There is one thing that drives me crazy when it comes to trading. No two. Whipsaws is one. The other is the “Humbug Trader”.
We are nearing December, which means it is time for re-runs of the story of the Christmas scrooge.
The Christmas scrooge doesn’t understand the spirit of Christmas. His response is “Baah humbug!” to any references to it. The Christmas scrooge would definitely be a Humbug Trader.
Trading hinges around emotion and your attitude towards it. A negative frame of mind, almost always results in a negative account balance. Negativity breeds fear. Fear breads hesitation, and the market eats that stuff up for breakfast.
There is so much written on the danger of fear in trading before. If you can control your fear, you are with a shot of success in the markets.
Worse than a fearful trader though is a humbug trader. You’ll know a humbug trader from the following signs:
- A humbug trader is in constant denial.
- They insist the market cares enough about them to be against them.
- They will keep discoveries to themselves and won’t take responsibility for a loss.
- They are not shy to gloat about a win convinced a win is all about them.
- They are sure they are the only one who has discovered their trading method.
- They refuse to believe that someone might want to share their trading secrets only for the reason to help others.
It is this last one that is getting up my nose.
Last week, for the first time in a couple of years, and despite my best judgment, I dipped my toes back into some online trading forums.
Things haven’t changed too much since last time I tried to help, and sadly, the humbug trader was in full force.
Here are some actual quotes off strategybuilderfx):
” Yeh sure! .. if your system really worked then why would you share it with us”
” If the guy could make money consistently he would not have all the trouble to go and sell his indicators and turn into yet another trading guru …”
“If I make that much money I won’t be talking to you guys”
I know there are con-men out there who claim glorious profits. I’ve met them, traded with them, probably bought from them. They are almost always smooth talkers and inexperienced traders.
Is it so hard to believe that someone who is successful cannot also be generous? The perception that if you have money you don’t need to care about anyone else is typical of a humbug trader.
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