Articles
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THE TRADING MIND ACCORDING TO A MARKET MAKER
Josh Lukeman saves what I believe is his best chapter for last in his book The Market Maker’s Edge. In the 23rd chapter, entitled The Trading Mind, Lukeman lists several factors that are crucial in developing the proper awareness of the psychological and emotional influences on your actions as a trader. They are as follows:
1. FEAR: “Fear is perhaps the most debilitating emotion a trader can experience. Painful memories produce fear, which warps a trader’s focus. When you are afraid to lose for one reason or another, you will end up focusing on loss and, by so doing, will attract precisely the opposite of what you hope to avoid” (272)
2. LISTEN TO THE MARKET: “Waiting for the market to confirm your initial opinion is crucial. The market provides clear signals for the best course of action, regardless of your opinion. You must let go of any preconceptions about what the market is going to do, and instead remain focused on what the market is doing here and now” (273).
3. ACCEPT RESPONSIBILITY: “When you accept responsibility for everything that happens in your life, you empower yourself to create the trading world you would like. By accepting responsibility for your trades, you empower yourself to consistently improve your performance in the future” (277).
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