MichaelD
Not fooled by randomness
- Joined
- 7 December 2005
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Given the recent outburst of acrimony in various threads, I found today's Innerworth screed strangely appropriate. For those that are unaware of Innerworth, it's a site which sends out a daily trading newsletter solely focussed on the psychology of trading. It's one of the most valuable sites for traders on the 'net IMO (www.innerworth.com). Anyhow, here's an excerpt...
"In the heat of competition, it is tempting to keep score, but comparing yourself to others is likely to make you feel unpleasant emotions, such as jealously or envy. Upon seeing that you are doing relatively poorly compared to a fellow trader, you are likely to think distracting thoughts such as, "Why can't I do as well?" or "I must not be as good of a trader as I had thought." Such thinking does nothing to keep you focused on honing your trading skills, however. Winning traders don't compare themselves to others. They don't care how others are doing. They follow their own timeline, follow their own passion, and look inward for where to go next. It's crucial to approach trading by honing your skills on your own terms. Everyone has his or her own resources and background. Don't look at anyone else's record but your own."
"In the heat of competition, it is tempting to keep score, but comparing yourself to others is likely to make you feel unpleasant emotions, such as jealously or envy. Upon seeing that you are doing relatively poorly compared to a fellow trader, you are likely to think distracting thoughts such as, "Why can't I do as well?" or "I must not be as good of a trader as I had thought." Such thinking does nothing to keep you focused on honing your trading skills, however. Winning traders don't compare themselves to others. They don't care how others are doing. They follow their own timeline, follow their own passion, and look inward for where to go next. It's crucial to approach trading by honing your skills on your own terms. Everyone has his or her own resources and background. Don't look at anyone else's record but your own."