How to Get Out of a Hole Once You Are In

MRYEE

IT HAPPENS TO ALL OF US


No matter how much experience you have or how profitable you might be on average, every now and then you are going to get yourself in a hole. You will feel despondent and wonder how you might become more profitable or at least get back to your normal profitable speculation.

Now, let me tell you something for taking care of a trader who is experiencing the bottoming of optimism.

One of our chief needs as speculator is support. Unfortunately this support can be hard to find. Having support from your significant others is very important, but even more important is having support from inside you.



PROTECTING THE INSIDE SPECULATOR


Your inside speculator is a child. Learning to let yourself trade profitably is like learning how to walk. You begin by crawling. Babysteps follow then there will be falls.

Judging yourself by your early trades is abuse. Judging yourself by more successful experienced traders is also a big mistake. What we look for in the beginning is progress, not perfection.

Speculating is like marathon training. We want to log 10 slow miles for every 1 fast mile. This slow progress can go against what we want. We want to be great--immediately great--but it does not work that way. There will be many times when we will not look good - to ourselves or anyone else. We need to stop demanding that we do. It is impossible to get better and look good at the same time.

Remember to be a good speculator, you must be willling to be a bad one first. Give yourself permission to make some mistakes and be wiiling to be a bad speculator very now and then. You have chance to be a good speculator and over time maybe a great speculator like Soros.

                                    
                                                                                                            to be continued...

[ 本帖最後由 MRYEE 於 2009-4-1 12:08 編輯 ]