With any sport (and a lot of professional endeavors), keeping your edge and improving is something you do separately from competing. You compete, you train, you improve your weak spots. In our webinar entitled “Trader Improvement – Implementing a Practical Process to Improve your Performance”, we looked at just how to do that. With a non-intrusive, painless plan to get you to find and fix the issues with your trading.
For a lot of traders, there is no process of improvement. Retail traders tend to be either clicking buy and sell OR looking for a new way to trade. Very few people are engaged in finding and correcting their weak spots. Rather, they keep re-inventing themselves.
So if you want to find all your weak spots and eradicate them one by one – you need an process to do so. And here it is:
And a short addendum video to show the tag entry as the markets were closed when we did this!
This is awesome, and you are speaking to the choir here. As a trader psych coach, this is source of the 90% failure rate in this business. Unfortunately, we have a new generation that are not willing to do the work. The "work" i'm talking about is examining oneself. Most human beings bring a very large "bag" of personal programed MEMS (Rich Friesen). As a psychotherapist I fortunately had a moment of clarity and realized that "I" and only I was the source of all my trading results. Journaling was the path to what and how I tripped myself up. Now, when I'm when I trade and can immediately catch myself when those impulsive behaviors trigger, take a deep breath…actually two to three. then return to my trading and ask myself what is the market telling me? Not my opinion, belief, expectation, etc. Cheers
When Peter made the comment that it often takes a "sleep" to reset the brain after a bad trading experience, I found myself saying, "Of course!!!" That's exactly what I've experienced, as if I'm back to my old self the next day. Turning off the screen and walking away then becomes a positive experience, because I know I'll be okay in the morning if I just "sleep it off." With the added benefit that I didn't blow up my account in the meantime.
Agreed Doug – it's an odd thing – but if that's how we are wired, we have to roll with it I guess!