Mittens made a trip to Walmart this afternoon for some badly needed kitty litter and of course some salmon cat food. She decided to vist the beauty salon and talk about getting worked over......Of course, they didn't charge Mittens this time, because of the "NEW" employee was a little rusty and kept talking under her breath about her husband making her work for a living now.
The local CCI chapter was also seen at Walmart, mostly in the parking lot but they were excited as Bernice stopped in for a few laughs....And what a circus it is. I guess after seeing Mittens running out of the beauty salon, they didn't wait around for their cream rinse.
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32 comments:
I copied and pasted the folowing fom the July issue of SFO Magazine - thought it might be relevent here. How do we know if this person trades or not? Personally I wouldn't care except for the fact it is stated he or she does. Take it for what it's worth and think about what makes you buys books by Mark Douglas and others (does Mark Douglas trade at all? Hellifiknow) I took out the author's name as I don't have permission to post this. So if there's any copyright infringement - sue Dennis - it's his blog :)
DON’T BE YOUR OWN WORST ENEMY: Beat Mental Barriers to Successful Trading
More important than profiting on the green days is getting through the red days and knowing that you can work through it.
Whoever coined the phrase “we are our own worst enemy” must have been a trader. As an active trader for ten years, a moderator in a few large online trading rooms, and a trader’s mentor and coach, I think I’ve experienced or heard almost every scenario that results in lack of self-confidence, bruised ego, indecision and failure.
To an outsider, trading looks simple. You just go long when the market is going up and short when it’s going down. You’re an instant winner. With robot-like efficiency, we would all enter trades at exactly the right time as the price moves to our target, and then we would exit at precisely the right moment. All of this would be done without any emotion or stress. No sweaty palms, rapid heartbeat or self-doubt. Snappy, objective decisions would rule the day as profits poured into our accounts.
Unfortunately, we don’t behave like machines, and we live in the real world of human fallibility. We have to cope with a wide range of emotional and psychological baggage that we bring to trading. If you’re easily stressed out when things don’t go your way, don’t expect to be the epitome of calm as a trader. We are who we are. Part of our ongoing task as traders is to deal with weaknesses that impede our success and use our strengths to our advantage.
I've worked with traders who had an exceptional grasp of objective, precise methods, but still they were unsuccessful. What is it within each of us that makes consistent trading so elusive? After years of trading, teaching and talking to traders, and watching them cycle through the daily emotional highs and lows, I have learned what emotional and psychological issues are common – and perhaps more importantly, how to develop some strategies to overcome or work around these issues.
The “I-Can’t-Be-Wrong” Syndrome
There really is no logic in thinking that we’re always going to be right about anything. We’re reminded of that daily by family, colleagues and, most certainly, by the markets. Investors and money managers floating in the profits of the Internet bubble seemed to be under the illusion that the bubble would just keep expanding. When the bubble finally burst, very few came forward to say they were wrong. How many considered if it was even logical to think things would go up forever? Wasn’t it just easier to believe that these stocks would recover than to admit we were wrong, sell our shares and profit at least a little (or lose only a little). Don’t think you’re going to outsmart the market. The market is always right.
I’ve met so many traders who refuse to get out of a losing trade because they don’t want to accept being outsmarted by the market, fail to interpret the method correctly, or mismanage the trade. Many traders have encountered this problem, especially in the early stages of trading. For some, it isn’t just the need to be right but rather a matter of ego. Often from childhood, many individuals equate being right as praiseworthy and being wrong as worthy only of punishment. To keep our self-esteem intact, we have to be right or cling to the hope that, in the end, we will be correct and our ego can escape unscathed. That might work under some circumstances where the worst consequence is to lose face, but when dealing with the market, the consequence will be to lose money. The longer you stubbornly cling to your ego-driven need to be right, the more money you’re going to lose. Eventually you’ll be so “right” that your account will be gone and the market finally will have convinced you who’s the boss.
