Archives of “different things” tag

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3 Big Aggravations You Shouldn’t Tolerate

  
  Education
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The first (and in some ways, the most irritating) is knowing that there are people making it in trading, and they aren’t half as smart as you.

– They haven’t put in nearly as much effort as you.

– Haven’t sacrificed as many evenings or weekends that could have been spent more enjoyably.

– Haven’t tried nearly as many systems or strategies as you have.

– And yet, they’re making money, relaxing when its time and feeling pretty good, while you’re still beating your head on the rock and bleeding, and not getting nearly as much good sleep as you’d like.

The second is knowing that there are plenty of trading strategies and systems that are readily available to you, but you don’t know how to find them, and even if you did, you don’t have a process to know if it is one that would suit you well and actually produce the way you wanted

Well you could find out by just going ahead and trying it, but that kind of stinks too, huh?

And it doesn’t help that it seems like every Tom, Dick and Harry has a system for sale, with everybody and their brother sending you emails promoting it.

Same problem:  “Does it really work, and even if it does, would it work for ME?”

No method to KNOW without trying it. (more…)

Responsible Choice for Traders

  
  Education
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Responsibility as a trader means a lot of different things. As a psychologist, I like to talk about being “responsible” for ones’ owns emotions – identifying and accepting them, and being responsible for our decisions. Too many traders blame the market or some unseen force that manipulates the market and causes their loss. Whether or not such unseen forces exist isn’t really the issue, or even the reason that keeps traders from making money. It’s a convenient excuse, but not much else.

A useful concept for traders is a concept known as Responsible Choice, defined as choices that create consequences for which you are willing to assume full responsibility. The phrase, “responsible choice” comes from Gary Zukav, a man who has covered a lot of ground in his life; former Special Forces officer in Vietnam, Harvard grad, wrote the best selling physics book, “The Dancing Wu Li Masters”, and now a consciousness expert.  A friend of mine is very good friends with him.

Fully accepting whatever happens in a well-planned trade is the hallmark of a successful trader. A trader with a mind-set that operates with the concept of responsible choice will see loss simply as an unproductive trade, not as a personal attack.  Moreover, they will see the loss as a learning opportunity, gathering market information from the loss and possibly adjusting their perspective on the market.

Using the framework of responsible choice, a trading loss is actually empowering.  If a trader has difficulty accepting losses, or accepting whatever happens (e.g. not reaching target or overshooting target after the trade is closed) the psychological experience of empowerment is elusive and the trader will usually swing to the other side of the spectrum and become frustrated. Obviously, there is a lot more to be said about losses, I just wanted to point out the concept of responsible choice as a framework to be considered.

Confidence in Trading: The Approach

  
  Education
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CONFIDENCE01
Have you ever seen a gorgeous goddess?  A woman so magnificent you just are beeming energy inside to go talk to her?  But as you walk over you start to notice how you’re walking, what facial gestures you’re making, where your hands are, confidence fading… You’re becoming self-conscious and that wonderful feeling of excitement has now turned into fear.  Do you remember the last time you talked to a woman in this energy? In this self-conscious / fear mentality?  Didn’t go so well did it?  Why is a stock any different?

It’s all about the approach and mental confidence prior to the trade.  When you approach an event with fear that energy gets transferred into it.  I’ve talked about how The Energy of Fear is Consumption in this prior post.  So if you’re feeling nervous before a trade take note of this.  Where is this fear coming from? Is it related to money? Lack of confidence in yourself? Lack of self worth? It could be a million different things but you need to find and focus on the one that resonates with you.  I’m currently working on a meditation that will assist you through the process of finding this fear and making it your ally.

Remember the emotion will come during the “approach.” Keep track of how you feel, as this will set the course of how the rest of your interaction with the trade will go.  Keep in mind that magnificent woman: Do you approach her as nervous, not confident, and fearful of reject or strong, confident and full of love?

The Probability of Self-awareness

  
  Education
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With 20 years of trying different things and hearing from others I made an important discovery that has shaped me as a trader and a coach.  What I found is that more people will improve using an approach to change that emphasizes expanding self-awareness and emotional intelligence.

(With so many different approaches advertised as a ‘change process’, I think its important to share what I’ve found to work. That’s really what we have to do, right?  Doing more of what works and less of what doesn’t.)

Very briefly, what I mean by expanded self-awareness is:

1) the recognition that our thinking and our emotions are intertwined and both influence our perception and judgment that leads to our decisions and actions (this view also happens to be consistent what the leading brain scientists are now saying)

2) much of our motivation – the intertwined thinking/emotion that drives our behavior – is actually subconscious, e.g. we assume we are trading the market but on other levels we are also trading our P&L and our feelings about our P&L  (and what our P&L represents to us) is just one example. (more…)

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