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The Ordinary Madness of Markets - Chapter 3

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Published on Feb 8, 2011

http://www.mindfulmoney.co.uk How traders can lose millions: their biggest fears and self-help mechanisms

• Traders' survival strategy: to preserve the capacity to think under extreme pressure and remain flexible and responsive to the market

• The obstacles to survival:

• Social Shame: the inability to admit mistakes in front of peers leads to an inability to change direction leading to catastrophic losses

• Self imposed goals: self-imposed targets impede their ability to 'tune into' the market

• Losing control: when entrenched habits and proven strategies suddenly no longer working traders can panic

• Their own self-help strategies such as Market Mantras which they repeat amongst themselves:

• "It's not the money it's the trade": this mantra is repeated to help them focus on and tune into the market
• "Its all about the money": this mantra is used to remind one another that what they're doing is serious and has consequences and isn't just a game.

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