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Trading for Revenge: Control It or It Will Control You
Thu, Jan 17 2008, 15:00 GMT
by The Forex Journal
This article is taken from the Forex Journal, a special edition by Trader’s Journal magazine in Nov 2007.
The author is Dr. Doug Hirschhorn, a regular contributor on CNBC, is recognized internationally as one of the most influential and sought after Peak Performance Coaches in the market today. Dr. Doug Hirschhorn’s clients include Deutsche Bank, BNP Paribas, DWS Scudder as well as several other major world banks and hedge funds
- Dr. Doug Hirschhorn discusses the effects of trading for revenge and ways to prevent it from becoming a career ending problem:
Have you ever been wronged by the market? You know what I mean. You have edge in a trade. You execute your plan and out of nowhere, like legendary hockey defensive wizard Bobby Orr racing across the ice, the market gives you a full-body check into the boards? You lose the puck. Your teeth go numb, your body is rattled and your head spins. Lying flat on your back, staring at the lights, you can hear the coach, fans and some distinct voice inside of your head yelling, “Get up you wimp, fight!”
So, a bit shaken but motivated and emotionally charged, you do your best to get your bearings straight and get back on your skates. As you quickly process what just happened and take inventory of the damage you experienced, you are left with a very important choice – a choice that may very well dictate your future success. Do you focus on seeking revenge against the market or do you store the lesson in your memory, learn from it and choose to focus on your game, your plan and your next trade?
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Published on Mon, Jan 21 2008, 07:41 GMT
DPR International Pte Ltd
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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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