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For the full article click here, http://fspinvest.co.za/articles/trading/trading-lessons-i-learnt-from-robin-williams-3951.html
Yesterday morning as I was driving to work, I turned on the radio and the first thing I heard was my favourite child hood hero.
He was hilariously impersonating a Scottish man who invented golf. And this had me in absolute stitches!
After the comedic skit, my smile turned into sadness, as I heard the tragic news!
Robin Williams (63) apparently committed suicide at his home in California.
It was so ironic because he was the comedian who made millions of people laugh, and yet was the one had severe depression.
After I heard the tragic news, a string of movies that he acted in, passed through my mind.
In fact, I remembered some of his most powerful quotes which I still relate to trading.
This helped me be a better trader and now it can help you!
Trading lesson #1: Film Patch Adams (1998) “You treat a disease, you win, you lose. You treat a person, I guarantee you, you’ll win, no matter what the outcome.”
This quote can be applied to your trading as this.
When you have a winning trading strategy, you could still have a disease in your trading. And this disease is your trading emotions.
When you win a trade you feel like you’re on top of the world, where nothing can break your trading account. This is where your emotions take over, and you feel all high and mighty.
But as soon as you take a loss, a disease of melancholy spreads through your entire body where you feel like a complete and utter loser.
These emotions can be detrimental to your trading because when you take a loss you’ll:
· Second guess your trades
· Doubt yourself
· Feel worthless as a person
· Give up on your trading
So, you need to find a way to combat these emotions of diseases so, whether you take a winning or losing trade, you’ll do it with less emotions.
If you focus on your trades, you win , you lose – But if you focus on maintaining your emotions you’ll win no matter what the outcome.
If you want to trade with less emotions, you must first decide how much of your money you’re looking to risk.
The trick is to only risk a tiny portion of your money which you’re comfortable of losing.
This way you won’t feel that disease of emotions when you take a losing trade and you won’t feel that ultimate euphoria when you bank a winning trade.
Trading lesson #2: From the film “Jumanji” (1995) “Crying never helped anybody do anything, okay? You have a problem you face it like a man”
Say you take a loss when you trade.
Do you scream, rant and rave or completely ignore it?
Well this was a trick question where I hope you answered, none of the above.
If you scream, rant and rave or ignore your losing trade, you’re being very childish as a trader. Instead, you should see trading as a business, where you record every trade whether it’s a winner or a loser.
This way you can learn from your losing trades and see where you went wrong. And if you record all of your trades you can calculate the win rate of your trading strategy to see if it’s still profitable or not.
Just like a business person doesn’t cry after failure, so to should a successful trader.
Don’t cry about your losing trades, learn from them and use them to succeed in the future.
Trading lesson #3: "You're only given one little spark of madness. You mustn't lose it."
I can’t remember where I heard Robin Williams say this, but I do remember this quote like I heard it yesterday.
When you have a winning trading strategy no matter how crazy other people think it is, keep it!
“Wisdom yields Wealth”