From Trading For A Living by Dr Alexander Elder:
When a monkey hurts itself on a tree stump, it often flies into a rage and kicks the piece of wood. We laugh at that type of behaviour, but what is the difference between a trader trying to get back at the market and a monkey kicking a tree stump?
We get angry at the market, we become afraid of it, we develop silly superstitions. All the while, the market keeps cycling through its rallies and declines. Mark Douglas writes in The Disciplined Trader that in the market, "There is no beginning, middle or end — only what you create in your own mind. Rarely do any of us grow up learning to operate in an arena that allows for complete freedom of creative expression, with no external structure to restrict it in any way."
We try to cajole or manipulate the market, acting like the ancient emperor Xerxes, who ordered his soldiers to horsewhip the sea for sinking his fleet. Most of us are not aware how manipulative we are, how we bargain, how we act out our feelings in the market. Most of us consider ourselves the centre of the universe and expect every person or group to be either good or bad to us. This does not work in the market, which is completely impersonal.
Douglas warns: "If the market’s behaviour seems mysterious to you, it’s because your own behaviour is mysterious and unmanageable. You can’t really determine what the market will do next when you don’t even know what you’ll do next. Ultimately, the one thing you can control is yourself. As a trader, you have the power either to give yourself money or to give your money to other traders. The traders who consistently make money approach trading from the perspective of a mental discipline."
Street Dogs
From Trading For A Living by Dr Alexander Elder:
When a monkey hurts itself on a tree stump, it often flies into a rage and kicks the piece of wood. We laugh at that type of behaviour, but what is the difference between a trader trying to get back at the market and a monkey kicking a tree stump?
We get angry at the market, we become afraid of it, we develop silly superstitions. All the while, the market keeps cycling through its rallies and declines. Mark Douglas writes in The Disciplined Trader that in the market, "There is no beginning, middle or end — only what you create in your own mind. Rarely do any of us grow up learning to operate in an arena that allows for complete freedom of creative expression, with no external structure to restrict it in any way."
We try to cajole or manipulate the market, acting like the ancient emperor Xerxes, who ordered his soldiers to horsewhip the sea for sinking his fleet. Most of us are not aware how manipulative we are, how we bargain, how we act out our feelings in the market. Most of us consider ourselves the centre of the universe and expect every person or group to be either good or bad to us. This does not work in the market, which is completely impersonal.
Douglas warns: "If the market’s behaviour seems mysterious to you, it’s because your own behaviour is mysterious and unmanageable. You can’t really determine what the market will do next when you don’t even know what you’ll do next. Ultimately, the one thing you can control is yourself. As a trader, you have the power either to give yourself money or to give your money to other traders. The traders who consistently make money approach trading from the perspective of a mental discipline."
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