A wise millionaire trader once told me this:
“Anyone who can do something else (text or surf the internet for example) while trading is simply not giving the trade the attention it deserves.”
Alan Watts was a British philosopher, writer, and speaker, best known for translating and popularizing Eastern philosophies for a Western audience.
Below is an insightful quote from him…
At the end of the day, the fact that trading is a process (a journey composed of successes and failures) is one of the most important elements of this endeavor you need to recognize and grasp. Whatever you do, as you keep on growing as a trader, expect process, not outcome.
When you can quiet your mind, and be quiet in your mind, you will eventually come to realize that you are not quite your mind….
In a nutshell, the ability to trade successfully (the ability to do what needs to be done for the sake of your longer term results) depends on something called executive function, which lives in a little chunk of your frontal lobe.
This is a passage from a short book I’m currently reading. Ajahn Chah, the author, explains beautifully in few words what afflicts us as humans. And to my lack of surprise, it’s something a lot of people fail to explain in, sometimes, 300+ pages books…
The year is 2006, it’s 3 a.m. on a Sunday, and my work shift just started. Graveyard shifts are always hard on my system and I’ve had barely 2 hours of sleep within the last 24 hour period. Needless to say, I feel exhausted, lifeless, and on edge.
A lot of us traders pride ourselves on being risk-takers. But, risk-taking tends to correlate with impulsivity – as soon as you have a thought, you act on it without thinking about the consequences.
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