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Keep Your EGO out of Trading.

  
  Education
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“Of all the traps and pitfalls in life ,self-disesteem is the deadliest ,adnd the hardest to overcome;for it is a pit designed and dug by our owen hands ,summed up in the phrase ,’It’s no use-I can’t do it .'” -Maxwell Maltz

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The ego had no place in trading.An unstable ego will attach  itself to anything you do.And trading is not exception.You cannot use the trading arena as an area to prove your worth or your capability.It will just bring your trading and your self-esteem to new lows.

If your ego is getting in the way of your trading,you need to build up your self-esteem.One way to do this to begain to appreciate yourself.Pay attention to what you’re doing that’s good.Give yourself recognisation for the little things you do as you go through the day.Make lists of your accomplishments.Make lists of your positive attributes.Each day ask yourself ,”What did I today that I’m proud of ?”Ask yourself ,”In what way an I improving ? “

"Your Special Unique Trading Strengths and Weaknesses"

  
  Education
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Each one of us is born with special unique abilities and we are naturally drawn to them and develop them along the way.  They manifest themselves in all areas of our lives.  There are also things we don’t like to do or that are difficult for us to do.  It simply makes sense to focus on what we like and what comes easily to us and avoid or delegate what we don’t like or find hard and stressful to do.

The same is true with trading. There are parts of your trading that you’re naturally good at.  There are aspects of trading that you love, that excite you, and give you passion.  The more you trade the better you seem to get in these areas. 

What is your special trading or investing capability?  Pause and think about it.  WRITE IT DOWN.  I can’t guide you or even suggest what is uniquely easy and effective in your trading.

The best part of my trading is ______________________________________.

The part of trading I most enjoy is___________________________________.

You can build on these and exponentially improve your trading results and your trading ease and enjoyment.  It also makes sense that your methods and time frames are compatible with these strengths and tendencies.

Now we need to acknowledge the opposite.  Each of us has innate limitations and vulnerabilities that also affect our trading and investing.  There are parts of the trading game that are hard for us, that we don’t like, may even hate.  As much as we try to overcome these areas we frequently relapse into these frail deficiencies.  We say we’ll never do that again, and then, of course we do.

How can you enhance perceived self efficacy

  
  Education
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Self efficacy is built through four processes:
Mastery experience
Role modelling
verbal persuasion
psychological cues.
These four are in order of importance. Most critical way to build self efficacy is through a mastery experience.

Mastery experience is basically a successful experience of mastering a task. Mastery experiences happen when the learner has reached the point where they understand the content knowledge enough to perform a task on their own or masters the task. It happens if the learner goes in to sufficient depth on material he trying to learn. It happens as a result of immersion in a particular field or task. It happens with plenty of prior exposure to the content.

At some stage the learners are able to interpret the results of their actions and use those results to develop their own capability to engage in future actions or tasks. Then the learner become auto learners. They are able to participate in tasks on a first hand basis with little or no assistance from outside influences. When you experience a intense mastery experience you get a feedback on your own capabilities. Long and sustained efforts are required for mastery experience.  (more…)
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