In the same way, your body responds to exercise, your mind responds to challenges as well.
Here is an exercise you can put your brain through to become a consistently successful trader.
There is an exercise you could undertake that would facilitate you becoming a better trader. Once you complete this exercise in its entirety I know you’ll understand what it takes for YOU to be the kind of trader you have always wanted to be.
Let’s quickly review the steps of this exercise:
- Pick a Market
- Choose a set of variables (ruleset)
- Define the trade entry
- Define the trade exit
- Define the time frame
- Define how to take profits
- Trade in sample size
- Backtest
- Accept the risk
The Conflict
Interestingly this exercise will probably create a major collision between your desire to think objectively in probabilities and all the forces inside you that are in conflict with this desire.
The amount of difficulty you have in completing this trading exercise will be in direct proportion to the degree to which these conflicts exist. The way to handle these conflicts is to monitor yourself and use a technique of self-discipline to refocus on your objective.
Write down the five fundamental truths read them and keep them in front of you at all times. Repeat them with conviction several times a day. Every time you notice you are thinking, saying, or doing something that is in conflict with these truths or principles acknowledge it.
Do not try to deny the existence of the conflicting forces within you.
When this happens, refocus on what it is you are trying to do.
If your purpose is to think objectively then refocusing will disrupt the negative association process so that you can remain in the “now moment” opportunity flow. Every time you actually do something that confirms one of the five fundamental truths you will draw energy out of the conflicting beliefs, and add energy to a belief in probabilities, and thus increase your ability to produce consistent results. Eventually, your new beliefs will become so powerful that it will take no conscious effort at all to think and act in a way that is consistent with your objectives.
Thinking in probabilities will be a part of your identity!
If you want to:
- Be a more consistent trader
- Realize a steady and upward equity curve
- Take advantage of opportunity when you see it in the markets
- Follow your rules all the time
- Develop a professional trader’s mindset
- Never be afraid of losing
You will have to go through a period of self-examination. It is part of trading. You have to “know” what you are thinking at every moment to be able to effectively take charge and manage your trades. You also have to understand your own, unique mindset, and update that mindset (as needed) to one that is more productive and produce higher results.
You will have to go through a period of self-examination
You will have to acquire the attributes and skills that allow you to transcend the most common of trading errors that continue to challenge and limit the results of all other traders.
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