Perhaps the some of import psychological challenge facing active traders is sustaining the capacity for self-observation. When traders are trading well, they are focused on markets. When they are non trading well, they let on themselves immersed inwards distractions. In both cases, they are non observing their performances together with what they are doing correct together with wrong. That is why it is important--during together with later the trading day--to do procedures that facilitate one's "internal observer": journaling, coming together amongst coaches together with mentors, reviews of performance, etc.
Much of my recent book, The Daily Trading Coach, consists of specific behavioral, cognitive, together with psychodynamic exercises to attention us larn amend self-observers. These are equally good techniques that permit us to interrupt work patterns, then that nosotros tin sack avoid repeating by mistakes.
No techniques tin sack endure effective, however, unless at that spot is a willingness--and a recognition of the necessitate for--time away from the trading screen. Many traders speak themselves into the supposition that whatever fourth dimension away from trading volition do missed opportunities. That keeps them locked inwards their onetime patterns.
I reckon fourth dimension away from the concealment equally a form of insurance policy: you lot *might* missy a motion occasionally, only that's the premium you lot pay to insure that you'll endure inwards the correct fashion when you lot are trading. You don't complain if you lot never get got an chance to file claims against your homeowner's insurance policy. It's at that spot for peace of heed together with security.
There's a like peace together with safety that comes from the self knowledge together with self discipline--the internalized feel of control--that comes from ongoing self-observation. It's non plenty to run on markets; your run on yourself is what gives you lot command over exploiting your border amongst consistency.
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