iCharts Discussions

[RishiArora]

[RishiArora]

Its all Psychology which differentiates successful and unsuccessful.

When unsuccessful make mistakes He think he has been buried and will not admit it,not learn form it . Instead blame it.

But

when successful make mistakes He know He has planted a new seed which will be fruitful later only if they will learn from it and don't repeat the same

But if unsuccessful keeps on learning mistakes and don't repeat. eventually when results will come He will realized that all those mistakes were seeds , watered carefully and now have become fruitful trees.

Mistakes = Seeds
Admit It, Learn from it and Don't Repeat it = Watering and caring of seeds
Tree = Experience (In reality, How we have cared and watered)
Fruit = Results

But when Fruit starts coming , Still we have to care about our tree. (In reality don't forget the experience, if you want fruits to come continuously)

[RishiArora]

Disciplined actions is the bridge between setting a goal and achieving it

[RishiArora]

"When you construct your report cards, grade yourself based on your improvement, not based on an abstract (or perfectionist) standard of success. If you manage your trades better today than yesterday, that merits a good grade. Your goal is to improve; by focusing on improvement, you create powerful mirrors of self-development. Relative, not absolute, goals will get you to your desired endpoint, and they will ensure an enjoyable and empowering journey. "

"Whenever you catch yourself thinking about your P/L during trading—how much you’re making or losing—call a brief time-out; take a few deep, rhythmical breaths and talk out what you’re seeing in the markets at the time. Your goal is to be market-focused, not self-focused. By repeatedly pairing a calm, relaxed state with an intense market focus, you can develop a positive habit pattern and ensure that the body keeps the mind in check. "


Brett Steenbarger, Daily Trading Coach source traderji

[RishiArora]

Yesterday, While searching for information about T20 World cup 2016, I don't know how Rahul Dravid information came in front of me. Have a look at image below

[img][/img]

This wall had been constructed in honour of Rahul Dravid after he completed 10000 test runs, Near Chinnaswamy Stadium This wall is built by 10000 bricks Saluting his achievement of crossing the landmark in both tests and ODIs.

If you look Closely On wall there are three words written which define RAHUL DRAVID , And Because of these three i am writing this post.

Three C words which define RAHUL DRAVID ARE
COMMITMENT CONSISTENCY CLASS

However there are also Three C words which define trading If we can remove those three words from trading our trading can improve marvelous

Those Three words are Criticizing Complaining Comparing

3C rule i apply in my trading to balance my mind in trading

Peace of mind is something that we all crave for. Same thing is very important in trading. We cannot achieve this state without putting effort. After all, peace of mind is not something that can be procured by spending money, making profit /Loss or by force. The mind needs to be balanced and in equilibrium before it can reach that state. For the mind to be balanced in trading or life, we have several 'dos' and 'don'ts' to follow. Given below are three 'don'ts' which go a long way to achieve that state. They are described as the three Cs.

Criticizing: The first C is criticizing: It is one of the most natural talents that we all have. As per human psychology we think about loss more than profit(for example : if we made 10000 inr in one day and second day we have loss 4000 inr. so as per normal human psychology we will concentrate on 4000 loss make not 6000 profit in net) Our minds seem to be tuned to find fault, negativity and spot blemishes. Many a times, we see problems where none exist. It is as if our minds have the uncanny knack of identifying a problem. At the same time, our tongues are eager to let others know of our 'superiority' in being able to articulate those problems. When we criticize thus, unnecessarily, we are unknowingly building resistance as well as enemies. These lead to unwarranted loss, anxiety , fear and greed Moreover, our minds which get clouded in negativity refuse to let us reach the state of equilibrium. which is very much required in trading.

how i balance my mind?
My that strict excel rule ( i have mentioned earlier on this thread ) where i don't put entry and exit point during running month. i just see either i was disciplined or not. helps me to reach peace of mind during whole trading month.

Complaining: The other C is similar to the first C and yet more damaging. Complaining is taking criticism to a higher level and almost results in condemning others. that's why when traders make loss. they try to blame others for like any expert, tip adviser etc. In trading we are the one who are responsible for our all action. The day one realize it and starts improving those wrong action, He will move to path of becoming successful trader.

How i get over it?
I firmly believe that i am the only one who is responsible for my capital. No X Y Z is responsible for my capital. like for example long back i had 3 SLs just because of wrong data not because of my system (Hitting SLs part of system but that SLs were because of wrong data). So i accepted that it's my mistake that i trusting illegal data vendors. Straight way i subscribed to legal data vendor. Never complain, Accept the fault and concentrate on improvement.

Comparing: Another C which we seem to be unable to avoid is the comparison bug. It is almost like a virus which is in the air. Many of us are comparing all the time - ourselves with those around us. It could be about anything - wenkgh, friends, physique, job, dogs, appliances etc. It gives us momentary pleasure when we see others in a worse situation than us and also give us sleepless nights when we see others enjoying more than us. Comparison is a never ending maze where people get lost and unable to recover their bearings. It is a method of inventing joy / sorrow out of nothing. First there are traders who doesn't know psychology of trading, but there are traders also who know all these aspects but just because other trader. is making 30% per month they forget themselves than starts copying him and end up in loss.

I was having same habit. that was the reason i was not able to be discipline. I made system but was not able to trade them . because i was comparing myself to other.

later i understand

There is deference between batting style of SACHIN,SEHWAG,RAHUL. but all are legend in field of cricket. So when i used to compare my self with other i remember my this line. stops straight away and concentrate my strength .



These three C's are best avoided and conscious efforts taken to prevent ourselves from getting entrapped here. It would be a good idea to get rid of them as soon as possible if you want to be successful in trading. You can use above mentioned tricks or you can find new tricks which helps you to get out of 3Cs. But getting out is very Important no matter how. Over time, we might become habituated to completely avoid them and progress towards the much coveted state of peace in our minds in trading.

[KingKong]

Fear and greediness are trader's main enemies. These are the feelings that make traders loose their funds. It's difficult to get rid of these feelings and it's necessary to have plenty of self-control.

[Eskild]

I believe it's because absolutely all the traders ignore the psychological issue and get flooded with emotions. These factors lead to failures and newcomers' negative attitude to forex .

[Render]

You have raised the vital points as far as I am concerned. Yes, there is no one who is a born trader. You need to struggle for getting success. A person with the appetite of getting success is the right one for trading. Do you have this appetite?

[Thordisida]

Thanks for sharing, this information is very important. Understanding trading psychology is very important for the success of any trader, both newbies and established traders. Greed and fear are the most dangerous emotions that need to be addressed properly

[opportunist]

True. Stop comparing. Everyone is life's exam has a different question paper though they appear to sit in the same hall for approximately the same amount of time. The only competition I want to engage in is that with myself, my worse me trying to become the better me.

Regards,
Opponents