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lifestyle; lottery wins, scholarships, gifts, other windfalls and their effect on spending habits and investment patterns. |
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Feelings about past and present earnings, that is, recognition achieved or status attained through career; effects of career disappointments; loss of dreams, desires relating to money; unfulfilled parental expectations for earning power; resentments toward bosses and other authority figures; failure in entrepreneurial ventures, loss of a business, being "burned" in previous investments; trust or lack of it for banks, institutions. |
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Personal gambling history, that is, horse racing, Las Vegas, sports betting, golf course betting, etc.; how has past gambling behavior influenced trading and investing thinking? how much is nonmonetary gambling or risk taking a part of one's life? how much is thrill seeking a part of one's life? how much excitement in life does one crave? |
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Attitudes regarding living beyond one's means; use of credit cards, bank loans, mortgage equity loans, car loans, loans from relatives; debts owed on taxes; overall credit history; how extended can one be and not have it become a major concern? how deeply can one go into margin to buy stocks and still sleep at night? |
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Ego As Friend; False Pride As Hindrance |
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Pride is the reasonable or justified sense of one's own worth, based on the attainment of one's values. But we also create a false image of ourselves, a grandiose image that we try to live up to, and false pride is what we feel when we try to live up to this false image. False pride is the tenuous feeling of worth based on fooling ourselves into believing we have attained our values. It is neither reasonable nor justified. |
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When our feeling of false pride is challenged, it fights back and says, "You're not going to get the best of me!" When it is attacked and beaten down by the irrefutable facts of reality, it is injured, having to admit defeat or loss. |
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I'm now using the term false pride as most people use the term ego. Common knowledge in the trading world (and the world at large) suggests that ego, used in everyday parlance to mean an inflated or grandiose sense of self, gets in the way and pushes us to commit foolish actions. These include getting even, refusing to admit defeat or loss, not letting the market or market makers get the |
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