Control strategy impulsiveness

8. The psychology of a trader

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The most serious disease of many novice traders lack of discipline. Instead of following a plan deals many newcomers lose control. They impulsively abandon his plan, reaping the fruits in the form of volatile profits and more serious losses. Psychologists refer to the discipline as the "control impulsivity". There are a number of classical studies which illustrate how people can strengthen its ability to control impulses. As a trader, You may prove interesting these strategies to increase the level of self-control.

In the original study control impulsivity Dr. Walter Mischel with colleagues studied the children's ability to defer compensation. Like many children, the participants were a little hungry, and inviting them to eat bagels. To get a bagel, it was required only to press the bell and the technician will bring order.

But there was a catch: If they waited, not succumbing to the temptation to call, they could get a whole bunch of bagels, delayed but much more desirable awards. In this study interesting situational and psychological factors of how long a child could delay the receipt of remuneration. The first factor is the visibility of the awards, whether it was right in front of the child or was hidden.

As expected, it is difficult to defer compensation if bagels lie right in front of You. Children can't wait. When food is laying right before them, they preferred to eat one bagel once than to expect a bunch of then. This conclusion is particularly applicable to trading. Trade is not too reasonable to constantly monitor the course of the transaction on the screen. Some traders say it is much like игральному machine.

It just offend You play, when you actually need only wait for the signal output. If You have a problem with control impulsivity, You should avoid mesmerize the screen when there is no compelling reason to control the deal. To combat impulsive temptations you can use automatic orders to your trading platform. Regardless of how You act, it is useful to remember about the natural human tendency to desire to close a lucrative deal immediately to avoid the risk, instead of patiently wait for the signal and go according to your own trading plan.

For the strengthening of the control impulsivity you can also use the thinking strategies. For example, Dr. Mischel found that children could refrain from desire to eat bagels, if they change their point of view on them. If they're thinking about driving bagels, how about food, they wanted to eat. But if they were bagels, as wooden or plastic wheels, it was much easier to resist.

similarly, if they pretended to preach around the moon there is a frame, and have convinced themselves that they saw a painted bagel, it was easier to defer compensation. This finding is also suitable for trading. One of the main reasons that cause the beginner traders to abandon the trading plan is that they consider the capital invested in the deal, as real money.

They think about what could buy with the money, and how nice it would be to spend them. Of course, invested just real money, but do not consider it from this point of view. It is useful to refer to capital so abstract as possible. Better see him as percentages or numbers only, which do not refer to anything material.

it will be easier to maintain discipline. Also, they may refrain from bagels, if you do not see them as food, traders can avoid the act under the influence of fear and greed, if they don't see hidden in equity cars, luxury items or home. This can be an exercise of the mind, but it works. The stronger You абстрагируетесь from the money invested in the particular transaction, the more logical and dispassionately You act.

If control of impulsivity is a problem for You, do not lose hope. There are strategies You can use to increase your ability to maintain discipline: avoid too often look at the screen and maximum abstracted from the transaction. Never forget to follow the detailed plan of the transaction; do not leave without showing any possibility of the development of events or'll be tempted to opt out of the plan, You will be able to more consistently and trade profitably, and to reach your long term success of a winning trader.

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