Hi All,
I have just started out learning how to coach traders in how to make better trading decisions and not get so emotional around money.
A little about me:
I have been trading now for 2 years. I messed around with a few systems and robots like a lot of newbie traders do. I was seduced by easy money and automatic profits and lost money. I found Rick Galloway at the pro trader network and bought his excel course (which is excellent by the way). I also trained with Jamie Smart who wrote a book called Clarity. After reading his book and attending one of his course I went from losing trader who was unfocused and emotionally reactive to the market and my account balance to a consistently profitable trader. I am looking to start a trading coaching business to help traders like you become winning traders
So I wanted to create a thread in which you can ask me any questions regarding trading psychology challenges you may be having and I can share with you what I have learnt and maybe help you find some clarity and success in your trading.
There are a lot to my changes were took place over the last 2 years, but were four main parts to my change in trading psychology
1. Realising how much meaning I was attaching to my trading, to my results, to the money I make and to the successes that I bragged to my friends. For ages I used a sim or demo account to pretend that I was trading. It was all part of my spinning my wheels phase. I wanted to be rich so much that I did not want to properly start. Mainly because I was afraid of failiure.
I moved to a small real money account and it all started to change once I understood my trading psychology better (below). Once I stopped building a big imaginary dream in my head of what trading could give me, then I started focusing on what I enjoy in trading right now and then fit that into my life (i.e. swapping from 5 min charts to 4H), I started to make progress. I stopped bragging to my friends and interpreting results as its my win or I made X amount of money, but that it’s just a business.
2. That the value you put on money is an inside job. Money cannot make you feel anything it’s your own thoughts about money that make you feel something. This is what I learnt from Jamie Smart, that our minds have the wonderful ability to create an illusion that our experience is created outside in but really it’s all generated from inside you. Once you realise you emotions around trading (fear of loss, fear of making a mistake, greed etc) is all created by our ability to project it into the outside world and that once we realise this we can control it. You become a confident trader, who executes his plan with courage and ease.
3. A system which you have water tight backtesting results, forward testing and live testing. You need to trade your system with real money slowly and small at first, then build up. I see trading as lifting weights, you need to build up your emotional muscles first before going to the 150 kg bench press. Ultimately its all about making the best decision in the moment and everyone is different. You need to pinpoint exactly where you are going wrong and work on that.
I annotated charts noting my trading setups around market structure and once the trade played out I would go back and look at my analysis to see if I was correct. This amazed me how accurate I could be. I kept a spread sheet and identified the areas in which I was not performing optimally which were execution. I then went back to point (2.) which was back to my psychology in which I was not backing my ideas. This took some time but now I back my ideas and I am profitable.
4. A journal: I found a way that worked for me. I take a screen shot every day and using paint I annotate charts marking on key price levels and patterns. I love doing that which is one of the reasons I think I have got so good at it. I see it as a game of battleships in which I am finding out where the buyers and sellers are likely located.
MY ARTICLES
What does money mean to you?
MY PRIVATE FACEBOOK GROUP
https://www.facebook.com/groups/354607168034895/
I have just started out learning how to coach traders in how to make better trading decisions and not get so emotional around money.
A little about me:
I have been trading now for 2 years. I messed around with a few systems and robots like a lot of newbie traders do. I was seduced by easy money and automatic profits and lost money. I found Rick Galloway at the pro trader network and bought his excel course (which is excellent by the way). I also trained with Jamie Smart who wrote a book called Clarity. After reading his book and attending one of his course I went from losing trader who was unfocused and emotionally reactive to the market and my account balance to a consistently profitable trader. I am looking to start a trading coaching business to help traders like you become winning traders
So I wanted to create a thread in which you can ask me any questions regarding trading psychology challenges you may be having and I can share with you what I have learnt and maybe help you find some clarity and success in your trading.
There are a lot to my changes were took place over the last 2 years, but were four main parts to my change in trading psychology
1. Realising how much meaning I was attaching to my trading, to my results, to the money I make and to the successes that I bragged to my friends. For ages I used a sim or demo account to pretend that I was trading. It was all part of my spinning my wheels phase. I wanted to be rich so much that I did not want to properly start. Mainly because I was afraid of failiure.
I moved to a small real money account and it all started to change once I understood my trading psychology better (below). Once I stopped building a big imaginary dream in my head of what trading could give me, then I started focusing on what I enjoy in trading right now and then fit that into my life (i.e. swapping from 5 min charts to 4H), I started to make progress. I stopped bragging to my friends and interpreting results as its my win or I made X amount of money, but that it’s just a business.
2. That the value you put on money is an inside job. Money cannot make you feel anything it’s your own thoughts about money that make you feel something. This is what I learnt from Jamie Smart, that our minds have the wonderful ability to create an illusion that our experience is created outside in but really it’s all generated from inside you. Once you realise you emotions around trading (fear of loss, fear of making a mistake, greed etc) is all created by our ability to project it into the outside world and that once we realise this we can control it. You become a confident trader, who executes his plan with courage and ease.
3. A system which you have water tight backtesting results, forward testing and live testing. You need to trade your system with real money slowly and small at first, then build up. I see trading as lifting weights, you need to build up your emotional muscles first before going to the 150 kg bench press. Ultimately its all about making the best decision in the moment and everyone is different. You need to pinpoint exactly where you are going wrong and work on that.
I annotated charts noting my trading setups around market structure and once the trade played out I would go back and look at my analysis to see if I was correct. This amazed me how accurate I could be. I kept a spread sheet and identified the areas in which I was not performing optimally which were execution. I then went back to point (2.) which was back to my psychology in which I was not backing my ideas. This took some time but now I back my ideas and I am profitable.
4. A journal: I found a way that worked for me. I take a screen shot every day and using paint I annotate charts marking on key price levels and patterns. I love doing that which is one of the reasons I think I have got so good at it. I see it as a game of battleships in which I am finding out where the buyers and sellers are likely located.
MY ARTICLES
What does money mean to you?
MY PRIVATE FACEBOOK GROUP
https://www.facebook.com/groups/354607168034895/
Too many wife syndrome.
