5 Simple Trading Truths...I Wish I Knew When I Started My CareerJan 23, 2023
If I had understood these 5 simple truths, my trading career would have accelerated my journey by 100x
That’s why I want to share this with you. It’s the beginning of 2023, and whilst you can’t go back to 2022, you can start a new path now and create a brand-new ending to 2023.
Truth #1: The moment you sign up for a career in the wonderful world of trading, you sign up for emotional pain and mental anguish until you get rid of old habits and install new ones! Deal with it!
Like most, when I started out as a trader, I was struggling because I was emotionally soft and mentally weak.
I still remember the emotional pain when faced with taking a loss, or the mental anguish when debating if I should take my profits and run or not.
Because like most traders I didn’t know how to become emotionally balanced and mentally strong, the only strategy I knew was trying to avoid the pain by taking the easy way down the road of failure.
Truth #2: If you want to get rid of old habits and re-invent yourself as a trader, you first need to deeply understand yourself!
How many times have you told yourself that from now on you will be disciplined like a highly profitable trader, and then in the heat of the moment, the emotions became so overwhelming, that you lost the battle with yourself and started revenge trading?
Working on changing your behaviors when you have two opposing beliefs battling each other, is a lost cause.
It’s tricky though, because usually one belief is obvious to us, I have to take a loss to make it as a trader, we consciously know that, but the opposing belief is deeply buried in the ponds of the unconscious mind, so it’s not that easy to identify them.
Truth #3: There is always an explanation for why we do what we do! Habits and behaviors are the manifestation of our mindset, that’s all!
To unlock the mind’s pathway to profits we need to use specific techniques, such as exploring our existing relationship with money, and how this old money story affects our trading behaviors in unexpected ways.
And if you want to change your results in life, you need to understand what your beliefs, your emotional triggers and your unconscious thought processes are so you can
Only once you understand the cause of the problem, you can ease into the process of transforming it.
Truth #4: In the mind of a badly programmed mindset no strategy works. In the hands of a well-designed mindset, any strategy works.
I worked with a trader who came to me because he made all the classical trading errors. Letting losses run, taking profits early, moving stops into break even as soon as I saw some profits or removing stop losses when the trade turned into a loser, revenge trading and going on tilt, desperately trying to make back any losses instantly. The full kaboodle.
He said: ‘All my backtesting shows that my strategy is works, if only I would work and stop making all those mistakes’.
I asked him, what are you trying to avoid when not taking a loss? With every answer he gave me I kept asking until we got to the root of it: He wanted to avoid feeling emotional pain.
Now the next step was to understand what the emotional pain was all about. This part is different for every trader, due to their different experiences and circumstances.
He had looked for ways to resolve this internal conflict for years, but he had looked in all the wrong places that’s why he couldn’t find it. He had looked for solutions in the external world, such as learning more and more trading strategies, when all the answers lie within.
The old Greek philosophers already knew that.
What he didn’t understand was that his mindset was programmed to fail as a trader, because when he grew up he was conditioned to behave in certain ways that helped him through some tough times, but worked against him as a trader.
His story was that he grew up in an affluent family. But in 2007 his father, a successful businessman with a large share portfolio passed unexpectedly, the trading accounts were frozen until the estate was sorted out, and so he had to watch his father’s life work dissolve into nothing during the GFC.
Is it any wonder that he today as a trader find’s it incredibly hard to let profits run? What do you think what beliefs he would have developed based on this experience? Consciously and unconsciously?
His mindset has been programmed that it’s bad to accumulate, it can be taken away, so better take the profits off the table and run.
The solution was to change the emotions he associated with taking a loss, transforming them into empowering ones.
What he didn’t understand was that due to these experiences that were beyond his control, he had a money mindset that was programmed for scarcity and failure.
It is no surprise that he had a lot of limiting beliefs about money, which were the real reason why he was hurting when taking losses and feeling anxious that profits would be taken away from him if he didn’t ‘secure’ them quickly.
Truth #5: Studying yet another indicator, methodology, trading educator expecting different results is what Einstein defined as insanity!
Because money is an emotional topic. Even though one of the maxims for good trading is ‘don’t focus on the money’, sometimes it can be hard to think of little else.
They say don’t focus on the money, focus on the process and managing your risk. But when you have scarcity thinking, it’s difficult to focus on risk and natural to focus on the money.
I’ve seen trader’s blowout over unresolved issues and worries about money.
It can cause you to stay small in your trading and limit your progress.
Or you just keep ignoring your money issues. Because of confusion, anxiety, stress, guilt, or shame.
That’s technically “insane.” You’re doing the same thing and expecting a different result.
Now this may come as harsh news but if you don’t actually DO something about your money mindset it’s not going to improve. Believe me, I know! Things are going to stay exactly the same, year in, year out. And you’re going to keep dealing with all the negative effects of your current money mindset.
You see, until you get to the core of your BEING, by uncovering your beliefs and behaviors around money …
Then your current programming WILL OPERATE your trading.
It’s because there are hidden profit-killer behaviors that take place deep within your mind below your current level of awareness to keep you safe…
But those behaviors are sabotaging your trading account.
…And the sad thing is that it happens before you even realize how much of your profits you’ve given back to the market.
Even if you try to follow well-meaning trading rules …
These trading rules don’t consider how your mind works while you are trading…
…And that causes you to compound your losses instead of keeping your profits.
Until you discover how to transform the old mindset, your dreams of being a successful trader will stay in fairy tales.
It’s time for a change!
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Through a step-by-step approach, you will understand why you self-sabotage and the beliefs held in your subconscious programming.
Then we’ll explore your deeply held OLD money beliefs, emotional quotient (EQ), and what holds you back and shapes your current financial reality…
Thn, you’ll start to change your unconsciousness programming, and the old system will no longer run the show.
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You’ll be able to tune into the opportunities for greater trading profits, retain more, and grow what you have.
If you don’t take the time to upgrade your wealth mindset, you will always struggle to reach your full potential as a trader, even if you work harder than everyone else.
It’s never about working hard.
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Imagine a life where trading is no longer a source of fear or anxiety, because you know there is always more than enough to grow and thrive.
“The key to success is emotional stability.” – Warren Buffett
Your Performance & Mindset Coach, High Performance Trading