Why Highly Profitable Traders Rarely Go On TiltNov 14, 2023
I found that one of the key differences (and there are many!) between high performing traders with a long term highly profitable trading career and struggling traders is that high performing Traders rarely go on tilt the way struggling traders do.
What is the Highly Profitable Trader's Superpower I hear you ask?
It's Perfectionism! Yes you read right, most highly successful traders I worked with are perfectionists! I observed this in all High Achievers I ever came across not only in trading, but in business, sports etc.. they are all Perfectionists!
But so are struggling traders! They are also perfectionists.
It's just that they have a very different definition of what perfectionism means!
Struggling Trader's Perfectionism
- focused on consistent profits
- meticulous journals about how they suck trying to figure out what's wrong with them
- obsess over mistakes unable to let go of the past, let the past dictate their future
- read trading psychology books and listen to trading mindset podcasts in the attempt to figure out what's wrong with them
- focused on perfect optimum outcome
- highly self-critical but sloppy planning and preparation
- looking to others for validation
- definition of failure = making a mistake
- getting coaching to find out what's wrong with them and stop sabotaging
- THEY DON'T WANT TO FAIL
Profitable Trader's Perfectionism
- focused on consistent execution
- meticulous journals about their trading stats, their strengths and areas of improvement
- obsess over mistakes for insights on how to do better next trade leaving the past behind for a different future
- study charts upon charts upon charts even after 20 years trading career
- focused on perfect optimum process
- planning and preparation are non negotiables
- looking to themselves for validation
- definition of failure = not doing the best they can do
- getting coaching to learn how to grow and evolve and become even better so they can tap into their full potential
- THEY WANT TO DO A GREAT JOB!
Every Phenomenal Trader, especially those who have been professional highly successful pro athletes I have worked with became extraordinary by focusing on what has the highest impact on success! For example a friend of mine is a C Suite Executive and even after 20 years in the job he still prepares meticulously for every meeting, for every public presentation, carefully choosing his words and practicing how to make it impactful, he leaves nothing to chance and that's what it takes if you want to operate on this level!
Market Wizard Linda Raschke describes in her book Trading Sardines how crucial a non-negotiable planning and preparation routine is to her ability to perform!
So, if you know what to do but find yourself not doing what you know, if you don't prepare as well as you know you must, or if you find other creative ways to limit your trading performance, then you probably have a mental / emotional or spiritual blockage that is worth dealing with.
So, if you are ready to increase your profitability, my one-on-one High Performance Trader Coaching Program can help you to fast track this journey for you!
Get in touch here to discuss: https://www.highperformancetrading.com.au/contact
Here is to your successful Trading Career as a High Performance Trader!