[Trading Psychology Coach] – Trading State Management and the “Trading Psycho”
Today I have an article from a colleague of mine which I felt important to share with you.
Enjoy and have a great weekend!
Cheers
Brian
Get Hold Of The ‘Trading Psycho’ In You And Take Your Trading To A New Level.
Of course we aren’t Psychos! Nonetheless I want to direct your attention to the most powerful technology for producing positive changes in your trading. What’s that? NO, this is not a Whiz Bang indicator or new method. Each of us has this but few invest the time or manage this properly. What is it?
It is OUR MINDS!
That 6 inch space that rests between our 2 ears that leads and directs our every action. EVERYTHING you do in your trading EVERY DAY starts as a thought! And I’m here to tell you after working with traders for over 14 years, it is simply a GAME CHANGER when managed properly. Let’s look first at how we can optimize our minds through Trading State Management.
What is Trading State Management?
State Management is ESSENTIAL to successful trading. What do I mean by “State Management?” Quite simply, State Management is the recent trading events that can affect your Trading State. State Management focuses on the notion that how you FEEL affects how you perform. Losses can make it harder to execute entries, because you break exit rules and stop placement rules. Winners can take you on a euphoric ride of “I am super trader hear me roar!”…and lead you right into an impulse trade, death trap. This death trap can spiral faster than a politician retracting a provocative statement.
Your “State” refers to the psychological – emotional frame of mind and even your physiological condition. After a losing trade, do you find that you are slumped down in your chair? Is your breathing shallow? What about your internal dialogue? IS the dialogue defeating and negative, instead of positive and supporting?
Think RIGHT NOW for a second about your internal dialogue! That dialogue is the little voice that reprimands you after losses and tells you “AFTER THE TRADE” what you should have done differently! We can question our actions on EVERY trade when it’s over; however, these questions are not very constructive.
When was the last time you followed the rules of your trading system EVERY SINGLE DAY for a solid week? What’s that? You don’t have a system? NO trading plan? YOU NEED a structured series of ‘IF this THEN that’ statements which help bring quantifiable organization to what you do in the markets BEFORE risking your hard-earned capital.
When I bought my first system I was thrilled after seeing the back tested performance. I calmly ran test numbers in my spreadsheet showing that I had easily increased contracts. By the end of the year I was visualizing paying cash for that Benz I’d been slobbering over. Yet, I was crushed when after just 1 week my REAL numbers didn’t look anything like my tested numbers!
OF COURSE it was the system, the markets, the FED, my broker, oh…and also my dog that caused all of this and NOT ME! I quickly found those were all wrong answers and I didn’t follow the SIMPLE rules. I started asking WHY I jump out early, trail stops too tight and SKIP trades completely which keep changing the course of my research. Here is what I found:
The combination of the ‘Internal Dialogue’ and your ‘Outward Physiology’ all ABSOLUTELY affect your decisions regarding the next trade setup and thus your ability to execute your trading plan. Knowing this information places you FAR ahead of the game. When you are aware of something in your internal dialogue and physiology, you are able to address it, making the appropriate and necessary changes to affect positive outcomes.
“We are the living embodiment of our consistent thoughts.”
Why is Trading State Management Important?
In the most obvious terms, managing your trading state will dictate the consistency in your trading. Whether it is consistency of execution, pattern recognition, equity growth, or positive mental health; TSM will put you in control over your emotions. These emotions have the largest impact on trading consistency. REMEMBER! The most powerful trading system out there is useless in the hands of a trader who CHOSES not to follow the rules!
The Most Important Element is YOU.
Your ability to recognize this as fact and then ACTIVELY work to MANAGE your TRADING STATE will be directly correlated to your long-term success in ANY market and in much of day-to-day life. Working with traders for the last 14 years – from the newbie to the 3-5 year veteran, proprietary trading firm and Hedge Fund traders – I have seen convincing and unmistakable evidence that those who accept these concepts have a SIGNIFICANTLY higher probability of long-term trading success when compared to those who continue the search for Whizz-bang Trading System #18.
Facts to Ponder
Jack Schwager, after writing two books (Market Wizards and New Market Wizards) in which he interviewed some of the world’s top traders, (36 of the interviews made up the 2 books) made the following statement at the end of Book 2; “Time and Time again, those whom I interviewed for this book and its predecessor stressed the absolutely critical role of psychological elements in trading success!”
When asked to explain what was important to success, Jack says, “The Market Wizards NEVER talked about indicators or techniques, but rather about such things as discipline, emotional control, patience and mental attitude toward losing.”
