April 20, 2021 11:24 PM PDT
Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime’.To get more news about [url=https://www.wikifx.com/za_en/]WikiFX[/url], you can visit wikifx.com official website.
For a trader, a system or method is akin to being given a fish,
this may feed them for a while, however it is optimising how they are
and developing their risk behaviours, skills and processes, and building
their ‘inner game’, which enables them to live off markets for a
lifetime.
At AlphaMind we believe that developing a broad base of
understanding about how markets work and function, how people personally
interface with markets and risk, and ultimately how they develop and
apply their “inner game” to trading, that is where success comes from.
In our first AlphaMind Podcast of 2021 (attached to this article),
we shared 10 powerful insights and pieces of wisdom we felt would help
our listeners to improve their chances of becoming more successful as
traders. These are focused predominantly on the ‘inner game’ aspects of
trading and are based on our own struggles and extensive experiences
over many years in financial markets plus thousands of hours of
conversations with professional traders in our coaching programmes.
Make space for yourself and periodically step back from the screens and
markets to be more present as a trader, more effective as an individual,
and more grounded in the moment.
Create ‘tripwires’ to break you out of bad habits and negative
thinking patterns. A tripwire is a tool or process you create which acts
as a reminder to snap out of a negative mindset, or an unhelpful
autopilot state.
Think of trading as a process and develop a process orientation
rather than a results orientation. Traders can get good results from bad
processes and bad results from good processes, that is the nature of
trading. However, it is good processes which matter. Good processes
build good habits. Good habits lead to better results over time.
Make learning lessons of your experiences, digest these and apply
them to your work. If you arent doing this, then you are missing out on
powerful lessons. Use a journal to support this process.
Look Forward Not Down: A positive proactive mindset is vital.
Self-belief and self-trust are vital characteristics for a trader and
help foster a proactive mindset which looks forward. If you lack the
faith in yourself to succeed, you are more likely to look down. Looking
down makes the challenge much tougher.
There is no such thing as perfection in trading. Avoiding trying to
perfect trades: optimise and be happy with ‘good enough’ not perfect.
Remaining on plan is difficult, but good planning remains vital for
trading success. Military strategists say ‘no plan survives first
contact with the enemy’, but they also know that ‘planning is
essential’. Planning should extend to more than just the trade idea, it
includes risk management, contingencies, exit strategies, and much more.
‘Letting Go’ is the secret sauce or great traders. Practice
detachment, learn to walk away, be willing to recognise your fallibility
and do not dwell on errors. Practice detachment. Work on becoming
detached to redundant ideas, don‘t marry a trade or a belief, let go of
attachments to outcomes, good and bad. Above all ’Let go of your ego and
any attachment to ideals of entitlement.
Put effort into developing how you generate insights. Be curious
and remain curious rather than think you have the solutions. Clearing
the head and mind, and taking actions to do this, becomes a powerful
source of insights which lead to better trading and more effective
performance.
Understanding your reason for why you are trading, which market you
are trading and why you are trading the way you are. Look to other
markets, products, styles, timeframes, and considering the options open
to you.
Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime’.To get more news about [url=https://www.wikifx.com/za_en/]WikiFX[/url], you can visit wikifx.com official website.
For a trader, a system or method is akin to being given a fish,
this may feed them for a while, however it is optimising how they are
and developing their risk behaviours, skills and processes, and building
their ‘inner game’, which enables them to live off markets for a
lifetime.
At AlphaMind we believe that developing a broad base of
understanding about how markets work and function, how people personally
interface with markets and risk, and ultimately how they develop and
apply their “inner game” to trading, that is where success comes from.
In our first AlphaMind Podcast of 2021 (attached to this article),
we shared 10 powerful insights and pieces of wisdom we felt would help
our listeners to improve their chances of becoming more successful as
traders. These are focused predominantly on the ‘inner game’ aspects of
trading and are based on our own struggles and extensive experiences
over many years in financial markets plus thousands of hours of
conversations with professional traders in our coaching programmes.
Make space for yourself and periodically step back from the screens and
markets to be more present as a trader, more effective as an individual,
and more grounded in the moment.
Create ‘tripwires’ to break you out of bad habits and negative
thinking patterns. A tripwire is a tool or process you create which acts
as a reminder to snap out of a negative mindset, or an unhelpful
autopilot state.
Think of trading as a process and develop a process orientation
rather than a results orientation. Traders can get good results from bad
processes and bad results from good processes, that is the nature of
trading. However, it is good processes which matter. Good processes
build good habits. Good habits lead to better results over time.
Make learning lessons of your experiences, digest these and apply
them to your work. If you arent doing this, then you are missing out on
powerful lessons. Use a journal to support this process.
Look Forward Not Down: A positive proactive mindset is vital.
Self-belief and self-trust are vital characteristics for a trader and
help foster a proactive mindset which looks forward. If you lack the
faith in yourself to succeed, you are more likely to look down. Looking
down makes the challenge much tougher.
There is no such thing as perfection in trading. Avoiding trying to
perfect trades: optimise and be happy with ‘good enough’ not perfect.
Remaining on plan is difficult, but good planning remains vital for
trading success. Military strategists say ‘no plan survives first
contact with the enemy’, but they also know that ‘planning is
essential’. Planning should extend to more than just the trade idea, it
includes risk management, contingencies, exit strategies, and much more.
‘Letting Go’ is the secret sauce or great traders. Practice
detachment, learn to walk away, be willing to recognise your fallibility
and do not dwell on errors. Practice detachment. Work on becoming
detached to redundant ideas, don‘t marry a trade or a belief, let go of
attachments to outcomes, good and bad. Above all ’Let go of your ego and
any attachment to ideals of entitlement.
Put effort into developing how you generate insights. Be curious
and remain curious rather than think you have the solutions. Clearing
the head and mind, and taking actions to do this, becomes a powerful
source of insights which lead to better trading and more effective
performance.
Understanding your reason for why you are trading, which market you
are trading and why you are trading the way you are. Look to other
markets, products, styles, timeframes, and considering the options open
to you.