After the “I-can’t-be-wrong” syndrome has caused numerous losses, we must face reality (or the end of our trading career). It isn’t a moment of sudden clarity accompanied by the blinding white light of an epiphany but rather a slow awakening to the fact that if we want to remain in trading, we better figure out a way to read the market. If we can do that with objectivity rather than personal bias, we then can preserve what’s left of our confidence and really start trading. We don’t have to like being wrong; we just have to accept it as part of the learning process.
To accept being wrong while keeping confidence intact – and losses under control – we each need a plan, and part of that plan should be protective stops (or stop losses). By being in charge of your stop and making that decision based on your parameters for risk/reward, account size and money management, it’s still possible to satisfy your need to be right. If the trade goes against you, you will have made the decision to correct the situation by using a trade plan suited to your personality. It will allow you to exit the trade – self-esteem intact. Just as important, avoid purely mental stops because it’s too easy to fall back into those emotional patterns of wanting to be right; then we end up losing too much.
Overtraders Anonymous
You know who you are even if you don’t want to tell the rest of the world. You just can’t pass up the opportunity to trade. Many justify overtrading by claiming they’re scalpers – so it’s part of their trading style. For some that’s true, and they do it successfully with precision and planning. But even scalpers are guilty of revenge or boredom trading. Your trade diary will tell you if you are scalping real signals or not. Also included in this club are the gamblers, adrenaline junkies, those with no self-control or discipline, and those hoping to make the “big score” as fast as possible in spite of what their method is telling them.
Trading isn’t a contest to see who can make the most trades per day or the fastest profits in the shortest period of time. Trading is about evaluating the risk/reward of each trade with objectivity, using your method, personal trade plan and money management plan.
Some traders take a few losses and then are overwhelmed with the need not only to make up for losing trades but also to achieve their daily goal. That’s stress. They begin to see what they want to see instead of the reality of the situation. Under these conditions, many traders not only will take iffy trades, but they’ll take many more trades than usual because they’re forcing themselves to make up losses. When that type of emotion gets in the way of objectivity, very few can distinguish the right parameters for good trading. This distinguishes successful, experienced traders from the others. They don’t make trades just for the sake of trading.
Nobody wants to admit being part of the overtraders club, so how do you break the cycle?
First, if you can’t sit at the computer without the compelling urge to trade, then walk away when the market is slow or too choppy for your style or ability. Nobody can maintain focus for the entire trading day without a break, so divide the day into segments for trading, study and breaks. Learn which parameters yield the best risk/reward, which signals or patterns account for the best profits and the worst losses, and which hours you can be most productive. Take advantage of those productive hours and become more selective during other hours if you must trade. No matter how many trades you make, the focus should be on protecting profits and becoming consistent.
Don’t use the excuse that you make a lot of trades because your style is very aggressive. A profit-and-loss statement will reveal whether you are trading aggressively or just overtrading. Be honest about why you take each trade, and note those reasons in a trade diary; doing so will help you develop greater restraint. Remember that many people say they become traders to have more free time. If that’s true for you, then ask yourself why you sit at the computer for so many hours trading any market that’s open. Maybe trading has become an obsession instead of a job. Only you and your family can determine how much is too much.
The Big D – Discipline
Discipline is essential in trading and one of the most difficult personal issues with which to contend because we each have individual psychological issues that determine self-control. Each aspect of a trade involves discipline from learning a particular method to execution of that method, which includes entries, stops, exits, number of shares or contracts, risk/reward parameters, money and time management. It would be easy if this was a one-size-fits-all endeavor, but we have many different strengths and weaknesses. You might not be able to overcome the fear of making a mistake, but you can establish discipline guidelines when that mistake is made. I’ve seen too many traders blow up their accounts because they couldn’t follow their own rules.
Discipline not only means keeping your emotions in check, but also taking the time necessary to learn the method you choose. Study, ask questions, observe the method and test it in simulation before trading with real money. Discipline in trading is much like in sports. Golfers practice their golf swing until it becomes automatic, and the smart ones don’t compete until their skills are up to the challenge. Try different methods until you find what suits you.