The message is CLEAR: The Key to winning in the market is internal, NOT external.”
Need more Proof?
Ed Seykota, an industry recognized trader and lecturer, once taught a college course in trading that lasted ten weeks. He spent the first week of the class teaching basic information about trading. He spent another week teaching the class Donchian’s 10-20 moving average crossover system.
However, he needed the remaining eight weeks of the class to convince the students to use the system that he had taught – to get them to work on themselves enough to accept the losses that it (or any other good trading system) would generate. So, we have concrete evidence from over 40 traders who cumulatively have earned BILLIONS of dollars in this business that we pursue every day telling us CLEARLY that long-term success in the markets is INTERNAL.
Yet, we as traders continue to invest our time and energy staring at charts and buying new EAs, going from live trading room to live trading room searching continuously. What if we just STOPPED the insanity and LISTENED to the obvious message from those who have done what we seek to do? They didn’t have a little success but rather HUGE and SUSTAINED successes!
That speaks volumes and puts me on a different path which changed the way I view the markets and trading.
By Todd Brown
The Trading Authority
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Did you know that there are 5 myths many traders believe that severely hurts their results?
Find out if your trading is being affected,
Click here to access a FREE video about them
[Trading Psychology] – “Disciplined Trader” Today Is Your Last Day To Save!
This is your last chance – after today, you miss out…
******************************************************************
You’ve been watching and waiting.
Maybe you’re asking yourself, “How much has my lack of discipline
REALLY already cost me – in dollars?”
I think you know the answer, though maybe not to the penny.
If you’re still on the fence, you need to know that this is your last chance to get Special Early-Bird pricing on the world’s most state-of-the-art discipline training for traders…
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http://www.thedisciplinedtrader.com/?10068
After Tuesday, April 13th, 11:59pm eastern, the price goes higher.
So…
It’s time for you to Listen… REALLY listen to a few of their past students… and what THEY experience at the last Intensive and decide FOR YOURSELF…
Is it MY TIME to BE “The Disciplined Trader”
http://www.thedisciplinedtrader.com/?10068
REMEMBER: This Program is NOT a series of Webinars or Teleclasses. At the beginning of every week, you’re given new material to take ON YOUR OWN TIME during the week. Even in the few Webcasts and Interviews they do during the course, everything is recorded and transcribed and you can review ON YOUR OWN TIME.
They’ll even let you take the Intensive over again if life gets in the way” during the training.
Special Early Bird Pricing ends Tuesday, April 13th, 11:59pm Eastern Time.
Make your move now to BE The Disciplined Trader…
Follow this link to “The Disciplined Trader” Intensive Program…
Cheers
Brian
PS: Please Note that Norman Hallett is offering THE MOST COMPLETE guarantee on the planet. If you’re not seeing yourself turn from hesitant to confident by the end of the Program (YES, you can take the whole course before deciding!), you’ll get your money back and you’ll part friends. Now, it’s YOUR MOVE…
http://www.thedisciplinedtrader.com/?10068
[Trading Psychology Coach] – Now Is Your Chance to Be A Disciplined Trader!
This is a special announcement.
If you’ve been a trader for ANY length of time, you know what it feels like to miss a trade your trading system signaled you to take, only to see the huge winner you were waiting for go by.
Or how about watching all of your built-up profit for the week evaporate in one “bonehead” trade where you lifted a stop that was supposed to protect you or you took a trade right before confirming lines crossed so you could “get a little bit extra”.
To the UN-disciplined trader, these scenarios play out over and over…. and over again.
The fact is, it doesn’t have to be like that.
THIS post marks the “opening of the doors” to the accepting of just 250 traders into the next “The Disciplined Trader” Intensive Program, which begins on April 19th (but you must register NOW).
=> No More taking that “B” trade that results in a loss that wipes out your entire week’s gains, just because you thought you were “on a roll”.
=> No More missed trades because of fear of losing.
=> No More quivering finger over the mouse, hesitating to pull the trigger.
=> No More lifting your protective stops, because you think the floor trader will “take you out”, and have the market head back up again without you.
=> No More excuses for not following your trading plan.
“The Disciplined Trader” 6-week Online Intensive will make you the “ice-in-the-veins” trader you need to be to win consistently in today’s volatile markets…
And winning consistently is exactly what can happen…whether you trade Stocks, FOREX, Commodities, or Options… when you master the mental and emotional aspects of your trading.
“The Disciplined Trader” Program will have you…
– Build your trading disciplined skills in a very short period of time, then…
– Apply The NEW YOU - and watch your newly developed discipline skills take positive effect on your trading results.
