)
SUMMARY
All humans are attracted to the "sure thing". However, all humans have an underlining sense of insecurity or fear of being wrong and so unconciously cling to another's direction that exudes confidence. And, when that direction or projection becomes wrong, the the resulting guilt and blame is then re-directed to that followed person. If you've never experienced this, then you're either in deep denial or not Human. We Homo Sapiens have an unconcious propensity to project our guilt outward and it could be at anyone or anything as long as it's not self. Projection of guilt or hurt or a sense of loss as well as being wrong allows an individual to not be the responsible one and thus discretely escape accountability. We do this daily and probably are unaware. Outward blaming provides temporary relief, but when nothing is learned and future re-occurrences are assured. In such states, how can one become a good and profitable trader? Imposible.
Good traders or investors know that whenever things go wrong, they are always there to see it happen and quickly take accountability. More importantly, they forgive themselves for the mistake or error or miscalculation. There are no extended periods of regrets or flash back dwellings because the self forgiveness is complete only after taking accountability and so this way, one best learns from mistakes. It becomes a discipline born of habit. And this type of discipline is also the best protection against herding which often brings trading accounts to zero. The needed to Self forgive is not a virtue, it's a discipline of practice and so must come through repetitious application. Overall, discipline allows one to be fearful when others are greedy and greedy when others are fearful.
Herding mentality is extremely dangerous to a trader and so be on the alert. The group think mentality is often very difficult to self detect. Technical Analysts habitually make market calls only after scanning the analysis of colleagues and invariably, this leads to group think and subsequent contamination in price projection accuracy. The end result is what seemed original no longer is and what seemed good isn't anymore. This can be called the "GIGO" syndrome or the Garbage IN, Garbage OUT.
It would be unsuprising to see a good trader actively try to avoid viewing or subscribing to another's analysis. Not out of arrogance but because being only human, eliminating herd mentality becomes a paramount condition. A good trader quits relying on others but rather, relies only on self generated analysis because, when it comes to Technical Analysis, self reliance is mandatory, so going solo is a must.
So, what makes a good trader? A bad trader who forgives himself for his mistakes and resolves to try again!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
I've learnt so much form you @haejin. Not so much from any of your picks, since I've been accumulating my own positions and so haven't had the chance to go for any of them yet, outside of what I already have. But because of exactly the mentality you talk about here. Patience, trusting the charts, staying calm, looking for patterns and understanding sentiment. I'm no longer in a rush at all, and feel there are nothing but opportunities everywhere.
Exactly! Step outside the trauma and attempted brainwashing that is intentionally inflicted on us by our own counterintel 'status quo.'
patience is very difficult for people since we're so used to seeing the world a moment at a time. So to consider one's actions in the framework of several moments is quite complicated. However if you can master this skill then you will become a next-level trader indeed. Good luck to everyone.
I'm very grateful for the wisdom you impart to your readers. Thank you.
Zen and the Art of Trading. I really like your philosophical, psychological and scientific perspectives on trading. It is really is a quantum event. I also really appreciate your mind set of trading. I believe in modeling excellence. I wish you infinite, bliss, health, happiness and prosperity...
Resolve...that is all...
Thank you. This line stood out to me.
"Patience is not a virtue, it's a discipline of habit and so must come through practice."
Haejin touching on some key information here. It goes deeper than the charts.
thank you so much sir..i am totally and every time appreciate your any blog...☺☺
you are right, I learn the lot and careful to trading thanks for sharing
@eileenbeach has voted on behalf of @minnowpond.
If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
To receive an BiggerUpvote send 0.5 SBD to @minnowpond with your posts url as the memo To receive an BiggerUpvote and a reSteem send 1.25SBD to @minnowpond with your posts url as the memo To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoGolden words @haejin No greatness has ever come out of group thinking.
So true! "be fearful when others are greedy and greedy when others are fearful"
As we said in Spanish, "cuanta razón"
Good essay
Thank you for that. You really have a huge influence on me and the way I handle things.
I did lose like anyone else but I you gain lots of experience from that :)
I learn the lot and careful to trading. Thanks for sharing.
Hey Haejin. Is Etherium Classic (ETC) going to get high just right now??? I see a bull ascending triangle, it could go from 30usd to 40usd in some hours if I'm not wrong. Please take a look to that!
Can I forgive tx btc for eth a couple weeks ?... uuuggg! cannot believe the about facing on the eth/btc pair.. continually burned.. seems however may be a big wave up coming!!?? Oh for how we love the feeling of hope. Forgiveness is gold. And thinking patience is a virtue as opposed to a practice could be considered a great conspiracy. After all whats' easier to manipulate than a compulsive public disillusioned thinking patience is a virtue?
Haejin Lee on his best !
First I
Agradecido por su sabiduría @haejin. Saludos desde Perú!
Thank you so much for all the amazing information and analysis.
BTC is giving back 6% gain from yesterday. Correction not done?
something's happening with BTC... It's testing support line quite hard right now.
Haejin could you analyse XVC i heard from other trader on 7 december there willbe hardfork?
Thanks for what you do Haejin... I have stepped into only a few trades you have picked, but I have been applying what I am learning to my own portfolio. I can say I have been doing quite well for myself as a very small trader. Thanks again for teaching all of us how to fish.
Hello @Haejin,
I am very thankful for your guidance through all the storms. I am learning a lot.
I recently bought some BTS. I intend to HODL for life. I am very new to all this and would like to know if it is best to just own BTS, or to convert it to an asset such as bitUSD.
I feel like im back in university! love learning everything you are teaching and love your humble approach and servants heart. @haejin
Thank you so much and am excited to keep learning
Haejin, Great post, thank you!
Made a rookie error this morning actually and one yesterday, in both instances I still made money/profit so only really lost extended opportunity to make more, sold a little early, my laddering out needs improvement and better discernment. However profited from the lesson and hope will make me better next trade. Taking 100% responsibility is step 1 to a better life, and I know my mistakes were my mistakes and the fact that I still made profit was because of this blog. Thanks again :)
I knew you from Philakon, many thanks!
I have learned so much more with my unsuccessful trades then i have with my successful.....Patience is the biggest lesson I am still learning. Thanks @haejin blessings!!
Your post has been resteemed to my 2500 followers
Upvote this comment if you like this service
Dear Haejin,
today someone did something very greedy and margin shorted his BTC position and lost it all. He was suicidal. Quit his job ten minutes beforehand and told me in a private chat that he was 70% ready to do it.
Amongst other things, I sent him a link to this blog. Thank you. It helped him get some perspective and to calm a little.
Thank you