Lucian Thomas Baldwin III or better known as Tom Baldwin, who it turns out was a well-known trader on Wall Street. Maybe
because I was so incredibly, the Wall Street Journal also never
described a Tom Baldwin as a trader who is considered to be capable of
moving the Treasury bond market only with "the hand". Wow ... hyperbolic? I Do Not Know. Clear Wall Street Journal certainly have their own reasons so as to write so.
But we will not discuss "the legend" inherent in the name of a Tom Baldwin. This time we will only be talking about one of his sentence is a pretty famous. One time, Tom Baldwin said, "The best traders have no ego. You have to swallow your pride and get out of the losses. " Free translation would be roughly like this: "a great Trader has no ego. You have to forget about your self esteem and discard your losses. " Well, that's roughly means, if his words were not translated in letter lijk.
Ego. That's according to Tom Baldwin did not necessarily belong to a person when he or she applies as a trader. Humans naturally have an ego, because if not, then he will not be aware of its existence as a human being. But of course we are not talking about "human ego". Here we will restrict the definition of "ego" would be "ego trader".
I agree with Baldwin when he said that a good trader should have no ego. Why? Because a trader who conquered his ego will tend to do stupid things that are improperly conducted a trader. He will tend to violate the most basic rule though, such as letting his position against an open market. Baldwin
urged to "forget about self-esteem" when we experience losses, but this
could not be done by a trader who conquered his ego.
She
will feel so ashamed if it suffered losses, even tend to be unwilling
to admit that he had made a mistake in analyzing the market. The
transaction will always be left open, even he would be likely to open a
new position in the hope of bounce will soon occur and price will be
turned in accordance with her wishes.
He'll
forget that no trader can be snobs jago in the presence of the market,
because if a trader to do that then it's 99% he would be crushed by the
market itself (1% is left is just sheer luck). Traders
controlled the ego will stand with sombongnya in the presence of his
colleagues, perhaps even standing in front of the pongah market,
pointing to her chest and said "ya, gue, ga will probably wrong!" But ironically, as it precisely will very quickly come down from the stage a-trading-an.
So, the choice is in your hands. Do you want to throw your ego when you berda district in front of monitor market price or not. If Yes, then the implementation is quite easy: follow any trading plan, including waste transactions have been losers. Or you choose to play "macho man" by the market? Well, it's all up to you.
Successful Greeting.
Posted in: Trader Without Any Selfish