Battling the Ego
Written by: Verniman
Online Source: http://verniman.blogspot.pt/2010/05/release-ego.html
There is something about yourself that you don't know. Something that you will deny even exists until it's too late to do anything about it. It's the only reason you get up in the morning, the only reason you suffer the shitty boss, the blood, the sweat and the tears. This is because you want people to know how good, attractive, generous, funny, wild and clever you really are. "Fear or revere me, but please think I'm special". We share an addiction. We're approval junkies. We're all in it for the slap on the back and the gold watch. The "hip, hip, hoo-fucking-rah." Look at the clever boy with the badge, polishing his trophy. Shine on, you crazy diamond. Cos we're just monkeys wrapped in suits, begging for the approval of others.
We’re all human, we don’t want to admit that we are wrong about anything, including trades. The ego wants to uphold an ideal version of ourselves that allows for only successes and not failures. Many traders collectively lose millions of dollars trying to protect the ego’s version of reality. Our goal should be to trade without ego.
“The greatest enemy will hide in the last place you would ever look.” Julius Caesar 75 BC
You must recognize what is keeping you from taking your trading to the next level. The majority of the time, it’s your ego. How many times have you made a great trade and walked away with your your chest puffed out thinking 'I am the greatest trader in the world?'
“The only way to get smarter is by playing a smarter opponent.” Fundamentals of Chess 1883
The market always remind you who is in charge. Try to approach each trade the same, forget about each previous trade when entering a new one. Reset your mind and expect to lose money on each trade, and this should help you get over the super-trader ego after a nice winning trade! Ego must be left out of your trading. Check your ego at the door, have a stop loss, and stick to your plan.
September 16, 2016