April 26, 2005


"Extreme pride can be a danger for trading, and is the downfall for many. Trading is hard enough without introducing additional psychological pressures to feel superior to others, maintain social status, or save face. When pride drives trading decisions, one is likely to take unnecessary risks in order to make big wins to keep up appearances. Controlling pride is vital. It is important to develop internal standards of self-worth. Don't compete with other people. Learn to compete with yourself. Develop your own rules and standards related to your skill as a trader. When you reach your standard, you can feel a little pride, but don't feel the need to tell others about it. If you can feel proud of your accomplishments, without feeling the need to brag about how well you have done, or exaggerate how well you are doing, then you will have learned to feel a true sense of pride and self-worth."