AWESOME TUESDAY...?

FROM AN EXPERIENCE

Recognize past mistakes and eliminate them. This month’s Golf Magazine has an article analyzing each shot of Tiger Woods career. Tiger’s success is less predicated by the good things he does than by virtue of doing far fewer bad things than other PGA golfers. All of us have a particular bad habit that consistently costs us. You should get an occasional feeling of deja vu when repeating a stressful event. Embrace that personal information as a signal. Your worst habit is potentially your best fade.

Peak performance in trading is frequently hindered because of the emotions a trader feels, and more importantly how their trading behaviors change based on those emotions. I have found that the following four emotional experiences have the greatest, direct impact on a trader’s ability to achieve higher levels of success.

1) Fear of Missing Out
2) Focusing on the Money and Not the Trade
3) Losing Objectivity in a Trade
4) Taking Risk Because you are Up (or down) Money

Fear of missing out occurs when a trader is more afraid of missing an opportunity than they are of losing money. As a result, traders tend to overtrade in a desperate effort to ensure that they do not miss out on money-making situations. This overtrading can then potentially trigger an undertrading response if the traders experience a “trading injury” such as a big loss along the way. The way to solve this is first to accept the reality that you’re always going to miss out on something, somewhere. The second step is to establish game plans on paper and hold yourself accountable to executing those plans.
Focusing on the money and not the trade limits performance because the trader quantifies their success based on their profit and loss data. As a result, when he or she is up or down a certain amount of money that they view as significant, they alter their trading behaviors regardless of what the actual, real trading opportunity is that is presented to them. The way to solve this is to quantify your success based on HOW you traded not HOW much you made on the trade. Did you have edge? Was it your pitch? Did you make a high-quality trade?

Losing objectivity in a trade occurs because traders develop emotional ties to their previous entry levels. The trader is no longer making trading decisions based on the trade, but rather based on how much they are up or down in the trade. The key to overcoming this is for the trader to continually ask him/herself, “Why am I in this trade?” and “If I was not in this trade right now, would I enter this trade long, short or do nothing?”

Taking bad risk because you are up or down money
People do not like to lose – especially money. Normal solid risk/reward thinking becomes skewed once a trader is up a large sum of money. They begin to experience something called “mental accounting” and they treat money differently based on how they made money or how quickly they earned it. On the flip side, when traders are down money, they tend to be consumed with trading for revenge and trying to make it back, oftentimes as quickly as they lost it. As a result, they may take “shots” or do the “screw it” trade because they feel helpless. To solve this destructive behavior, the trader should use their trading journal to document their emotional highs and lows and what triggered it so they can be in tune with when they are feeling over-confident or angry/frustrated. Once they recognize these emotions, they should immediately call a time out and step away from the computer or reduce the risk they are taking until they can bring themselves back to center court.

THE BEST TRADING

“Any thought put into your mind and nourished regularly, will produce results in your life.” John Kehoe

An affirmation is a statement made in the present about the future as if it had already occurred in the past. Let me say it more simply. An affirmation is a simple statement about what you want to become true in your life. You state it in the present tense as if it were already true. You repeat your hopes and dreams. You declare the opposite of your fears. For example, the fear that you could lose all your money becomes: “I grow my capital through consistently applying my winning methods.”

Be careful to word the affirmation in the present tense. Statements made in the future stay in the future. “Next month I’ll turn my trading around.” stays out there in the future. Now is when you need to turn the trading around.

Affirmations can be repeated to yourself silently or aloud. You can incant them with feeling or whisper them to yourself. You can record them and play them, or write them and read them. A good time to assert them is just as you’re falling asleep or waking up, or any other time of the day. You can say them while you drive or wait in a bank line or as you watch the market or manage a trade.

And here is a little miracle. You don’t have to believe the truth of the affirmation in order for it to have an effect. Of course, it’s better if you imagine it to be true or becoming true.

Sometimes it’s more believable if it’s a process statement. “I am slender” can change to “I am becoming slender.” “I am consistently profitable” changes to “I am becoming more consistently profitable.” There are times when the process is more credible than the reality.

You can also turn the statement into a question. “In what ways am I becoming a better trader?” “How am I becoming a more professional trader each year?” The mind accepts the truth of the question and searches for evidence.

We think in language. The words we think fill our minds and crowd out opposing thoughts. A word encompasses an idea. Ideas are stronger than will power. Ideas seduce and return as reality. By reiterating thoughts they become a part of our natural thoughts and become our beliefs and express themselves in our actions.

You want to state your affirmations in a positive form. Negatives produce the opposite of what you want. “Don’t lose money.” enters into the mind in the form of “lose money”. Clearly you don’t want that. Much better to say,”Today, I make money trading.” “Don’t lose money” becomes a worry, and you begin to imagine losing money and you feel bad. Thought mixed with emotion attracts its essence.

Keep your affirmations short. Don’t get lost in convoluted sentences and paragraphs. A simple sentence ten words or less will do it: “I follow my trading rules.” “I take every valid entry.” “I stay with my winning trades.” “I cut my losses right on time.” “I act on time right on time.” “I apply my methods to the market.” “I want what the market wants.” “I can handle anything that comes up.”

You can also use a single word: “Courageous.” “Consistent.” “Steady.” “Professional.” “Winner.” “Confident.” “Clear Minded.” “Detached.” “Patient.” “Effective.” Who are all these words? You are. The “I am” is implied and understood.

Affirmations are used to bring into being what Earl Nightingale calls the strangest secret: We become what we think about. When you affirm, you’re filling your mind with repetitive notions. They seep into your subconscious mind, and manifest themselves in your actions.

What if you could affirm your way to trading success?

NFUTURES TODAY’S DAY TRADING STRATEGY – AUG 31

Today’s Resistance @ 5439/5462

If trades above 5439 for 15 minutes

hike up to, 5462 is possible

BANK NIFTY

Overall resistance in EOD card today @ 10928

Buy btwn 10803-21

T1- 10848-62

T2- 10875-93

Sell btwn 10747-29

T1- 10702-687

T2- 10674-657

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SHARE TIPS TODAY (AUG 31)

INTRADAY

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T2 – 103.80

T3 – 102.10

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TODAY’S QUOTE

It was the job of art to bring true feelings alive. To shock people into awareness.

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RELAX CORNER

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