[ Pobierz całość w formacie PDF ]
."From now on I am not going to sell my whole position unless I Learning to change your old patterns of behavior is at the center ofhave to get out.I'll sell a little bit at a time and make my moves within trading to win.It also must be said that a little humility always helps ina minute or two, or five minutes, or ten minutes, whatever time frame is trading and in dealing with a market that is constantly changing.You 222 TRAD I NG TO WI Nhave to admit that what you knew before and what you did beforeChapter Twelvemight not work today.And you have to accept that you don't have alock on the market.The information is there, and you cannot wait for itto come to you.It's not a simple process.Everybody must face one's demonsimpatience, fear, negative thoughts when facing a trade.In the day-The totrading business, you can make a fortune and you can lose your shirt.The better you are, the more you have mastered that internal anxietythat causes common mistakes.t a recent weekly seminar, I asked Tim, the bright, hard-drivingAsian market specialist whom we met in Chapter 3, what hadchanged since he began participating in our get-togethers six monthsbefore."I am listening more carefully for opportunities, and am beatingmyself less about yesterday's trades, especially when I haven't taken asbig a position as I should have," was his prompt reply."I haven't raisedmy P&L yet, but my level of satisfaction has improved considerably.Iam still struggling to purge my portfolio.I hate to admit I was wrongto sell if something turns positive, but I can see now that I can over-come seller's remorse by buying back stocks that start running.I don'thave to be attached to my earlier decisions.""Anything else?" I asked."Yes," he replied."I measured my ten worst drawdowns andfound that they average two and a half days each, not months like Ifelt they had lasted.It's useful to know that there is an end to thesedrawdowns."Tim's remarks illustrate the key point of this book: It is really possi-ble to learn the principles of great traders.I believe that the true pur-pose of life is the unfolding of the undiscovered and undevelopedtalents within you, and that trading provides an ideal arena in which to The Power to 227226 TRADI NG TO WI NThe Cover-Updervaluing their own judgments.This is what accounts for so much su-perstitious behavior among traders.It is a paradox, but the refusal to acknowledge fear, pain, tension, andYou saw examples earlier of how fear of change and fear of the un-other unpleasant feelings contributes a huge amount to perpetuatingknown lead traders to blow up immediately after successful tradingthose feelings.Taking a leap beyond the pit of fear is difficult, since itruns or to avoid success altogether.Attached to a grandiose sense ofmeans letting go of the image of being in control.To mix metaphors,their own abilities, they may stubbornly hold on to a sell position longsuccess means jumping in the water.That's what we are all afraid of.Weafter it has turned around and should have been covered.Such tradersdon't want to acknowledge how vulnerable we are.Our hearts beat fast.are reluctant to face failure, declare a loss, and move beyond that los-We can't swallow.We can't get enough air.Many traders pretend theying position.never get afraid, envious, jealous, or angry.They try to control theirTaking responsibility means continuing to do what it takes to re-emotions as if to be in control is the appropriate way to be.produce the successful results.Why are so many traders loath to doThere's no big deal about feeling anxiety or fear.Just allow yourselfthis? Even when successful, few people are able to sustain repeatedto feel your feelings and let them pass.Don't put a heavy interpretationsuccesses.Few athletes have ever won gold medals in successiveon your feelings.Each one triggers emotions from the past, which trig-Olympic Games, and fewer football teams ever have won back-ger more meaning, which also doesn't mean anything.To be human isto-back Super Bowl games, in part because they are averse to com-to feel discomfort and to want to hide from your feelings.We are allmitting to the tasks involved in achieving such a goal.It is easierbrought up that way.A lot of the energy of our lives is taken up in keep-the first time, when there is no pressure to repeat a winning past per-ing feelings stuffed inside.formance.If you don't try to control feelings, you can allow yourself to be asAs I have said throughout this book, success requires a consciouspowerful as you can be.You can use your energy to trade more success-promise to a future result without any certainty or guarantee about thefully because you're not spending it on a big emotional cover-up.outcome.This calls for a willingness to part with the comfort of pastIt's handy to learn how long specific feelings last.It's also great tohabits and beliefs, and a desire to enter into the uncertainty of the un-learn that you the whole person are not your feelings.Your feelingsknown, guided only by a larger inner vision.are merely the subjective correlates of adrenaline pumping throughYour life principle creates fear by creating a domain of "what if," ayour blood.pit filled with the prospects of doom and disaster, loss of control, andThe more you resist or deny feelings, the more persistent they be-panic if certain events don't take place or if they do take place.You gen-come
[ Pobierz całość w formacie PDF ]
