “Trading – that’s only for blokes isn’t it?”. Far out – Do you even trade?

Idiot Trading statement #2: “I don’t believe in stops. I’m using a back-tested system, so I don’t need them”. Far out – Do you even trade?

Idiot Trading statement #1: “Well… it’s OK for you. I can’t be a successful trader because [insert you own trading excuse here]”. Far out – Do you even trade? If it’s important to you, you’ll find a way. If it’s not, you’ll find an excuse.

FX Market Volume

One of the issues currently bedevilling FX markets is the combination of low volatility and steady interest rates – these in concert add up to a profoundly dull market where the majority of major pairs are going sideways. Interestingly, it is also have an affect on turnover as can be seen in the chart below.

Screen Shot 2014-07-30 at 9.52.03 am

 

This data includes the average amount traded daily on Thomson Reuters main FX Spot trading services – Thomson Reuters Dealing, Matching and Reuters Trading for FX. As such it tallies with surveys from the major central banks which have noted a decline in turnover worldwide. interestingly, according to this data the largest drop has occurred in north American, although the importance of this is debatable since the US is not the centrepiece of FX trading.

Brain, Interrupted

We decided to investigate further, and asked Alessandro Acquisti, a professor of information technology, and the psychologist Eyal Peer at Carnegie Mellon to design an experiment to measure the brain power lost when someone is interrupted.

To simulate the pull of an expected cellphone call or e-mail, we had subjects sit in a lab and perform a standard cognitive skill test. In the experiment, 136 subjects were asked to read a short passage and answer questions about it. There were three groups of subjects; one merely completed the test. The other two were told they “might be contacted for further instructions” at any moment via instant message.

During an initial test, the second and third groups were interrupted twice. Then a second test was administered, but this time, only the second group was interrupted. The third group awaited an interruption that never came. Let’s call the three groups Control, Interrupted and On High Alert.

We expected the Interrupted group to make some mistakes, but the results were truly dismal, especially for those who think of themselves as multitaskers: during this first test, both interrupted groups answered correctly 20 percent less often than members of the control group.

In other words, the distraction of an interruption, combined with the brain drain of preparing for that interruption, made our test takers 20 percent dumber. That’s enough to turn a B-minus student (80 percent) into a failure (62 percent).

More here – The New York Times Sunday Review

7 Habits Of People With Remarkable Mental Toughness

First the definition:

“The ability to work hard and respond resiliently to failure and adversity; the inner quality that enables individuals to work hard and stick to their long-term passions and goals.”

Now the word:

Grit.

The definition of grit almost perfectly describes qualities every successful person possesses, because mental toughness builds the foundations for long-term success.

For example, successful people are great at delaying gratification. Successful people are great at withstanding temptation. Successful people are great at overcoming fear in order to do what they need to do. (Of course, that doesn’t mean they aren’t scared — that does mean they’re brave. Big difference.) Successful people don’t just prioritize: They consistently keep doing what they have decided is most important.

All those qualities require mental strength and toughness — so it’s no coincidence those are some of the qualities of remarkably successful people.

More here – Business Insider

I Am A Winner…….Again

Having just been told I have won $10mil the thing that really sells me is that I have also won a Toyota Camry because nothing says your a winner like a Camry

Hello: your Email-ID Won you a lump sum of($10,000,000USD and Toyota Camry car) with other prizes. Reply Back For Claims/redemption with this info Names, country,Tel,Gender,Address,Occupation). Email: juliet.cole022@gmail.com Regards, Dr. Heinrich Cole

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