Forex Market Psychology

4. Self-esteem, independence and conformity

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When we appreciate the true nature of self-esteem, we see that it is not something to compare. It does not make You higher or lower. It does nothing. It’s just a joy of its own existence – Nathaniel Branden.

Dr. Nathaniel Branden is a psychotherapist from Los Angeles. He has written several popular books on self-esteem, and is recognized by some of the pioneers of self-improvement.

Dr. Branden is not a physiologist in the scientific sense, his theory of self-dignity is more based on his philosophical beliefs than on scientific experiments. Background of his ideas, however, is intriguing. He was a follower and confidant of novelist and philosopher Ayn Rand. Its influence can clearly be seen in his writings, and her novel “the Source (The Fountainhead)” illustrates the key concept of creating and maintaining independence and dignity.

From the point of view of Rand and Branden, self-esteem and independence go hand in hand. As indicated above, the self-esteem “incomparable … It has nothing to do with You”. A person with a solid sense of self-esteem is the absolute individualist who doesn’t care, as it is appreciated by others. To be better than others does not inspire these people. They indulge their own desires, regardless of the consequences. In the “Source” of this ideal is presented in an informative description of the absolute individualist.

The novel describes the life of Howard Roark, a creative, innovative architect who avoid classical architecture, popular among his colleagues, and designing modern structures that fully reflect his own ideas. He’s such a Maverick that can’t find customers, and forced to earn a living by working as a laborer in a quarry or designing modest projects, such as country houses, gas stations and small offices. He often emphasizes that he is not attracted to money, fame or recognition. Its activity is solely due to a powerful need to Express his artistic vision. He’s working on his craft to satisfy himself and no one else. For him, designing buildings has nothing to improve personal status or to suppress others; this is his artistic expression. Another recurring theme of the novel – he should design only in his own way and at their own time. For example, he would prefer to leave than to allow the client to make changes in his project. The culmination was the fact that when a municipality has made changes to its public buildings, he blew it, not caring about the consequences. In a philosophical sense, is a vivid illustration of absolute individualism.

Many experienced traders are absolute individualists. For them, trading is an art form; they are not concerned about status and prestige, which can bring wealth. They passionately love what I do. This allows them to work only for themselves and no one to answer to. Many came to trading because it offers independence and freedom. But at the same time, You can see how difficult it is to be completely independent. Look at Howard Roark; he was so independent that he couldn’t sacrifice personal ideals and considered their own rights as more important than social norms (he criminally blew up the building). This fictional character reveals the conflict. As good citizens and highly organized people, we have learned to adapt and to follow social norms. All these tendencies that have made us successful people can stand in the way of us becoming a completely independent trader. It turns out that we pull a rope between following instincts for the market or search rules. On the market it’s hard to find a set of universal rules, if it exists at all. But the more we will be able to develop an individualistic approach, the more successful we are as traders. There are advantages and inconveniences; but it’s worth considering.

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