What Stands Between You and the Success You Know You're Capable of?
Most traders stay stuck at the cusp of trading at a higher level, but never achieve it. They do not grasp that the certainty based mindset that they bring to trading will never bring success. Trading success requires developing a probability based mindset. Management of emotion and the hidden beliefs you bring to the management of uncertainty are the fundamental psychological skills needed for success.
Most traders stumble because they never come to an understanding of emotion that allows them to manage emotion, rather than attempt to control emotion (which cannot be done, though it sounds good). But even this is not enough, the truly successful trader has also fearlessly examined (and done the hard work of change) their beliefs that are projected upon the markets through applied mindfulness.
Without training and internal courage, this is the last thing they want to tackle because it forces them to look at themselves through the lens of self-honesty. They come to realize that the health of their trading account is the only honest way to see their real beliefs in action (or a benchmark based on the trading account). The trading account will not be deceived no matter how much the trader justifies blame outside of the self for his performances. Beliefs, emotions, and performance are tied together and the trading account is the only real judge. It will hold you accountable for your performances. This is the alchemy that gives rise to the Traders State of Mind.
In this website you will learn how to develop emotions and mindfulness so that a mind can be built that manages the probability of outcome rather than control outcome.
Fundamentally you can continue trying to change externally just like you are now. Or you can decide to change your internal reality. The way you percieve information. This is what the great traders have done. Great traders are not trying to control outcome by external means. They are learning to manage their internal experience and, thereby, controlling the mind they bring into the moment of execution. By letting go of the illusion of control over outcome, they learn to control the one thing they can controll -- the process of trading. This is their edge over the herd. Do you want to learn how?
A Great Place to Start Exploring
This is the presentation that I made to the 25th national conference of the Australian Technical Analysts Association (ATAA) recently. It is about how emotions and logic need to be used together to move knowledge of a subject to applied knowledge, where it can be applied under the uncertainty and pressures of trading and portfolio management.
Listen to an In-Depth Interview with Rande Howell on Managing Emotions for Building a Highly Effective Trading Mind.
Click here to be taken to Rande being interviewed by Better System Trader. This is an in-depth interview. System traders have many of the same problems discretionary traders have. It comes down to fear of the unknown in its many guises, self doubt, fear of entry, fear of missing out, and an over-riding desire for certainty of outcome even though the trader knows that control over outcome is an illusion that has no place in successful trading.
"The mind that you bring to trading is NOT the mind that will produce success in Trading. That has to be built. Until you develop the emotional Right Brain, you are effectively trading only with half a brain, your rational Left Brain, which is easily hijacked by fear." Rande Howell
"I knew how to trade. I knew what my mind should be like to trade. That's easy. You can read books and sit in on a ton of webinars. Out of that you can "talk the talk", but my trading account was telling me that I wasn't "walking the walk". Moving from WHAT the mind is supposed to look like to trade to learning HOW to change - that is what was missing. I knew I had to change; I just didn't know how to do it. The problem was, before Rande's work, I didn't know how to work with my mind and develop the internal discipline for successful trading. Now that's happening." MC
Can you relate to this trader's comments? As much as traders want to believe that their knowledge (IQ) is the Holy Grail, the truth is that their Emotional Intelligence (EQ) is the difference between success and failure in trading. The mind and emotions are the last frontier that traders have to master to achieve their potential in trading. It is also the part of you that you will most resist changing, finding every excuse imaginable not to summon the courage to act. You will produce all sorts of excuses to delay actually changing, but..... Your trading account will give you unbiased feedback on how effective your emotions, mind, and beliefs are in helping you to achieve success in trading. Increasing your Trading EQ is the difference maker. An aspiring trader has to get past the resistance to personal change in order to advance to the next level.
Mastering the mind you bring to uncertainty is essential. It is just as important as any other element in trading that has to be mastered. It is either the weakest link, or the strongest link, in your plan to trade. This video opens the door to understanding the relationship between uncertainty and fear - and your performance as a trader. The real question for aspiring traders is whether they are ready to commit to the emotional lifting required to re-build the mind for trading. As long as you remain seduced by the brain's "easy way out" mentality, you will remain stuck in the self-limiting beliefs that keep you from achieving your potential as a trader. You really have to be committed to push through this barrier to move from "talking the talk" to walking the walk".
A Free Gift of the 160 Page "Compiled Articles of Rande Howell Wh
If you are interested in educating yourself on Trader Psychology and developing your mind for the rigors of trading, you are going to want this PDF book. Basically you are getting a book on Trader Psychology for FREE . In addition every month I will send you a newsletter that includes a newly written article, information about free webinars, registration info on new class offerings, and other great information for the trader who wants to educate himself regarding the psychology of tr
Please click here to get your free gift of my compiled articles and for the newsletter. And start
Click here for a recorded webinar performed in conjunction with our Trader Kingdom affiliate.
Click here for a recorded webinar performed in conjunction with our Rock-the-Clock Investor affiliate.
"Rande's course was very helpful to me because it helped me understand why I was doing those things that caused me to make poor trading decisions and correct them . It also helped me bring out the parts of my personality that enabled me to think clearly and calmly and actually execute my trading plan fearlessly and with confidence. The course is not difficult, but it requires a commitment by you, and a willingness to look at yourself honestly."