One of the ways to discover what method works best for you is to keep a trading journal to include not only your actual trades but also your emotional and psychological reactions. You might find that having to constantly evaluate and calculate Fib numbers isn’t working for you, but watching visual patterns or moving average crosses is exactly what you need. Keep in mind that whatever method or combination works best for you, success will still be predicated on the discipline to execute the rules of that method.
While working on your method, also learn to establish a set of rules to evaluate risk/reward and how that risk could impact your account. This is part of keeping a trading journal and establishing money management. A trading journal will help you discover your strengths and weaknesses as well as help in developing trading guidelines. You’ll realize that it’s just as important to know when not to trade as when to take the trade. Learn to trade more conservatively early in your career to build good habits and establish a more secure financial base. Remember that rules are only as good as the discipline; we have to use them consistently so don’t make them unrealistic. Don’t sabotage yourself by setting goals that aren’t practical. Preserving capital is essential in preserving self-esteem, and discipline is the key to building a trader’s confidence and financial success.
Along with keeping a trading journal, good money management is a key factor in maintaining discipline. Without going into the specifics, money management would include rules controlling how much you’re willing to risk before you even enter a trade. To be successful and to develop confidence in trading, the odds must be in your favor. With proper money management, you can have a few controlled losses, be profitable on the day and maintain self-esteem. While the purpose of trading is to make profits and increase your account, the purpose of money management is to preserve your capital with established parameters of an acceptable risk/reward ratio.
Anaïs Nin said, “We can’t see things as they are, we see things as we are…” To develop the self-control necessary to make objective trading decisions based on the market – not our subjective, biased sense of reality – we have to learn about ourselves. Because bias interferes with objectivity, you may not be aware that you aren’t seeing what’s actually happening. This causes traders to stay in a trade in spite of the fact that the trade plan dictates otherwise. It also encourages greed, which in turn clouds expectations and realistic goals. Without discipline, bias and greed will spur bad trading decisions and limit the flexibility needed to exit a losing position. You’ll still be concentrating on what might have been instead of getting ready to focus on the next opportunity.
For some, that overwhelming drive for unrealistic profits will result in filling an emotional void with material rewards, thus increasing the stress level to an unmanageable point. Discipline can help traders maintain a realistic perspective about their trading and themselves, rather than holding this type of perspective: If you make a good trade, then you’re a good person; people will admire and accept you. But if you make a bad trade, the perception is that you’re not a good person and not worthy of admiration.
Accepting Wins and Losses
Research that explores “loss aversion” points up the fact that people hate losing money more than they enjoy winning. In fact, those who spend time with groups of traders truly do observe that many experience a lower low in losing than the high they enjoy as a winner. Eventually, through discipline, we learn to accept winning and losing with a degree of equilibrium, so confidence won’t hang in the balance on each trade.
There are many other issues that could be explored where those things that make us who we are conflict with the traits we need to become successful traders, but space is limited to this discussion. The search for success not only is related to trading techniques, but also to the fascinating journey of self-discovery we travel as we reach for that success.
Unique traits and emotional/psychological issues exist within us because of who are (and were) as individuals before we became traders. The solutions spelled out above will not necessarily eliminate what makes us unique, but they will help us discover ways to make personality work for us.
for a new guy to blogs is sure hard to tell who's on first
This magazine article is more of the same old bullshit that magazines keep regurgitating over and over. When will one of these article writers invent some new original stuff. How many times have you read or heard this same old stuff before. Yes its all true but i bet this article wont save anyone from going broke. Same old same old.
I have probably 20 trading books gathering dust in the garage and i bet 80% of them says everything that this article says.
C'mon Gio or whoever wrote it how about some new stuff, something that you can really call your own.
I want someone to teach me real money management with examples, spreadsheets etc etc. Not just fancy words and other crap.
GB is the only person that really taught me anything because he wasnt full of bullshit and big words.
Thanks GB007 if you are still out there. I can see once again the decision i made to stop buying crap magazines and study the real people keeps paying for me.
