You need to come to trading psychologically prepared to trade. Your own personality is the multiplier effect of your trading results. Your strategy, plus your money management, plus your capital, multiplied by YOU equals results.
Strangely enough, this is the last place most traders think they need to prepare. They simply assume they have what it takes to enter into this arena and excel. How surprised they are when they find themselves doing things they said they’d never do and not doing the things they said they would surely do. And even when they realize that they are the cause of their failure, they are reluctant to get help.
I have talked with many traders who are sabotaging their trading results. Some can’t pull the trigger and sit there day after day doing nothing but watch and marvel. Some are unwilling to take a loss and will let loss after loss eat up their trading account until the pain of keeping that loss is greater than the pain of taking that loss. Some get in trouble by not following their trading rules. Others can’t consistently follow a trading system and find themselves skipping the big winners and taking the losers.
And yet, while they may call me to find out about my coaching, they delay signing up for mental training. If I call them back a year later, they’re still repeating the same behavior and still reluctant to pay for coaching. “I should be able to handle this myself.” they say. But they can’t, and they don’t. It’s the winners who seek assistance for their trading weaknesses. And it’s the winners who correct their trading foibles by strengthening their weaknesses and their strengths.
You need to psychologically prepare yourself to execute your plan. Trading requires a mental toughness. Trading demands a mindset that may not come naturally. You cannot charm the market. You cannot persuade the market. You cannot bully the market. You cannot cheat the market. You cannot merely study or research the market. You have to TRADE what the market gives you.
A successful trader trains his mind for high power trading. If he needs a coach or mentor, he gets one. He takes the time for meditation, self suggestion and positive visualization. He learns helpful questions to ask himself. He does whatever it takes to prepare himself mentally to trade.
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