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To paraphrase Ms. Rand, the quest for self-esteem is the surest sign of its absence. A common underlying theme of blog readers who reach out to me is their desperate need for trading success. They don’t just want to be consistently profitable; they want to be among the elite of the elite. They proclaim their passion for trading and their complete absorption in finding opportunities to profit.
One question I typically ask is, “What in your life is more important than trading P/L?” The speed and depth of the answer speaks volumes. A life wholly dedicated to market P/L is an impoverished existence, a desire to achieve a self-esteem that is otherwise absent. A common reason for overtrading is the absence of anything else meaningful to be doing.
The overfocus on P/L is an attempt to evade the reality of that absence. Little wonder we then overreact to losses and extended drawdowns. That is when we most need a full life to fall back upon.
Further Reading:
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Image and article originally from traderfeed.blogspot.com. Read the original article here.