Our universe is one of law and order, [Joseph] Murphy wrote, therefore there should be nothing “mystical” about getting answers to our prayers. It is a process no more mysterious than the erection of a building. One who knows the workings of the subconscious mind will learn how to pray “scientifically.”Okay, so you're probably asking what praying and trading have in common. Well, the point of the excerpt is that prayers are in vain when the person praying "hopes" but does not believe that something is happening or will happen. How about when you're trading or even planning your trades. Do you "hope" the trades will work according to your plan or do you "know" they will. The point is: Have faith in your trades and your trading plan. Not having complete faith could be wreaking havoc on your subconscious and you might not even be aware of it. Just a little food for thought.
What does this mean? Prayers traditionally consist of earnest utterances to God followed by “hoping for the best.” Logically, however, such prayers will carry little weight or power because they are framed in doubt. It is the great irony of conventional prayer (the pleading, wishing, hoping variety) that it involves no faith. Real faith is simple: the knowledge that something is happening, is being provided, present tense. When prayers become occasions to give thanks for the fact of
assistance (even if it has yet to materialize), they cease to be a mystical ritual that we hope God will notice, and become a co-creating process with definite ends.
Good luck out there.
TLT
4 comments:
Hey TLT,
Hope + prayer = get out of your trade.
I think a trader can have less than full confidence in a trade. Not all trades, but once in a while. If that's the case, then then reduce your normal size to something appropriate to the lack of confidence you have in the trade. If it takes off you can always add in on a pullback.
I've added a DoC(Degree of Confidence)entry to my trade log where I circle either H(high) or M(medium). If your confidence in the trade is low, you shouldn't enter. Hopefully this will help to differentiate why certain trades work and others don't. Always trying to improve my trading.
fxTradr,
I like the degree of confidence rating...I use something similar where I rate a trade from 1-10 before entry based on various factors and then I grade the trade after the exit as to how well I followed my trading plan. However, I like your simple rating of high or medium...much simpler and probably more practical for grading the entry.
I completely agree with you about the hope+prayer idea--neither should cross your mind during a trade and if one does, bail out.
Hi TLT,
We may have generated the same idea of grading our trades from Dr. Brett's Traderfeed blog. I too grade my trade performance at the conclusion of each trade in my trade log. The trade log has become an important ally in my trading success.
BTW, I received Dr. Brett's new book "The Daily Trading Coach" three days ago. It is fantastic! I'd say it's as important a book to read and digest thoroughly as Trading In The Zone by Mark Douglas.
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