Perfectionism may help some people succeed in many other careers. It
is often the difference between success and failure.
We have all been brought up knowing that we must strive to be all that
we can be, and to put everything into achieving our goals.
But perfectionism can be fatal in market timing (and all trading). Ironically,
it leads neither to higher performance nor greater happiness. Anyone who
approaches the financial markets with the intention of winning on every
trade, or even on most trades, is in for a huge surprise.
Perfectionism can destroy your enjoyment of market timing. The perfectionist
needs to be a winner in all or most of his or her trades. A losing trade
may escalate to a panic-like state. It can even cause you to miss buy
and sell signals out of fear of the results.
The drive to be perfect becomes self-defeating, as the individual often
places the intense pressure on himself, which can become crippling.
Fear Of Failure
Probably the biggest obstacle to overcome as a market
timer is the fear of failure.
If you have a perfectionist mentality when market timing,
you are really setting yourself up for failure, because
it is a given that you will experience losses along the
buy and sell signals are generated when the prevailing
sentiment is the opposite of the signal."
If you cannot take a loss when it is small, because of
the need to be perfect, then the loss will often grow to
a much larger loss, causing further pain for the
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Trying To Control Uncontrollable Factors
Perfectionism causes timers to attempt to control uncontrollable
factors in a trade (examples are; waiting for all the risk
to be out and everything to look perfect, hoping or "willing" a
better outcome by doubling down on a loser, cashing in
on a profitable trade too quickly to be able to assure
a gain, and many more).
When a market timer focuses on such uncontrollable issues,
he or she is more likely to tighten up and not be able
to pull the trigger when a new buy or sell signal is generated.
And remember, most buy and sell signals are generated
when the prevailing sentiment is the opposite of the signal.
That makes them harder to follow. But follow them you must
if you wish to succeed.
Profits Are Achieved Over Time
We must remember that when timing the markets, it is the "total" gains
achieved over a period of time that makes you a winner.
Not any single trade. In fact, if losing on a trade is
something that will cause you to second guess your next
trade, you are very likely to lose money over time.
Perfectionism will eventually cause you to second guess
and skip trades. It will grow into a fear that will hinder
your ability to profit.
The only way to conquer fears. To control the emotions
of fear and greed which make most traders lose in the financial
markets, is to follow an unemotional timing strategy.
This is what we do here at FibTimer. Unemotional strategies
that follow trends will never miss any sustained trend.
This is why committing to a tried and true timing strategy
is the only way to win in the financial markets.
When following a strategy, you are not swayed by fear
or greed. You cannot be moved by perfectionist tendencies.
The strategy makes the decisions. Emotions are avoided.
But you must commit, in order to succeed. Bypassing one's
ego and committing is tough to do. But in doing so, you
beat the market and profit.
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Disclaimer: The financial markets are risky. Investing is
risky. Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy or
sell any security. Opinions are based on historical research
and data believed reliable, but there is no guarantee that
future results will be profitable.