Trading Psychology w/pop culture
Years ago I was watching a Geico insurance commercial titled, " Did you know playing cards with Kenny Rogers gets old pretty fast? (2014)" I didn't understand the reference that Kenny Roggers had in that short clip. But it was a reference to his song from 1978 that only older people would know as he annoyed the other poker players at the table in his star appearance on that commercial. Years later the iconic chorus helped the thought process and psychology of my trading.
The song is about an older gambler that meets a younger guy on a train that seems to be going through a low point in his life and gives him advice through the game of poker. As the game goes on the younger finds peace and goes to sleep as he was restless prior to the conversation. The lines that follow below got me thinking the most.
If you're gonna play the game, boy
You gotta learn to play it right. - If your going to be a forex trader at least do yourself a favor and learn and don't waste your time
You've got to know when to hold 'em - You have to learn when you should stay in the trade and let it play out
Know when to fold 'em- You have to learn when you should get out of a trade that's in profit early manually or by moving the stop loss up at market structure and letting it take profit even though it wasn't all you wanted
Know when to walk away- you gotta know when you should stay out of the market due to lack of preparation or other issues such as having a stressful or emotion-filled day even poor market conditions.
And know when to run!!!!- you gotta know when to get out of a market when you are in a losing trade even with the right risk management it's better to get out because you see something that changed losing only 0.7% of capital rater than a full 1%, especially when in more than one trade on other pairs that follow suit.
Every gambler knows
That the secret to survivin'
Is knowin' what to throw away
And knowin' what to keep--------- that the key for a trader is risk management and knowing what traders to take and which ones to pass on till a better entry.
'Cause every hand's a winner
And every hand's a loser
And the best that you can hope for
Is to die in your sleep"--------- you want to think in more of terms percent/pips gained or loss, not in money you're looking at the wrong progress data. As easy as you gained you can sure lose faster as you lose focus. For every opinion for a buy, there's always someone that feels it's a sell. The reality of trading at the darkest we can ask for realistically is that our stop-loss is hit while sleeping so it doesn't mess with our emotions throughout the day.
THANK YOU FOR YOUR TIME
https://www.youtube.com/watch?v=7hx4gdlfamo
https://www.youtube.com/watch?v=JXl8oHlA5LM
The song is about an older gambler that meets a younger guy on a train that seems to be going through a low point in his life and gives him advice through the game of poker. As the game goes on the younger finds peace and goes to sleep as he was restless prior to the conversation. The lines that follow below got me thinking the most.
If you're gonna play the game, boy
You gotta learn to play it right. - If your going to be a forex trader at least do yourself a favor and learn and don't waste your time
You've got to know when to hold 'em - You have to learn when you should stay in the trade and let it play out
Know when to fold 'em- You have to learn when you should get out of a trade that's in profit early manually or by moving the stop loss up at market structure and letting it take profit even though it wasn't all you wanted
Know when to walk away- you gotta know when you should stay out of the market due to lack of preparation or other issues such as having a stressful or emotion-filled day even poor market conditions.
And know when to run!!!!- you gotta know when to get out of a market when you are in a losing trade even with the right risk management it's better to get out because you see something that changed losing only 0.7% of capital rater than a full 1%, especially when in more than one trade on other pairs that follow suit.
Every gambler knows
That the secret to survivin'
Is knowin' what to throw away
And knowin' what to keep--------- that the key for a trader is risk management and knowing what traders to take and which ones to pass on till a better entry.
'Cause every hand's a winner
And every hand's a loser
And the best that you can hope for
Is to die in your sleep"--------- you want to think in more of terms percent/pips gained or loss, not in money you're looking at the wrong progress data. As easy as you gained you can sure lose faster as you lose focus. For every opinion for a buy, there's always someone that feels it's a sell. The reality of trading at the darkest we can ask for realistically is that our stop-loss is hit while sleeping so it doesn't mess with our emotions throughout the day.
THANK YOU FOR YOUR TIME
https://www.youtube.com/watch?v=7hx4gdlfamo
https://www.youtube.com/watch?v=JXl8oHlA5LM
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