The only way to learn to trade and learn all the emotions and money management etc that go with it is to have a mentor, someone that is open and shows you it all.
The best ideas i ever got from trading were from GB007, Mac and RR all real time traders with realtime experience. No smoke screens, no bullshit calls etc.The reason i left woodies room , well one of the many reasons was the bullshit posts on entries etc, and the famous just took 100pts on the dow but sorry i dont post my entries.
Dont new traders love seeing stuff like that, makes them think trading is simple. I have lost count of the number of people losing money following crap like that.
Fitzy40
Fitzy40
I absolutely agree with you about the personal mentor part of your post. As we all know, trading is both method and mental. They're separate, though integral to each other in determining the success of any trader.
You've been trading long enough and may have developed the confidence needed so that this is not an issue for you any longer. I'm lucky enough to see gb on a fairly regular basis and I believe he is so far beyond the mental demons that it's not even an issue for him anymore.
For the rest of us mere mortals, an article like the one posted may not save us from ourselves. But sometimes a single quote sticks out and we take it to heart and post it on our wall - and it makes a difference.
You know as well as the rest of us that there is no easy way to learn how to trade. It can be even more difficult to find someone like gb who is willing to do what he's done for you. Consider yourself among the lucky few. In the meantime, don't disparage the efforts of those who go to the effort of putting forth ideas like those in that article. If it helps one person, it was worth it imo.
I remember late night discussions with you a while back in woodie's room. I agree with you also on how woodie's room has become what I consider dangerous. A new person comes in and sees all the winning posts and just assumes they could do this also. Two months later that person is never heard from again.
I don't care what entries anyone has and whether or not they post them. Hell, I don't bother with the rooms anymore at all except to stop and see friends on occasion.
As to gio, I don't miss her Monday stock sessions. As to her not posting entries, there had to be about 50 of us who watched her trade live in west palm beach. At the end of the day she was applauded. Was it a fluke? I doubt it. Either way, she had no problem showing us exactly what she does. Meanwhile woodie just walked around and my guess is he was jealous he couldn't do the same thing.
BTW - just ask gb his opinion on gio ... I listen to gb, and it follows that I listen to gio.
8.22
yes i was lucky to have gb teach me some things, thats for sure. I suppose what i said didnt come across right. For one i have no opinion on Gio good or bad i dont know her. But i do know i hate people that post exits and not entries for whatever reason. When i was in the room i posted both when gb was he also posted both.
Once again i say posting exits only, is bad for learners etc. They should not bother to post anything . Whether its Gio or Woodie or anyone if they dont post entries why post exits. To me it helps no-one but their own ego.
And the other point i try to make is when are we going to see some new stuff on these same topics published. ITs just the same old shit over and over, how about one of these legend traders talking outside the box. It would be an eyeopener. Why cant someone post some real close to the heart stuff and not just the same old stuff written in every magazine and in every trading book.
And no i am not some great trader. After 5yrs of good profits the last 2mths have been terrible for me.
This past week gone i got myself back on track and had a great week.
Its a never ending battle but it beats going to work each day.
To Fitzy40
I was at the WPB TAL and saw Gio in action. The gal was GREAT. You saw exactly how and what she did, and she did it very successfully that day. (You saw her entries and exits) And the 50 or so people watching her did applaud her at the end of the day. Whether or not you like it, she knows what she's doing.
If you don't like her BS, if you don't like the fact that she doesn't post her entries or exits in a free room in front of 600 people, tough s... There are many of us who like what we get.
Ya know who really always bugged me in woodie's room was that dipwad, howard. The guy never posts a losing trade and if he posts an entry, its long after its already profitable and just before its supposedly closed out with some big profit. Not to mention that there's never a reason for the trade.
Now he's over at tradershaven trying to fool them too. Then he always ends with - "well, off to my real job." If this guy was even half on with his trading, he could afford to have sport cutting his lawn.
