iCharts Discussions

[akpanicker]

ennui - the state of utter boredom - that is a state that every successful trader has to get used to be in......if not , your name is more likely to adorn the list of martyrs who laid down their trading life at the altar of fast action, thrill and excitement. To me the recipe for trading success is - sticking to the tried and tested setup that you keep on repeating over and over every trading day ......and day after day.......it may involve not doing anything for quite long periods when your set up does not present itself and the wait would be quite a boring business and not succumbing to the temptation to get into trades just because you get tired of sitting idle requires quite a lot of mental discipline. This thing called discipline is somewhat like being pregnant - that is, you cannot be a little pregnant ....either you are or you are not......likewise either you are a disciplined trader or you are not.......to put it another way.....you cannot make any exception in being disciplined .....if you don't maintain the record at 100% ......you are just a zero ! This is another one of those aspects where the attributes of success in normal life happens to be diametrically opposite to those in trading life. In normal life you are advised to shun being bored and never sit idle .....whereas a trader is well advised to sit idle and cultivate a state of ennui !!!


( Let me list out some of the other aspects in that category ie something that works in normal life and its converse being true for trading success.......

holding on to your views through thick and thin is considered to be a virtue in normal life, but it can prove to be detrimental in your trading career where success demands that you change your opinion in line with the market action !

in normal life success belongs to those who are able to control the external reality through leadership and initiative.......in trading success belongs to those who realise the futility of attempting to control the market reality and instead choose to follow it meekly !!......)


A key element in achieving the state of detachment is letting go of the past - both successes and failures......while you trade , the wins should not excite you and the losses should not depress you......in the exalted state of ennui.....you leave the baggage of the past and stay in the constant state of now. That reminds me of an old story about two young monks at the riverfront.....because the river was swollen and water was waist deep a woman pleaded with them to help her cross it......the first one told her that it would be against the vows of celibacy to carry her, but the second one did not think so and he carried the woman across the river.......after reaching the monastery the first monk told the guru that the other monk had broken his vows and narrated the incident......upon which the guru told him......the other monk in fact did a noble act of helping someone in distress .....he left the woman at the other side of the river whereas you have carried her in your mind all the way here......and you are the one who needs to do some penance !!

The idea of letting go - brings me onto another line of thinking...... if you have to search for it , believe me it will not be there......it applies to trading ( the best trades jump out of the chart , you don't have to search for them).......it applies to money, fame and success ( the ones who actively seek these are unlikely to achieve them....while money , fame and success tend to go towards those who let go of such goals and focus on just being themselves )!

[taruj]

akpanicker sir: simply amazing. how I wish I could meet you and learn a few things.

[mogili]

AKP. Very enlightening.

Pl keep writing such ennobling and motivating thoughts.

Thanks.

[smsmss]

great akpanicker, very nice to read...trading is indeed boring when it starts flowing in your blood...but when that happens a trader starts becoming rich...