Who are we really competing against?

[MichaelD]

Given the recent outburst of acrimony in various threads, I found today's Innerworth screed strangely appropriate. For those that are unaware of Innerworth, it's a site which sends out a daily trading newsletter solely focussed on the psychology of trading. It's one of the most valuable sites for traders on the 'net IMO (www.innerworth.com). Anyhow, here's an excerpt...

"In the heat of competition, it is tempting to keep score, but comparing yourself to others is likely to make you feel unpleasant emotions, such as jealously or envy. Upon seeing that you are doing relatively poorly compared to a fellow trader, you are likely to think distracting thoughts such as, "Why can't I do as well?" or "I must not be as good of a trader as I had thought." Such thinking does nothing to keep you focused on honing your trading skills, however. Winning traders don't compare themselves to others. They don't care how others are doing. They follow their own timeline, follow their own passion, and look inward for where to go next. It's crucial to approach trading by honing your skills on your own terms. Everyone has his or her own resources and background. Don't look at anyone else's record but your own."

 

[krisbarry]

Great post.

I tend to compare myself to others quite often. Someone made x amount on this stock and y on that stock.

Why cannot I be like so and so...they have good track record...or do they?

I wasn't going to mention any names, but for the sake of an example here goes...

Trade4profit is admired by many, and me as well, for his skill at picking stocks and making huge profits. That said he has made some spectalular losses too. JPR comes to mind where he admitted losing about $200,000. How could this happen? Considering he is so skilled at entry and exit points, predicting stock values and share price. What happened to his stop loss?

So while his gains might be massive, his losses might be massive too.

Of course we have no way of confirming details, only by going about what members say in discussion boards.

Do I want to have his winning stocks picks of course, but I certainly would not want to wear his losses either.

I am sure we all have massive gains on some stocks and massive losses on others. So I am not finger point, just giving an example.

Comparing can equally be good as it is bad.

 

[Realist]

Ahh yes but if you compare yourself to someone else and come up well short you'll be depressed, but more than likely spend time working out what they did right and what you did wrong so next time you'll do better.

It is all part of the learning experience.

If you plod along not caring what others are doing you may end up never learning what they are doing right and you are doing wrong.

 

[constable]

I think its a matter of...... I'm important and need to be listened to and what I have to say is more intelligent than the last post.
All in all I guess human nature is competitive!
Plus I think there is a little void people are trying to fill in relation to a regular gone awol

 

[swingstar]

I think everyone compares themselves to others in some way or another, but I can honestly say I never have when it comes to trading. I admire people like tech who have had great success in not only stocks but housing, but I can't say I'm jealous.

I couldn't use another trader's method or plan, so part of the satisfaction not only comes from fiscal rewards, but developing your own edge and seeing it work, which I'm getting very near to. If there's anything I'm envious of, it's traders who are knowledgeable and disciplined.

 

[Pager]

Too be honest, I have never compared myself to anyone else in trading or profitability.

I aspire to be a better trader at all times but only really focus on what iam doing and hopefully doing it better or when things are not going well focusing on were the problem lies and how I can fix it, how anyone else is going is irrelevant to me.

If I meet another trader who says they are doing fantastic then that’s great in my book, if they say there struggling I admire there honesty.

We are all individuals; the glove that fits my hand won’t fit anyone else’s

Cheers

Pager

 

[kgee]

You're dead right theres no point in competing. I'M THE BEST AND ALWAYS WILL BE....so no point in trying really

 

[nioka]

My biggest problem is that "What I did" competes with " What I should have done". The second biggest problem is that "What I should have done" wins too often.

 

[nizar]

In my opinion, the answer to the thread question is: Ourselves.

 

[SevenFX]

Here's the repaired Link and well worth a look...nice MD
http://www.innerworth.com/

 

[phoenixrising]

Enjoy my daily Innerworth email.

A Hindu proverb appropriate here,

"There is nothing noble in being superior to some other person.
True nobility comes from being superior to your previous self"

 

[MichaelD]

so part of the satisfaction not only comes from fiscal rewards, but developing your own edge and seeing it work

I totally agree with this. It's all about being the best possible trader we can be - trade well, and the profits will come. Trade better, and the profits will come more quickly and efficiently.

I'm trading two positive expectancy systems at the moment - seeing them work going forwards is truly marvellous, and not simply because the equity curse is rising - it's almost like magic to watch the systems doing their stuff.

 

[macca]

I think it is a reasonable goal to be aiming to beat the XAO by 10% a year.

It really keeps it impersonal and lets me study other peoples trades without trying to compete with them.

It is also "pumps up my tyres" when I can beat the instos