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Sunday, December 03, 2006

My biggest Trading Weakness

I've started once again thinking about my trading habits and mistakes that I've been making. I think that the majority of the mistakes that I have been making can ultimately be traced back to the one weakness that I have - a lack of patience. There isn't too much more that needs to be elaborated about this problem of mine. Much of this issue is already sprinkled throughout this trading journal.
I'm actually genuinely optimistic that I will overcome this problem, but realistic enough to understand that my lack of patience has been a well entrenched habit embedded over the many years of life experience.

I am a believer of the notion that working to improve one area of your life has positive spillover effects into other areas of your life. For example, by practicing the habit of sleeping earlier and waking up earlier, goals for the day become easier to achieve - because you've already achieved at least one goal of waking up earlier. Similarly, by practicing the habit of jogging at least once every other day, the improvement in physical health tends to improve your mental capacity as well.
One thing that I've noticed with many young children (such as my own daughter) is that it is relatively easy for them to learn how a new toy works. They are motivated to learn, and their persistence in learning is rewarded with some instant gratification and pleasure derived from being able to play with the new toy. And yet at the same time, it is equally hard for them to learn the habit of picking up their toys and putting it away when they are finished. And now that I have the time, I plan to attack my one biggest trading weakness by practicing patience with my daughter - like being patient enough to instill some sense of responsibility in my daughter by actually going through the exercise of working with her to help her pick up her toys after she's done playing with them. Though this may seem trivial and insignificant, it is from winning the little battles that eventually pave the path to victory in the war.

2 comments:

Caravaggio said...

Thanks for the thoughtful post Phileo, it really resonates with my own experience. I used to think there were so many rules to be followed in trading, but now, and it's just my view, I believe we must forge our own paths and exhibit 'patience' and 'discipline' along the way. I have found so much in trading boils down to these two attributes.

'I am a believer of the notion that working to improve one area of your life has positive spillover effects into other areas of your life.' - This is so true. I am learning through experience that everything in our lives is related.

You just had to touch on goal of sleeping earlier and waking up earlier. It is one I have been thinking of introducing in to my lifestyle, but since sleep is one of my favourite pastimes, this may be difficult to achieve. All in good time.

Thanks for the thoughtful post amigo.

Phileo said...

Hi Carravagio,

Glad to know that you enjoyed my post. Patience affects many areas of my life, so it is best that I start working on improving it asap. The funny thing is that I used to think that I have a lot of patience, but now I am finding that I was thinking that only because I didn't go through any scenarios that really tested my patience. Having a child and being an active trader are both real tests of one's patience.
In regards to sleeping early, I made a resolution to go "cold turkey" and start waking up early one day. It was necessary because I live on the west coast of N.America, and market opens at 630a my time.
Perhaps if you can find a goal, or a reason to wake up early, then it will be easier to achieve, at least that's what happened in my case.