Being a professional trader requires a great deal of energy. Like all professionals, there will be times when you are expected to perform at a high level when you feel less than at the peak of your powers. Psychological and physiological effects of family crises and personal health problems, for example, can trigger fatigue and cloud your judgment. However, the most common cause of fatigue or burnout is overtrading. (more…)
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A major key to success as a Trader and Investor lies in your mind. Actually, it lies in your ability to use your mind optimally and creatively.
Please remember – there is NOTHING WRONG WITH YOU. You don’t need to change YOU. What you most likely need to change is the “software” that you are running in your mind. When we are born we do not get a user’s manual on how best to use our mental abilities. So we learn by soaking up what we see and hear around us as we grow up. And often times what we learn is not conducive to being a successful trader and investor.
One of the key mental approaches is to “Welcome Every Experience.” Welcome every experience that comes to you. It may be an expectation, or it may be a surprise. It may be ‘good’, or it may be ‘bad’ based on your first assessment of it. It may involve someone getting hurt, someone getting promoted, a tragedy, a triumph, a windfall, a bankruptcy, an ‘aha’ moment….anything. The most useful way to approach experiences we receive (which are mostly experiences we can’t control as they are outside of us) is to welcome them and learn from them. Realize that they are exactly what we need in that moment, at that point in our lives. And since we don’t have a time machine, once something has happened, there’s no changing it. (more…)