What drives you to trade/invest? Is it the yearning inside to always be connected to the financial markets? Or is it something more basic like greed and ego? Greed and ego come hand in hand. They are the bastard twin sons of satan given to all of us to enjoy and personify.
Almost always, what you'll find in common with traders is the need to be always right and to be rich. After all, if we're not trying to be rich then why the heck are we in the financial markets? We all have bouts with our own emotions for trading. There's that incessant need to be proven right and to enjoy the fruits of thine labor.
To this day, after 15 years of trading, I am still driven by greed but it's much, much watered down now. I have taken steps to always keep my ego in check. I get flare ups from time to time but for the most part I no longer waste my time arguing with other traders on who was the better trader. All in all, we are just small parts in this big manipulated wheel of corrupted markets.
You know how I know I have things under control now? I can put a number for my daily target and just stop there. On days when nothing's working for me, I actually stop instead of trying to make back what I've lost. However for new traders, this is still going to be difficult to achieve. I know because I've been there. New traders are like teenagers - gung ho and really in over their heads. They think they know it all when they are barely scratching the surface.
This holiday season - my wish for you new and experienced traders is to reflect on how to be better for 2016. Think about how you can improve yourself both as a person and as a trader. No matter how you avoid it, this gig is one big emotional rollercoaster. Some are built to handle the chaos and some, sadly, aren't.
Traders from Equity Sense will be writing on this blog on positions and other market-related things.