The guy should be booted or at a minimum not allowed to post. He is a great example (and not the only) of what's wrong with these rooms.
my only complaint about gio is that I have to go to woodie's room to find her - lol
One day in a TAL doesnt prove a thing. I wasn't there , so I have no idea of whether she actually traded real money on her own PC and or not. That's actually irreleveant. As she has said many times, consistency is the key in this business, and if Gio is one thing, she is consistent. She consistently refuses to post an entry or post a stop or take a loss in public. She has had how many hours in front of a live audience over the years, and how many actual entries has she posted? She has 5 hours in one TAL and now we are supposed to believe she's the real thing? Hmmm. I went to Vegas once and won a lot money that night....
Don't you just hate it Sport, when you write a clever and very funny piece about Cathy's new job at Walmart, and all you get back is an off topic SFO article and another Gio discussion? Wanna bet Cathy copied that article - it's called diversion and change the subject.
Love these pictures you keep coming up with, btw.
Cathy,
I think the only black boxes you need to be concerned about are the ones containing the perm solution and hair dyes. Get back to work and stop fooling around on the computer.
Your boss,
Madge
Enough of this Gio crap! Who cares anyway?
More importantly, I need to know what a guy can do about premature graying temples. Any suggestions Cathy? I don't want that "just for men" hair color crap.
anon at 9:50
When u went to Vegas did u invite 200 other gamblers there to watch u play? The point was not that gio being profitable that day makes her a great trader, it was that she volunteered to show people, in real time, that she does trade, and trades well. With 50 or so pairs of eyes on her, she explained exactly what she was doing and why. She appeared relaxed and in complete control of the situation. I was there and it was quite impressive.
Most guys get nervous if their wife is peeking over their shoulder while they trade (though most husbands understand the consequences are worse than the public humiliation gio would have suffered had she not traded well - lol)
Yes it was one trading day, but if it were a week or month or year - u'd probably still be saying she got lucky.
My point is either take what lessons she has to offer or don't. No one is forcing u to do anything. We're all entitled to our opinions...as misguided as they may be.
I believe Rover has stated during one of his moderating sessions that Gio suffered a 40 or more point draw down or reversal sometime during that infamous tal. Would someone who was there pls comment
my ears bleed when i listen to gio drone on! you all know its true. whats funnier is that "new traders" all love to listen to anyone that talks on the mic because they think the person knows what they are doing. the rest of us know better. i dont care if she or people on the mic can trade or not. what i do care about is using a period now and then so they dont take up all my bandwidth lol. as for applauding at the TAL. give me a break. all those new traders clap for anything. we see it happen everyday in all rooms everywhere.
To Anon 4:12
I was at the WPB TAL. I was sitting next to where Gio was trading/mentoring. She never had a 40 point drop, it was a 90 point gain at the end of the day. In fact, Rover came over to her at the end of the day and congratulated her on her trading for the day.
Call it luck, call it skill - but that's the way it happened.
Thanks bobcathy1 for the hair advice. I knew I could count on you to share with me your expertise in hair treatment.
Give my best to all the shoppers at Wal-Mart.
Baldy
seriously did not expect you to crumble under stress and the whole
distance thing before i do. must say that i felt reassured. made me
think twice about you, about everything. and i mean that in a nice
way.
you're entitled to your opinion
but it's really my decision
i can't turn back, i'm on a mission
if you care don't you dare blur my vision
let me be all that i can be
don't smother me with negativity
whatever's out there waiting for me
i'm going to faced it willingly
BobCathy....changing the subject....Ok...I sold a black box system for $150,000...Why do you need a copy also after what you did to Mitten and Bernice maybe you'll be back trading soon. You can call me Sweetheart and we'll talk about where to send the check....
But just for the record, "THE SYSTEM" that the brown shirts have tried to steal is safe and sound. And it is NOT FOR SALE....I am sure you don't have enough money for a shot at it.
All that people seem to want to comment on is whether or not Gio trades . I dont care if she trades with real dollars, trades with real paper, is a nice lady or is a terrible lady. I thought the only person that should care about those things is her husband.
Anyway the main topic in my post has been overlooked, it was about the same old crappy articles written about the same old stuff.
