MICHEL PIREU: Winning is not what some investors want from playing the game
Some merely enjoy the excitement while others prefer to have an interesting story rather than a boring winning trade
When it comes to trading the markets the default assumption is that we all want to win. But as Ed Seykota points out in Market Wizards, that’s not always the case. He tells the story of a trader friend who consistently loses all he makes. “He just can’t help himself,” says Seykota. “I don’t think he can do it any differently. He wouldn’t want to. He gets a lot of excitement, he gets to be a martyr, he gets sympathy from his friends, and he gets to be the centre of attention. Also, possibly, he may be more comfortable relating to people if he is on their financial plane. On some level, I think he is really getting what he wants.” Think that’s a little weird? Well, here’s something you should know: as long as you keep playing it’s because you’re getting what you want out of the game. So you need to ask yourself: are you uncomfortable winning? Do you enjoy a lot of excitement? Would you prefer to have an interesting story to a boring but winning trade? Do you find it hard to go your ow...
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