Humility helps your trading capabilities - page 2.

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

A component of trading that cannot be neglected is humility towards the market; as a trader you need to present yourself to be teachable with humility so that the market will also steer its humility to you.

Separating the two words 'humility and teachable' brings another meaning to your thread as I'm on the side of traders been willing to learn form their mistakes (i.e taking corrections) and improving on themselves to becoming a better trader but don't totally buy into the idea of been humble. The market has no emotions and shouldn't be approach with a mindset of trying to win it over with humility instead been smart, having the mindset to outsmart the market at any movement it tries to make will make you more profitable.

In regards to pride and arrogant, don't actually get where you're heading but if you mean not been willing to adopt to new development or changes instead sticking to your old ways that obvious should new an outdated then that's a wrong mindset that will only result to loses.

maxreish

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Overconfidence in trading is somewhat not gonna help. The unstable market will disregard that overconfidence. We need a balance emotions and that humility is one that we need.

Just as a trader thought he/she knows all the market ways because of that overconfidence, but at the end we can't really predict sudden sideways and market sudden movements. Tools like indicators, charts, etc are just our guide and basis and doesn't mean a trader may rely on that much that a trader forget humility.

bearexin

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

A component of trading that cannot be neglected is humility towards the market; as a trader you need to present yourself to be teachable with humility so that the market will also steer its humility to you.

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

The market doesn't care whether you have humility or not, what matters most is knowing how to trade and having the right strategy. Yes it's good to have humility and it's also good to be confident to an extent as long as you know that you're using the right strategy. No matter how you choose to feel, the most important thing is to learn how to trade and avoid using too much money in your trade more than you can risk losing. There's really no guarantee that you're going to make profit from the trade, so you also have to be careful. Have a limit to everything.

Quote from: Lorokan on June 04, 2020, 05:20:29 AM

Also, arrogance and pride while trading is the beginning of endless losses.

Being arrogance against market fluctuation will definitely lead to losses. Because, we need to be more flexible to trade as per the direction of market rather than being stiff on what we have pre-planned before start of trading. At the same time, I am not sure how being pride affects our trading.

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Quote from: NavI_027 on June 05, 2020, 09:43:21 PM

Quote from: Lorokan on June 04, 2020, 05:20:29 AM

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

Yeah! Because in every aspect, "too much" is not always good. There's no problem for being confident because it gives you the feel of positivity making your trading lighter and less stressful but when it becomes too much that's where the irregularities enter. You tend to get comfortable and slowly forgetting the risks you are dealing with. This emotions might lead you to making mistakes since you are too ecstatic. Money talks should be taken seriously, stay focused because losing is not a joke Cheesy

.

In trading, you always need to keep your feet on the ground you don't need to brag other people about your trading skills. Good communication is really necessary and the best tool for you to have an effective transaction. You need to level your attitude depending on the person and always be kind to everyone.

When we talk about money and trading, you should become more wise and knowledgeable about that thing. People are really flexible and adaptive when it comes to trading because all of us are rooting to become successful in it. Although trading is not that constant in giving us profit, this should not affect our mental health and how we deal with other people.

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

A component of trading that cannot be neglected is humility towards the market; as a trader you need to present yourself to be teachable with humility so that the market will also steer its humility to you.

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

Also, arrogance and pride while trading is the beginning of endless losses.

Arrogance and pride often tend to be qualities we like others to portray us with but I think most individuals know at least that much about themselves. So as long as one can remain true to themselves then bad trading or any other experiences we might encounter serve as a platform for improvement - at least that's how i personally look at things. If something doesn't go the right way at least a learning lesson should emerge which leads us toward bettering ourselves!

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

A component of trading that cannot be neglected is humility towards the market; as a trader you need to present yourself to be teachable with humility so that the market will also steer its humility to you.

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

Also, arrogance and pride while trading is the beginning of endless losses.