OH, AND…
Make sure you watch the testimonial videos recorded by students in their current Program. They are traders JUST LIKE YOU.
You can achieve what they have achieved…. turning their trading fears and hesitations into confidence and decisive action to follow their trading plan.
Now it’s YOUR turn.
Follow this link and travel to “The Disciplined Trader” Intensive Program…
http://www.thedisciplinedtrader.com/?10068
We are living in historic times… market-wise…and therefore, trading-wise. Fortunes will be made by those traders who can consistently follow their trading plan.
Will that be you?
It CAN be.
Norman is accepting only 250 new students, so please Act Now.
Follow this link and travel to “The Disciplined Trader” Intensive Program…
Cheers
Brian
PS: Please Note that Norman Hallett is offering THE MOST COMPLETE guarantee on the planet. If you’re not seeing yourself turn from hesitant to confident by the end of the Program (YES, you can take the whole course before deciding!), you’ll get your money back and you’ll part friends. Now, it’s YOUR MOVE…
http://www.thedisciplinedtrader.com/?10068
Trading Psychology Coach – Download Your Discipline Audios!
Of the 157 comments I posted about Norman and Tisha Hallett’s new 3-Minute Audios on Trading Discipline, this one really jumped out at me written, by a trader Paul-Guy…
“I’ve done all those stupid and costly mistakes. Since Sept. 19, 2008 my total losses amount to $16,000+ USD. I do need somebody’s urgent advice. My main weaknesses are pulling the trigger, getting excited when the market go my way, and hoping for a reversal if the market does not go my way; the market doesn’t care about my silliness and IT wipes me out each and every time I don’t listen to IT. One last weakness and probably my worst is overtrading. Definitely, I need to be more disciplined!
Tisha is welcomed to deliver more of those valued nuggets.”
In Paul’s quote, he expresses a lot of the frustration shared by many, many well-intentioned traders.
But good intentions don’t make it to the bottom line.
Solid trading discipline does.
If you haven’t heard Hallett’s 3 short audios, you should right now. As Paul-Guy says, they’re valuable “nuggets”…
To create these audios, 1772 traders were polled, asking to reveal their most pressing “trading discipline issues”.
The 3 most common “discipline issues” that were expressed, read…
=> “I did it again! I had all this profit and just gave it all back AND MORE in one UN-disciplined trade. How do I stop these debilitating “Blowout” trades?”
=> “I’m hesitating to Pull the Trigger when my trading plan signals me to. How can I become more consistent in following my trading plan?
=> “I’m having trouble taking my losses. Can you tell me how to stop this destructive practice?”
The 3 short audios you’ll be downloading, take each of these issues HEAD ON.
So, don’t hesitate on this one or two day offer.
To get complimentary access to these 3 powerful 3-minute audios, you’ll have to move on it today.
It’ll just take you a few seconds. Here’ the direct access…
Cheers
Brian
“The Trading Turnaround Coach”
[Trading Psychology Coach] – Having The Strength To Pull The Trigger
Norman Hallett, the Internet’s top authority on trading discipline has done it again!
In fact, he’s done TWO THINGS again!
One… He’s polled 1772 traders on what’s REALLY gettingin your way of being DISCIPLINED in your trading… and inresponse to what he’s discovered…
He’s recorded 3 short audios (3 minutes each) tackling the most important 3 issues reported by traders…
- Stopping the “Blowout Trade”
- Having the Strength to Pull The Trigger
- Taking Your Losses without Hesitation
and TWO… he’s just GIVING these audios to you – complimentary – available for just a day or two – to get some buzz going for his upcoming class.
Whether you trade stocks, FOREX, options, futures orbonds… Grab these Audios while they are still complimentary…
More specifically, when the 1772 traders were polled, the 3 most common “discipline issues” that were expressed, read…
=> “I did it again! I had all this profit and just gave itall back AND MORE in one UN-disciplined trade. Howdo I stop these debilitating “Blowout” trades?”
=> “I’m hesitating to Pull the Trigger when my tradingplan signals me to. How can I become more consistentin following my trading plan?
=> “I’m having trouble taking my losses. Can you tellme how to stop this destructive practice?”
The 3 short audios you’ll be downloading, take each of these issues HEAD ON.
So, don’t hesitate on this one or two day offer.
To get complimentary access to these 3 powerful 3-minute audios, you’ll have to move on it today.
It’ll just take you a few seconds. Here’ the direct access…
Cheers
Brian
“The Trading Turnaround Coach”