What about some new material, something that really hits the bone. The article that was written and republished here is just the same old junk from every trading book known to man. It gets published because big words make it look really important.
All i would like to see is some out of the box stuff published ,real stuff to help real time struggling traders.
Not just more of the same old shit.
My point is i dont care about Gio i would just like someone to come up with some ground breaking stuff and get it published not the same old shit we have all seen 100 times before and get recognition for just rewriting old books. Anyone get my point yet!!!!!!!!!
Fitzy40
Doubt it....Fitzy40...
fitzy40 please get over yourself. who are you to request things anyway. "what i want to see is... blah blah". oh brother. yes we will all get right on it for you lol.
fitzy - you're the guy with all the insights on trading - write an article yourself. We can't wait to read it :p
Until you do, relax, say g'day to Crocodile Dundee, throw another shrimp on the barbie, and get some hats for those men without them.
No worries mate.
Wow its so easy to see why this business has a plus 90% loser rate. Still no-one gets it. I can always dumb it down a bit for you.
Fitzy40
now we know for sure its fitzy. you can tell in his standard 'im better then everyone' posts.
yes please dumb it down for us worthless traders. we need your help.
ok fitzy, yes we get your point. but its not something we are interested in thats why we dont talk about it or even read those magazines. you did?
guess you cant figure that out yet but keep trying lol.
how did you come up with 90%? did you take stats on your late night friends. how did you count yourself? i wont tell.
but what i wonder is when you save back up more money to trade again do you get to go into the 10% again? lol
10:46
I live in a caravan under a bridge which is a 6 lane highway. R7 knows my place. He sent me some free tires once so i could finally level it up again. So any donations are welcome even from old farts like yourself.
So whoever you are Jimsy, Woodie, Jacko, Johno, Bill, Mary, Dave or any other name thats starts with a letter from the alphabet feel free to help me out .
I am broke and will take anything you can ship out here except your wife.
thanks
Fitzy40 or Steve for you guys that like to use anonymous.
drbob and fitzy arnt going to answer the questions guys. you see how they avoid the questions directly and make up things that are either silly or make up new rules that will keep them from answering.
fitzy didnt you break your account along with your other traders? yet you act so high and mighty. we know better. i also see you are sneaking around HC. funny how you show up with a HC subscription but you havnt been around for awhile. wonder what names you were coming into woodies room under to avoid the boot like last time.
drbob, are you paying for the room or not. also, why are you starting to act like the person who booted you from their room. aint going to work. think about it. can't complain about it and act like it same time.
Gee i must get right up your back. I cant stop laughing. I learnt from the masters about how to sneak around rooms. You know that hell you were one of my teachers. I
Keep it coming i love this shit.
One other thing sure i have hotcomm, had it for about 2mths but sorry to tell you this there are lots of other hc rooms. Is your head stuck so far up your own arse that you think woodies room is the only one out there.
You will find me in either Sports or Dr Bobs rooms or when i am looking for gb i go into woodies room, sorry you missed me. But hey you will be back .
Fitzy
see guys he still wont answer the questions about how you move from %90 into %10 category based on a new loan. what happened to your trading friends. you taught them so well they went bust i heard. is that true?
yep seems you wont answer any of these things posted. its okay he will fade away soon. well thats if drbob doesnt make him a mod so he feels like everyone likes him.
you move from 90% of losers to 10% of winners by trading with winners not rooms full of retired wannabes who are just grumpy old shits with no life. Thats your first question answered.
You next ? what happened to my trading friends. hmmm Which ones Give me some names and i will tell you what they are doing if i know. After all you have the right to know dont you.
Fitzy
steve, he aint going to answer those questions fourthright.
deflection, avoidance and redirection... same old fitzy crap. we had a repreive from it but now hes back. uggg. arrogant SOB if there ever was one.
well, fitzy, the truth is?
btw, i named my girfriends foo-foo pinky dog 'fitzy'. damn thing runs and curls up in the corner when i ask it a question too.
EXACTLY......
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