In other words, thinking that you are always right or you cannot go wrong is probably the worst thing ever in trading and it make people lose because with this thinking they will not adopt any risk management strategy and also they will make trading decisions based on what they think and not what they see on charts in both cases such traders end up in loss and it will not change unless their thinking and strategy change.

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The market is cruel to its nature whether you are humble or proud you once, twice or more, you have lose funds in trading.
If you are open to learn and realize that losing trade means losing money then you will strive hard to learn not to lose. And when you value money that is when you know you wanna make more of it. Learning to trade is different because its a skill often mastered by those who also failed from the beginning. Don't worry if you fail, for now, you will learn later.

FanEagle

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This is true basically on everything life has to offer and in any situation you are in. If you don't know the topic that is discussed it is always better to stay silent and not join the discussion or give your opinion since you do not know the topic well enough to provide your own opinion, or if you are asked about it, you could simply say "I am not well versed enough to give my opinion on the subject".

Unfortunately not many people do that, even on things they do not know anything at all, we all just give our opinions and if they are clearly wrong you could only say "it is my opinion and not a fact" and get out of it. Trading is one facet of life if you are here, and this is one of those things you should stay away unless you know what you are doing for sure and just wait until you can do a trade you are certain about.

Lorokan

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I see alot of comments have commended and suggested positively to the op

But I feel perhaps the thread was viewed with a different mindset which I cannot fault.

To me, i see humility as being open to learning and corrections because even the best of traders run at loss in certain times.

But I realized also that being good and being confident in your ability cannot be pride.
Thanks all

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

Also, arrogance and pride while trading is the beginning of endless losses.

Not everyone has the same mind, it all depends on the way each crypto trader, the individual to the best for them.
If someone is a professional crypto trader, the trap that makes the trade destroyed and the loss they already know and overcome, Crypto traders who like you said new traders do not know the true meaning, boast of themselves as if he is great even though ridiculous.

For professional crypto traders, no one knows and does not want to publish how much income in one hour and per day, even someone who is a reliable trader. he just enjoyed the results in a matter of counts minutes without anyone else knowing, with the science of commerce in his possession does not have to be arrogant and membagakan himself only he who knows the income earned it.

The conclusion: many people do successful crypto trading with learning and expertise, the courage to make good market decisions, 'on the contrary' not with pride and arrogance.

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

A component of trading that cannot be neglected is humility towards the market; as a trader you need to present yourself to be teachable with humility so that the market will also steer its humility to you.

The market doesn't care if you are humble or arrogant.

Quote from: Lorokan on June 04, 2020, 05:20:29 AM

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

Yes, I think that is the correct definition, majority of the traders are over-confident and think that they won't suffer a defeat. But losing is just part of the whole equation, you should also learn how to get up.

Quote from: Lorokan on June 04, 2020, 05:20:29 AM

Also, arrogance and pride while trading is the beginning of endless losses.

I think the lesson here is that don't let your emotion takes you over when you are trading.

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

A component of trading that cannot be neglected is humility towards the market; as a trader you need to present yourself to be teachable with humility so that the market will also steer its humility to you.

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

Also, arrogance and pride while trading is the beginning of endless losses.

What is this? Sort of Karma? The thing is that traders here have full control, so it's really up to you whether you like to teach or remain arrogant. I think the beginning of endless loss is that you don't have control of your emotions.

It's not about arrogance or pride, you really need to check your emotions and then use your logical thinking on how to get away and make money in this game. Be confident but at the same time, you should make the right decisions for your every trade.

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

A component of trading that cannot be neglected is humility towards the market; as a trader you need to present yourself to be teachable with humility so that the market will also steer its humility to you.

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

Also, arrogance and pride while trading is the beginning of endless losses.

That is one of the types of sentiments that lead to trading failures. Dr. Elder was the one who pointed that out when giving examples of "emotional" traders. when he won, he shouted and posted on social networks, when he lost he was depressed and sad. These are not the characteristics of a successful trader. Calmness is what professional traders have. when they win or lose, they don't have any feelings, they just enter the order as planned and after 1 day, they will summarize the profit or loss.

