You could have been a contender

I COULDA BEEN A CONTENDER

Fans of cinema will recognise the title of this post as coming from a speech by Marlon Brando in the 1954 classic On the Waterfront. The quote also applies to many traders who let opportunities slip through their fingers because of a lack of courage.

Courage is rarely discussed in the context of trading, but it is an essential component that many people are missing.

Each time a trade appears, the market is saying to you, “Here is an opportunity for enrichment.” The opportunity may be small, or it may be life-changing. It is at this point of uncertainty that traders require courage—despite what you may think or have been told, neither you nor anyone else can predict markets. As such, there is profound uncertainty as to what the future holds.

It is at this first intersection with price that you require courage. However, the journey itself requires courage because each day that price opens higher in a position you are holding, the market asks you another question—do you want to continue to play, or do you want to get off? Or perhaps more importantly, do you want to add more?

Unfortunately, many traders lack conviction at this point and step off. They rationalise their decision by telling themselves that the price could not go much higher, that they should leave something on the table for someone else, and that perhaps they have made enough.
These statements are generally the product of a poor money script—the nagging, often culturally induced feeling that you may be an imposter or not worthy, or that your upbringing has infected your subconscious with ideas such as money is evil or rich people are doing something illegal.

The market rarely defeats people, but we do an excellent job of defeating ourselves.

Author: Chris Tate

Source: Tradinggame

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