Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Thank you Tango. Nagual and dirt as well.
Very valuable lessons and we can all take something away from these posts.
Emotion is probably the biggest and longest lasting obstacle in trading. It can be managed but in my humble opinion it is the one thing that can never fully can be eliminated. It is part of who we are as humans, and human nature carries with it emotion. Especially proprietary trading, when there is no one to point the finger at when things go wrong. The rewards are as Tango said, euphoric, but the losses are quite the opposite. For me , part of keeping that emotion in check is to always take a step back. I love to reference the game of baseball. Results IMO are defined by consistency (high batting average). In terms of dealing with the emotion, like when a batter is struggling at the plate, one MUST "slow the game down". Take a deep breath. Reset. Re-establish the goal and don't be ashamed to shift position and acknowledge being wrong.
I think if I can share one quality of being an active trader, it is to have no shame or fear of being wrong. Like baseball, I know I can be wrong 7x, but the 3x I am right, can carry me forward. I would much rather bat .300, then hit 30 HR's. With consistent trading will come consistent gains and the "long fly balls" will show up.
I had two instances throughout my nearly 18 years of trading where the emotional side of things nearly had me throw in the towel. One was the time immediately following 9/11. The next , just after I left the trading floor and began to trade fully electronic. Both were trying times for me. Both times, I questioned if I was making the right choice in pursuing the daily trading of these markets. Needless to say, we are now in the 3rd month of 2018 , I love what I do and I love to be fully engaged in these markets. I realize , aside from the full time HW and focus that is required, maintaining a balanced emotional state is something that I very much prioritize .
We have a great community here. As I have said in the past, we all share a common goal --- to understand and profit from the world of coffee (from farming to trading). I thank you all for all of your participation and continued desire to share market views, whether technical or fundamental.