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Ten pieces of killer insights and enduring wisdom for traders

  • April 20, 2021
    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 WikiFX, you can visit 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

      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

      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.
  • April 28, 2021
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