The psychological basis , No one we have ever heard of has been able to pinpoint exactly what it is that gives one trader success while another trader fails. Although some claim to have done this, coming up with an attribute profile of the “average” winner, no one we know of has identified a set of common denominators among professional winning traders.
Profiting in the markets seems to involve a fine balance of traits that differ among great traders. To make the identification of good traders even more complicated, there seems to be a distinction between those equity traders who can successfully trade their own money and those traders who can successfully trade the money of others.
Two of the most successful money managers we know personally began by trading managed money. They began trading other people’s money for lack of sufficient money of their own with which to trade. Later in their careers, when they did have sufficient money with which to trade their own account, they found that they failed miserably. They were not able to trade their own money with any degree of success. We discovered that there are many traders who are successful at trading managed money, but who can’t trade their own money. Invariably, upon further probing, some admitted that they were much more courageous with other people’s money than they were when the money was their own.
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We come to those traders who successfully manage their own money and who have attempted to manage money for others, but failed. In this group I include those who have failed miserably. I have spoken with a number of equity traders who have had the experience of losing at least half of the money under their management prior to returning the balance to those who invested with them. Amazingly, the answers are the same as with the group who successfully manage money. Managed money seems to be a “monkey” on their backs. They find that they trade too carefully, too conservatively when the money is not their own. Worse han that, when things go wrong with a trade, they do not act rationally and with the same cool determination as with their own money
We have identified at least 4 categories of traders who attempt to manage money.
Those who successfully manage money for others but cannot manage their own account with any great degree of success because they are too careful with their own money, while they are more daring with the money of others. Two, Those who successfully manage money for others but cannot manage their own account with any greatdegree of success because they are too daring with their own money, while they are more careful with the money of others . Three, Those who successfully manage their own moneybut fail with managed money because they are too careful when managing money for others. Four, Those who successfully manage their own money but fail with managed money because they are too daring when managing money for others.
The Equity Scholar Team
How to Manage Your Money Cartoon
Image by Austin Kleon
More than anything else, money management is about saying no to the culture and establishing your own values.
blogged here: www.austinkleon.com/2008/10/03/how-to-manage-your-money/
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