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Making good decisions
Tue, Dec 16 2008, 09:55 GMT
by The Trader's Journal Collaborators
This article is taken from the Trader's Journal magazine (November 2008 issue)
The author, the trader’s coach Adrienne Toghraie, is an internationally recognized authority in the field of human development for the financial community. Her eight books on the psychology of trading, including The Winning Edge – Volumes 1-4 and Trader’s Secrets, co-authored with Murray Ruggiero, have been highly praised by financial magazines.
- Good decision-making is a skill that requires practice, preparation and stability. Adrienne Toghraie takes a look at good decision-making skills
One of my early clients was a trader named ‘Keith’ who started life with all of the benefits that wealth and status can afford. His parents provided him with an expensive private school education before sending him to a top university. But, as soon as Keith attained the independence of young adulthood and was free to make decisions for himself, he continued to make one poor decision after another. It was as though he had a genius for taking the wrong turn, despite all of the warnings to the contrary.
Keith acted and reacted to each situation, rarely giving it a moment’s thought. He would leap into a decision without having done any research or laying groundwork. All of his decisions were based on his emotional needs at the time, and Keith was not a very developed or mature individual. So, his decisions reflected his delayed emotional development. As a result, he had a difficult time looking into the future to see what his life would be like as a result of his decisions.
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Other article in this issue:
Published on Tue, Dec 16 2008, 09:56 GMT
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Legal disclaimer and risk disclosure
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the authors and the publisher are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. In commodity trading, as in stock, and mutual fund trading, there can be no assurance of profit. Losses can and do occur. As with any investment, you should carefully consider your suitability to trade and your ability to bear the financial risk of losing your entire investment. It should not be assured that the methods, techniques, or indicators presented in this magazine will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples in this magazine are for educational purposes only. This is not a solicitation for any order to buy and sell. The information contained herein has been obtained from sources believed to be reliable, but cannot be guaranteed as to accuracy of completeness, and is subject to change without notice. The risk of using any trading method rests with the user.Related reports
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