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The Perfectionist
Trader
Perfectionism may help some people succeed in many other
careers. It is often the difference between success and
failure.
We have all been brought up knowing that we must strive
to be all that we can be, and to put everything into achieving
our goals.
But perfectionism can be fatal in market timing (and all
trading). Ironically, it leads neither to higher performance
nor greater happiness. Anyone who approaches the financial
markets with the intention of winning on every trade, or
even on most trades, is in for a huge surprise.
Perfectionism can destroy your enjoyment of market timing.
The perfectionist needs to be a winner in all or most of
his or her trades. A losing trade may escalate to a panic-like
state. It can even cause you to miss buy and sell signals
out of fear of the results.
The drive to be perfect becomes self-defeating, as the
individual often places the intense pressure on himself,
which can become crippling.
Fear Of Failure
Probably the biggest obstacle to overcome as a market
timer is the fear of failure.
If you have a perfectionist mentality when market timing,
you are really setting yourself up for failure, because
it is a given that you will experience losses along the
way.
| "...most
buy and sell signals are generated when the prevailing
sentiment is the opposite of the signal." |
If you cannot take a loss when it is small, because of
the need to be perfect, then the loss will often grow to
a much larger loss, causing further pain for the perfectionist
market timer. Holding onto a losing position, in hopes
that it will return to break even, is a sure fire path
to losses
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Trying To Control Uncontrollable
Factors
Perfectionism causes timers to attempt to control uncontrollable
factors in a trade (examples are; waiting for all the
risk to be out and everything to look perfect, hoping
or "willing" a better outcome by doubling down on a loser,
cashing in on a profitable trade too quickly to be able
to assure a gain, and many more).
When a market timer focuses on such uncontrollable issues,
he or she is more likely to tighten up and not be able
to pull the trigger when a new buy or sell signal is
generated.
And remember, most buy and sell signals are generated
when the prevailing sentiment is the opposite of the
signal. That makes them harder to follow. But follow
them you must if you wish to succeed.
Profits Are Achieved Over
Time
We must remember that when timing the markets, it is
the "total" gains achieved over a period of time that
makes you a winner. Not any single trade. In fact, if
losing on a trade is something that will cause you to
second guess your next trade, you are very likely to
lose money over time.
Perfectionism will eventually cause you to second guess
and skip trades. It will grow into a fear that will hinder
your ability to profit.
The only way to conquer fears. To control the emotions
of fear and greed which make most traders lose in the
financial markets, is to follow an unemotional timing
strategy.
This is what we do here at FibTimer. Unemotional strategies
that follow trends will never miss any sustained trend.
This is why committing to a tried and true timing strategy
is the only way to win in the financial markets.
When following a strategy, you are not swayed by fear
or greed. You cannot be moved by perfectionist tendencies.
The strategy makes the decisions. Emotions are avoided.
But you must commit, in order to succeed. Bypassing one's
ego and committing is tough to do. But in doing so, you
beat the market and profit.
Recent articles from the Fibtimer market timing services;
© Copyright 1996-2017, Market Timing Strategies, Inc.,
All Rights Reserved.
Fibtimer reports may not be redistributed without
permission.
Disclaimer: The financial markets are risky. Investing is
risky. Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy or
sell any security. Opinions are based on historical research
and data believed reliable, but there is no guarantee that
future results will be profitable. |
