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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Successful trader is a senior monk

Successful trader is a senior monk

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1Successful trader is a senior monk Empty Successful trader is a senior monk Thu Feb 20, 2014 10:19 pm

Asoka Samarakone


Expert
Expert
successful trader is a senior monk

I believed you have heard of many versions of the story about 2 monks. No? Let me refresh your memory, and explain to you how it is applicable to trading.

There were two Buddhist monks walking along the bank of a river, making their way to back to the temple.

As they were walking, they came across a beautiful lady standing at the side of the river. She stopped them and asked if one of them is willing to help her across the river. The junior monk did not bulge but the senior monk without any doubt, carried her on his back and across the river. The senior monk put her down on the other side and she thanked him profusely and hurried off. The junior monk was taken aback by the gesture but kept to himself. The senior monk returned and they carried on with the journey.

As they walked, the junior monk kept brooding about the incident until it was unbearable and broke the silence, “why did you carry that woman across the river? Knowing that our religion forbid us to touch women!”

The senior monk replied peacefully, “I put her down a moment ago and you are still carrying her.”

Now back to you: Are you the junior monk? I believed at some point in time, we have this junior monk in us, such that we are not able to let go of the past, and let it affect our decision making and even our well being (since we will brood about it). Carrying emotional baggage is more tiring than carrying a physical baggage.

A successful trader is a senior monk, he will not carry the emotional baggage of a losing trade. He cut loss and move on with other trades. An amateur trader may cut loss but is emotionally affected by it. He will not be able to trade well subsequently and even worse, forgo the rule of cutting losses and end up with a loss bigger than what he can handle. The problem is no one likes to lose. But in this world, there is no 100% way of winning every trade that you made. Even Warren Buffett is wrong sometimes. If you cannot take the risk of losing, do not trade. If you want to trade, let go the fear of losing, and let go of the dejection when you lose.

- See more at: http://www.bigfatpurse.com/2010/02/the-story-of-2-monks-and-the-power-of-letting-go/#sthash.w0tk3i8J.dpuf

2Successful trader is a senior monk Empty Re: Successful trader is a senior monk Thu Feb 20, 2014 10:28 pm

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thx Asoka!
Nice story n appreciated Smile

Like to be a senior monk....... Smile
But where the beautiful lady gone...........n what that river...!!!



Just kidding.... Mates!

3Successful trader is a senior monk Empty Re: Successful trader is a senior monk Thu Feb 20, 2014 11:03 pm

sriranga

sriranga
Co-Admin
http://forum.srilankaequity.com/t29696-the-story-of-2-monks-and-the-power-of-letting-go?highlight=monks

http://sharemarket-srilanka.blogspot.co.uk/

4Successful trader is a senior monk Empty Re: Successful trader is a senior monk Fri Feb 21, 2014 7:31 am

stumpy

stumpy
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Not only this!
There're 100s of similarities with How Professional Traders Think n Buddhist Philosophy.

Initially I was surprised by the percentage of pro traders who practice some sort of meditational technique at least few minutes a day. Smile

5Successful trader is a senior monk Empty Re: Successful trader is a senior monk Fri Feb 21, 2014 7:35 am

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@sriranga wrote:http://forum.srilankaequity.com/t29696-the-story-of-2-monks-and-the-power-of-letting-go?highlight=monks

Thx SRI!

I know and thankfully remember..... all your WORDs.....
in my life @the FORUM!
Cheers...!!!

6Successful trader is a senior monk Empty Re: Successful trader is a senior monk Fri Feb 21, 2014 7:34 pm

prasadrmb

prasadrmb
Manager - Equity Analytics
Manager - Equity Analytics
Thanks all
wonderful thoughts.

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