Trader Cartoon – Do you have a problem?
Trader Quote #28
“The goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder
==== Money is secondary? What the hell? Is Alexander joking?
Well, if we take some time and analyse this quote, Mr Elder has a very important point to make. How can good trades be better than money ? Why are we indoctrinated to think that money is the primary goal?
Don’t worry I was subject to this way of thinking for a long time but realized it has huge fundamental issues. The problem is that anyone can have a great trade, a lucky trade, a momentum trade, but the question is, can you replicate this performance in the future in the long term?
I repeat, can you replicate this trade in 10 years time?
Lets think soccer, is it more important to score a goal every match or to have a system of playing the game to have high probability of scoring opportunities?
Do you prefer to have one perfect trade or many high probability trades?
If you are in this for the long term, focusing on making the highest probability trades possible is a more sustainable way for a future success. If you spend time in analyzing your entries, exits, risk management on a consistent level, you have a higher probability of achieving your goal.
Its not about the the Result, its about the process. Good Luck Trading! Dimitri Feria ====
Trader Quote #24
“The market doesn’t know your emotions or care about your portfolio. The market is moving on. And so should you.” – Terry Savage
==== Yup! Thats right, life goes on & so does the market. It doesnt care to know about your emotions (being a trader &/or in a business) , doesnt care about your results & it just keeps on moving along through time.
When trading, we are constantly under a wide variety of emotions & sometimes this could be difficult to grasp because at the end of the day we are emotional humans (animals). The market doesnt care what time you woke up, if you just had a new born child, if you are in a good or bad mood, it moves the way it moves.
In a way, the market does not discriminate!
Having this in mind, an emotional attachement to your trading is of little or no value. The market is going to go the way its going to go. You can not predict its future, you just have to have the patience to surf its wave. Dimitri ====
What do you think? Do you have emotional attachment to the market? Do you agree/disagree?
Free Trader Tools – Online Test “Type of Trader U R”
You get a simplified and full report! Great stuff….
My Personal Results
I am a SPONTANEOUS TRADER:
One of Your Trading Strengths – You can trade a new system easily and comfortably using real money and small position sizing.
One of Your Trading Challenges – Because you get excited about new things, and like to share often, you can get distracted from that which already works.
What is your result? What type of trader are you? I would like to know!
What the Tharp Trader Test™ Is and Is Not
Dr. Van K Tharp, armed with a Ph.D. in psychology and several losing experiences in the market, realized that perhaps the poor results that he’d been getting in the markets had more to do with him than the markets themselves. So in 1982 the quest began for how he could become a better trader. He conducted in-depth research to determine the qualities that great traders and investors had, and his research uncovered ten distinct areas that were important to investment/trading success.
These studies led to the creation of a 176 question test called the Investment Psychology Inventory Profile based around these ten areas, and after testing thousands of traders over many years, it has proven to be a great indicator of success in the markets.
The Tharp Trader Test is a mini version of this extensive test that is designed to provide a snapshot of the various types of traders that Dr. Tharp has identified. Each of the types has its own temperament, personality, perception and interpretation that ultimately affect how the market is approached and traded. Some have a distinct set of core qualities that are great for trading, whereas others may find trading more of a challenge. There is no right or wrong trader type; it is merely an identifier of possible patterns that could enhance or block success in your trading, relationships and all areas of your life.
This is not a test to determine what type of trading you should be doing, or what time frame or markets you should be trading. Nor does it discuss the methods, techniques or systems that suit your trader type. All of these things are an individual choice based on your own objectives and lifestyles, which may differ greatly based on your age, location and circumstances. The test will, however, address how you most likely gather, store, comprehend and act on information about the markets. It will also provide you with details of commonly observed strengths and challenges of each type and subsequent solutions.
With only 35 questions, the Tharp Trader Test is not an exact science and some people may find that their answers place them on a borderline between two different types of traders. Because this is the mini-test, if you become really stuck, go back and re-do the test with the opposite answer and see if your trader type changes at all. If so, then read the solutions for both trader types and determine which traits resonate with you the most. This will enable you to deal with the strengths and challenges that most adequately represent your situation. Then you can work toward becoming the best trader or investor that you can be.
The Tharp Trader test only takes about 4 minutes to take, and you’ll learn a great deal about yourself when you receive your trader type. So why not begin right now?