Fantasy and reality. Generally accepted myths.

A successful stockbroker is a realist. He has a sober view of the situation at the Exchange and keeping back his emotions he makes real plans. Illusions are not for a professional stockbroker. A dilettante having performed several unsuccessful operations and having lost some money becomes panic-stricken. His ideas of the Exchange become the further the more distorted. People who have already failed have many fantasies concerning buying, selling and choosing deals. That distorts the reality and prevents success in the exchange.

About the Exchange subtleties

Many failures believe that some special subtleties are known to the successful stockbrokers. Owing to this fantasy consultants and traders with ready-made methods of stock exchange speculation don't suffer from lack of clients. Having lost his heart a stockbroker quite often spends all his exchange capital in order just to master these "subtleties" (he buys different programs, "black boxes" and other methods which analyse the market "without fail").

About insufficient capital

Many failures think that if only they had a bigger account they would succeed. As a rule the dilettanti go broke and the market having turned 180 degrees heads in the direction the looser has supposed. This the failures consider to be the evidence of their tactics being correct. At this moment the fantasy appears: "If just I had a bigger account I would hold out a little bit longer and win". The duffer lacks common sense but not the capital. He will lose with a big account as well as with a small one. He overspeculates and manages the money improvidently. He takes risks which are justified neither for a big nor for a small account. Though for all the advantages of his tactics he will go broke because of being incapable to play the game. Stockbrokers often ask with what sum one should begin stock exchange speculations. They want to hold out against a row of losses, against temporary reduction of their capitals. From the very beginning they expect not winning but loss. The conclusion about insufficient capital is their own psychological trick, which helps to conceal from themselves two bitter truths: absence of self-control by the play and of realistic plan of capital control.

Self-wrecking

Quite many people suffer failures in professional, private or official business not because of their unintelligence or ignorance but because of unconscious striving for this failure. For many people the Exchange embodies the person with who the stockbroker was in confrontation in his early childhood. Consequently they persist in playing against the Exchange, against the settled there rules losing their exchange capital in the result. Psychological aims formed in the childhood can prevent success in the exchange business. One should find his weak point and get rid of it. It is useful to keep an exchange diary and to put down in it why you have opened and closed every of the deals. Look for repeated situations - the patterns of your success and failures.

Game until destruction

In every professional and business quarter there are safety-belts for the people who are well in with them. They are the authorities, the colleagues and the clients. They will stop the person if his actions damage his associates or himself. The laws of ordinary human mutual aid do not work at the Exchange. There every stockbroker makes his best to knock others down. And the same do the rest. To buy with the highest rate of the day is the same as to swing open the door of the car in the stream of heavy traffic. The very moment your order of purchase reaches the Exchange speculators-traders will rash to you from all directions in order to tear your door away together with your hand. Your defeat is desirable for them because your money will move on to them.

The successful trader must recognize his fantasies and get rid of them.