When it comes down success in trading, it is never a destination. There will never be a point at which you reach a certain “checkpoint” and claim “I am a professional trader, nothing can go wrong, and I’ve learned all I can.” The process of trading itself is anticipating change and that includes being willing to change yourself as well. This means implementing new strategies, developing new habits, acquiring new books to learn from and yes, making more mistakes. The skills that experienced traders implement is something that must be practiced and honed every day because they often aren’t technical but rather emotional and mental. Their mastery over mindset and discipline exemplifies their commitment to the field, but what’s phenomenal is how they apply it to other aspects of their life as well. The ability to understand your emotions and help use it to bring you closer to your goal is a phenomenal skill that can be applied to your relationships with loved ones, business interactions and ability to get a better sense of self.
In addition to understanding your emotions and channeling the energy in a positive way, successful traders aren’t afraid to take risks and don’t let their circumstances define them. A trader understands that taking a risk isn’t a bad one as long as they can leverage their risk and manage it appropriately. With calculated risk, they can implement a strategy that favors their desired outcome, and even when they lose, they know how to turn their losses into a win. A successful trader is resilient, knows how to extract knowledge out of every loss and apply it to future circumstances. They are defined by a mentality that thrives on the ability to react to circumstances rather than let it determine your future, and do so with proper preparation, regimented discipline, strategy and execution.
The Five Beliefs
It All Comes Down to Habits
How you are in one area of life often represents how you act in other circumstances. If you often leave things unfinished and get distracted easily, its likely this will apply to your trading lifestyle as well. Many people want to fix their finances after they find more money to work with. That’s like an overweight person saying they’ll start dieting and exercising after they lose 20 pounds. Expanding your capacity for wealth means improving other areas of your life. As a trader, even if you make a lot of money, you will inevitably lose it if you’re capacity for managing wealth doesn’t match your account. Focus on developing routines, and healthy habits that trickle down into all aspects of your life. Once you affect one area of your life, it will give you the energy and motivation to improve upon others. Surrounding yourself with likeminded individuals that are inspired to better themselves is also a great way to jump start your journey towards self-improvement. It is quite often that the people you surround yourself in have a huge impact on where you end up in life. Therefore, it is imperative to limit your interactions with those that consistently complain, drain you of energy and lack ambition. Being the smartest person in the room is never a good thing, so make an effort to spend more time with driven individuals that energize you and challenge you consistently.
Embrace change and treat every circumstance as an opportunity
Whether it is professionally or personally, successful traders continue to absorb as much information as possible and apply it directly to aspects of their lives. People often see things at face value without looking beneath the surface, going throughout life as victims of their circumstances. The top traders don’t fear losing because they know their mindset will bring them future gains. They make calculated risks, learn from their mistakes and adapt to market demands. If things don’t go according to plan, having a way to adapt to alternatives will give you a better chance of finding success rather acting impulsively. Experienced traders have a list of alternative scenarios that may occur and the appropriate action they will take should it happen. This is to prevent panic and angst in the heat of the moment once their trade doesn’t work out the way you anticipate. Understand that not everything will always work out the way you want to in life akin to trading. Absorb what you can from that event, see what happened, design an alternate solution and apply that knowledge to future circumstances. This forces you to become a better version of yourself, wiser and better prepared for unforeseen scenarios. Adaptability requires setbacks, they are inevitable. But a successful trader sees setbacks as an opportunity to gain momentum and slingshot themself forward. It’s about how you react that determines where you end up, both in trading and in life.
Exercise emotional discipline
Emotional trading is akin to gambling and an even easier way to lose money. This is not to say emotions are bad, but learning to make your emotions work for you instead of against them is probably the most difficult thing to do as a trader. Knowing your emotions and channeling them in a positive way requires a great knowledge of self and will always be a constant battle. But confronting your emotions and handling them responsibly will not only positively affect your trading experience, but other aspects of life as well. Our emotions uniquely classify us as individuals but unfortunately many of us choose to live on polar ends of the emotional spectrum. There are individuals that are extremely impulsive, act out of emotion and come to regret it later, or those that suppress their emotions entirely and they seep out later in unanticipated ways. Both limit one’s ability to achieve their goals in life and most certainly trading. Exercising emotional discipline is something all of us can use more of and once you use your emotions to empower your capabilities instead of hinder them, they will enrich every aspect of your life, including your wallet.
Strategize preemptively and don’t hesitate to act.
Experienced traders know that they can’t anticipate everything in the market but prepare themselves well beforehand. Visualization of your goal means understanding why you are in the market, how long you plan on being in a trade and anticipating market action. Every part of your analysis should increase the probability of your desired outcome coming to fruition but waiting too long to execute is a problem many traders encounter. Having confidence in your market research will prevent you from entering a bad position out of FOMO later. The best traders do their research, get in, make a profit and are looking for their next opportunity. In the meantime, amateurs are looking for all the reasons why they shouldn’t enter a trade or for every bit of information they possibly can before entering. The only way to gain experience is to learn and the best way to learn is to act. Take your risks but leverage them. Act with confidence and don’t let fear, procrastination or the need to know everything prevent you from getting started.
Constant pursuit of knowledge
You need to love to learn and make it an everyday endeavor. Self-education is one of the best ways to sharpen your toolset, and when it comes to resources they are in abundance. Be more purposeful with your time and invest in yourself as much as you invest in assets. That’s how you bring about the best returns. Spend more time on impactful experiences and less distractions to consistently become a better version of yourself. Read about investments and intentional living, download podcasts and develop at least three new hobbies. One to keep you creative, one to keep you healthy and one to bring you money. Consistently challenge yourself and put yourself outside of your comfort zone because that’s the fastest way to grow. To be a succesful trader means to be fluid when necessary and confident in your predictions. It’s a very difficult to do if you don’t supplement yourself with the proper educational tools. Forming a trading group with people that share strategies, finding a mentor or even a coach are great ways to help you stay on track. They’ll hold you responsible to the commitments you’ve made and help encourage you when you get down on your losses. Knowledge is all around us and the opportunity to learn is prevalent. But as traders we must know the distinction between noise and important information, filter out what isn’t relevant and do our best to absorb what is. Be resilient, do your research and embrace every encounter as an opportunity to learn.
Getting into the Mindset with Hypnotherapy
Psychological mindset help for traders is not always readily available. And to be able to trade in the zone is a mindset you need to work towards and have an environment in which to develop it.
Our hypnotherapy coaching can help you work towards the ‘trade in the zone’ mindset. We have dealt with a vast clientele who have been unable to enter the mindset, often being held back by personal anxieties and panic attacks. We can tailor a support plan based on your needs and how these anxieties may manifest and prevent you from getting into the trading zone. By the end of it, we will have broken down those psychological barriers and ensure you are performing at your best having provided the environment in which you can develop the mindset.
Our practice owes much of its success to Ronal Shah, MBA, who spent many years as a trader himself. Ronal is aware of what is required to thrive in a trading career. Using his skills as a master hypnotist, he can help you tap into anxieties previously unknown to you and ensure that when in the middle of a trade, you are always in the zone. His practice also grants you access to panic attack help for traders.
Give us a call and find out how we can help you trade in the zone, leaving you less susceptible to anxiety attacks and more mentally prepared for a long-term trading career, without the risk of burnout looming over you.
So contact us today to fix up your trading mindset