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Quote from: Lorokan on June 04, 2020, 05:20:29 AM

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

Yeah! Because in every aspect, "too much" is not always good. There's no problem for being confident because it gives you the feel of positivity making your trading lighter and less stressful but when it becomes too much that's where the irregularities enter. You tend to get comfortable and slowly forgetting the risks you are dealing with. This emotions might lead you to making mistakes since you are too ecstatic. Money talks should be taken seriously, stay focused because losing is not a joke Cheesy

.

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Quote from: cryptoaddictchie on June 04, 2020, 09:55:34 PM

That principle is like asking for miracle dont you think? Have some humility and maybe market will have too towards you. For me, confidence should be used in a timely manner too. Being proud of your analysis on trading is not bad at all. If you lose you will. These characteristics are just a bad omen to to those who dont know how to trade efficiently. Sometime, my risk apetite is very huge leading to some good gains and ^{few loses too}.

Market will do good also for you if you can read and analyze better his next move not just because you have some humility towards it.

You have said exactly what the response should be. A little confidence on your trading technique is superb. Confidence is also trust, so if a trader got no trust on technique used, let the trader stay off the market. Again nothing like proud in the market but trying to chase lost profit is what is not good.

When you arent confident into your trades then that kind of trader characteristic wont really fit out into this market.Yet if you do
make analysis just like you are doing gambling then thats not a good one since you just pull of some position then leave and since
you dont trust it up then you would make another one which would scramble out everything. Showing humility to the market
for the market to have humility towards you? Its a total BS.

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Being overconfident on trading could help you out if you are actually good at trading. If you do 100 trades per day and 90+ of them profits you and at the end of the day you have 5% profit on all your wallet, that means you are actually very good at trading and having confidence that you will make even more wouldn't hurt you most of the time, of course you have to be like this not just for a day but for months and months, probably years before you can actually have confidence of being how awesome you are.

However, if you are not that good and you sometimes profit but sometimes lose and at a break even level or even losing, that means overconfidence could make you lose even more money, hence you should be careful about your hubris and maybe make decisions based on stats and charts instead of emotions.

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Quote from: cryptoaddictchie on June 04, 2020, 09:55:34 PM

That principle is like asking for miracle dont you think? Have some humility and maybe market will have too towards you. For me, confidence should be used in a timely manner too. Being proud of your analysis on trading is not bad at all. If you lose you will. These characteristics are just a bad omen to to those who dont know how to trade efficiently. Sometime, my risk apetite is very huge leading to some good gains and ^{few loses too}.

Market will do good also for you if you can read and analyze better his next move not just because you have some humility towards it.

Thanks for clearing up what is really needed when you are trading, I am on your side about the thing about humility about the market and I think OP poorly worded the post when what OP meant was not being overconfident when you are trading, I do not agree with the word humility used in context of trading because it sounds like worshipping a market construct. I agree with the quote above about being confident with your trading skills because having a half-assed mentality will only make you hesitate when there is a crucial decision needed thus making half-assed decision leading to poor results because you did not put your best on the table.

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That principle is like asking for miracle dont you think? Have some humility and maybe market will have too towards you. For me, confidence should be used in a timely manner too. Being proud of your analysis on trading is not bad at all. If you lose you will. These characteristics are just a bad omen to to those who dont know how to trade efficiently. Sometime, my risk apetite is very huge leading to some good gains and ^{few loses too}.

Market will do good also for you if you can read and analyze better his next move not just because you have some humility towards it.

Lorokan

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A component of trading that cannot be neglected is humility towards the market; as a trader you need to present yourself to be teachable with humility so that the market will also steer its humility to you.

I say this because a proud and arrogant trader to the market, will have a trouble looming ahead trading because over confidence in trading leads to losses.

Also, arrogance and pride while trading is the beginning of endless losses.

Topic: Humility helps your trading capabilities - page 2. (Read 604 times)