- How To Stay Out Of Bad Trades
- 5 Trading Resolutions to Make in 2017
- How time consuming is Forex trading?
- Trade Like A Business
- Trading the Market Zones for a Profit
- Your Guide to Letting Your Profits Run
- Key Points to Accelerate Your Learning Process
- Discipline - Why You Don’t Have It. And How to Get It
- Transitioning from a Demo to a Fully-fledged Trading Account
- Why Traders Overtrade
- Learn to Trade the News Putting the Odds in Your Favour
- Setting Profit Goals: in Pips or Percentage Gain per Day?
- How to Let Profits Run?
- Get Prepared to Beat Your Previous Trading Achievements
- How to Trade the News Effectively
- Create a Trading Battle Plan
- Solution Focused Trading
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Trader Toughness Training
Developing resilience to cope with losses, setbacks and tough times
Resilience – The Key To Long Term Trading Success
It would be hard to find any experienced trader who has not endured tough periods in their trading career and whilst at the time these periods are obviously not that enjoyable it is interesting that in retrospect they often add to a traders ability, knowledge or psychological strength, and in some cases can also be significant turning or launching points to greater success. In fact a very useful technique that I teach my clients when they are having a tough time which utilises this perspective is to ‘use the long lens’ or the ‘wide lens’ (see below).
Resilience In Action : ‘Using The Long Lens and Wide Lens’
· Think of a loss/setback/error you have encountered recently. Look at it with a long lens – go six months, 12 months, 2 years into the future and imagine looking back on the event - what do you notice? What perspective would you have on it from the future looking back?
· Think of a loss/setback/error you have encountered. Look at it with a wide lens – ‘What can I learn from this?’ - what do you notice?
Exercise : Resiliency Rating Self-Assessment
Answer each one of the following statements either TRUE OR FALSE
1. I have future trading goals which I feel motivated and excited about achieving.
2. I find it easy trade again (in a disciplined way) after a loss or an error.
3. I don’t give up when progress is slow or get put off achieving an objective by tasks I find boring or unpleasant.
4. I find creative ways of rising to challenges.
5. Under pressure I rarely feel helpless or fatigued.
6. I don’t let difficult periods, with few wins, affect my confidence.
7. When challenged, I am able to summon a wide range of positive emotions engage my fighting spirit and maintain a sense of humor.
8. I know how to motivate myself under adverse conditions.
9. If I start out badly, with a losing trade for example, it’s easy for me to stay positive, confident and disciplined.
10. I can see slumps in performance as temporary.
The more TRUE answers you have the greater your resilience . Total up the number of times you have answered TRUE and then multiply by 10 to get a percentage score e.g. 6 True = 60%. This is your current Resiliency Rating.
Make a note of your rating and also the areas where you answered FALSE. These are key areas for development. Which one if you could change the answer to a TRUE do you feel would have the biggest positive impact on your trading performance? Make this your primary resiliency development goal.