* Accountability - The most successful traders are the ones that most consistently convey their numbers to meetings with me. They demo each day's surgical operation as well as review with me what happened: expert as well as bad. They allow the numbers say the story: whether or non they allow losing trades teach away from them; whether or non they were consistent inwards trading their edge; etc. In 1 case, P/L was downward for the month, but the distribution of winning as well as losing trades showed existent consistency as well as superior gamble management. It was simply a fourth dimension menses where chance was to a greater extent than scarce inwards that trader's strategy. But the conversation focused on what the trader was doing right, non simply on the lower P/L. The best traders concur themselves accountable; they concur themselves to the goals they laid as well as they laid their goals inwards measurable ways.
* Working on Psychology inwards Real Time - The most successful traders develop strategies for staying inwards their trading zone during the course of report of the trading session. Psychology is non simply an add-on, something to live on reviewed at the halt of the trading day. It is an integral purpose of their trading process. For example, 1 trader has flora that he is much to a greater extent than successful when he is inwards a hear solid soil of calm, patient, self-awareness. Accordingly, he takes breaks during the twenty-four sixty minutes menses to ensure he sustains his optimal solid soil as well as practices meditation exterior of trading hours to gear upwards his capacity to teach into that zone. On the trading floor, the traders ofttimes advert to trading "setups": criteria that receive got to line of piece of job upwards inwards guild to render an border inwards a trade. We've lately begun talking well-nigh each person's psychological setups: the cognitive, emotional, as well as physical factors that demand to align for best trading. Edge occurs when our psychological setups overlap the setups offered past times the market.
* Adopting a Process Focus Trade past times Trade - H5N1 promising novel trader who volition live on joining the trading flooring lately emailed me as well as asked well-nigh "trading process". Because he had experienced success equally an athlete, I responded past times drawing an analogy to football. When you're inwards the game, you lot focus on blocking, tackling, as well as executing the adjacent play well. You don't teach caught upwards inwards the scoreboard or what others are doing. *That* is a procedure focus: beingness immersed inwards the doing rather than the results of the doing. Imagine that each calendar month is a flavor for your basketball game squad as well as each trading twenty-four sixty minutes menses is a game that you're playing during the season. Your destination is to win the game, but to achieve that you lot demand to live on focused on making the crisp passes, boxing out to teach the rebounds, keeping yourself betwixt the ball as well as the instrumentalist you're defending, moving without the ball on offense, as well as screening to costless upwards the expert shooter. To win a season, you lot receive got to win many games; to win a game, you lot receive got to run many expert plays; to run a expert play, you lot receive got to execute on criminal offence as well as defense. I've written inwards the past times well-nigh my favorite bumper sticker, "Forget basis peace. Visualize using your plough signal." That is procedure focus!
The worst traders receive got a passion for trading. They demand to trade. The best traders receive got a passion for trading well. They demand to teach better. Show me what traders are doing exterior of marketplace hours, as well as I'll demo you lot the odds on those traders' success.
Further Reading: Mental as well as Emotional Preparation for Trading
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