Psychology of Successful Trading

Hi, this is Brian McAvoy with Inside Out Trading. And welcome to the presentation on the psychology of successful trading. Understandings and actions that have finally moved you beyond what's been holding you back. In the next few minutes you will discover that there is a very simple and straightforward psychology of successful trading. It is much more practical than it is psychological, which is good news for you if you are generally a normal person, which we'll presume that you are. Now pay attention though, if you don't, you'll miss the key ingredient you've been looking for in your trading pursuit. Without the understanding you are about to gain, discipline issues and self sabotage will continue to take the fun and profit out of your trading. So let's begin. First let's take a look at some of the factors that contribute to the persistent discipline issues and self sabotage. The most crucial has to do with the preparedness of the trader, how well they are equipped to trade, their level of competence and proficiency, and here's why. If you throw a person into a new job without properly preparing them for it, it will be stressful, it will be filled with anxiety, and the person's confidence will be easily shaken. For the ill equipped and or unprepared, whenever difficulties or failures occur, doubt, anxiety, hesitation and other counter productive feelings come into play. Unfortunately, yet quite naturally, this is where everyone starts off. Not knowing much and not with much of anything to prepare them for trading. So they get busy taking in information, trying to get up to speed. Of course, with as much information as there is out there and all the shouting, it takes almost no time at all to hit information overload. Now, amidst the overwhelm of trying to learn plus trying to make money, trading a common notion arises. Hey, all I need is a good system and the discipline to stick to it. That's all. So they simplify their focus to find a good system that works. Having learned really only enough to be dangerous. The problem is they haven't developed the skills to make it work on their own in a self sufficient and knowing manner. They go through the cycle of finding something promising, getting their hopes up, and then the disappointment of having lost more money, time and confidence. Now it doesn't take too long before they get tired of not having a way of knowing if the system will work aside from hope, try and lose. They push on with shaky confidence and hope, but also with a great deal of skepticism, lingering doubts and anxiety. Now here's where an interesting phenomenon occurs. They reach a point where they've seen enough that they feel like they have a Pretty good handle on what this trading is about. Hey, find a good system or just keep tweaking the existing one. Find a way to stay disciplined. I know there's something I'm missing, but I'll figure it out on my own. That notion, combined with all the educational disappointments they've had, their growth as a trader plateaus. So they keep beating their head on a rock, having exhausted the answers they've come up with, and hearing all the hype from the system sellers. But the problem remains on top of the emotions they're trying to deal with until the person acquires the necessary skills and understanding. As a trader, they will also be likely to sabotage any success that comes. Their subconscious knows that they haven't earned any significant level of success. So when a winning period occurs, the subconscious will correct the situation and bring circumstances to match the deserved success level. Now, one of the mistakes that many traders encounter is thinking that what is happening are discipline issues, when in fact it's self sabotage. Their subconscious is actually working against them for a variety of reasons. Truth is, there are five different forms of self sabotage that can greatly interfere with your trading. Now, if you're not properly equipped with the skills, tools and understandings to trade, well, odds are that you will encounter at least one of these forms of self sabotage. Successful trading free of self sabotage means that in addition to having a good system, you need a few other things too. You also need the skills, tools, processes, and understandings to know how good your system is in reality, plus how to fix or improve it when needed. Many traders make the mistake of focusing solely on getting their hands on a good system, but they don't have the means or the skills to know if it's good enough and what to do if it's not, aside from the try it and see, which, as you know, is very costly and not a very effective way. Now the problem is that the subconscious knows that an amateur with a good system is still an amateur. But when you choose to develop yourself into a properly skilled professional, then your subconscious will allow and even support your success. Now, if you're skeptical at this point, just reflect on anything that you've done in the past where you were very good at it. Now, did you have any discipline issues or were you pretty comfortable sticking to what's right? Did you fight hesitation or follow through? Or was the execution pretty easy and natural? Were you filled with doubts, fears and anxiety, or were you mostly confident and comfortable? Most likely, once you acquire the right skills and understandings, things were pretty easy and life was okay, trading doesn't have to be any different. Let's look at a few facts. During your life, you've probably mastered many activities that were much more complex and difficult than trading. And I'm sure that you're above average in intelligence, as most traders are. Plus, you've demonstrated the ability to achieve at least a modest level of success in your life, or else you wouldn't be in a position to trade. Additionally, there are quite a few strategies and systems that have been proven out to work over decades. So it really isn't an issue of your intelligence or your ability or having available methods. Successful trading is not beyond you. It's primarily a matter of acquiring the right skills. So you should focus on training and developing yourself your skills and abilities as a trader. This is the key component of of the psychology of successful trading. Okay, now you might be asking, but what about beliefs, associations, behavioral and emotional response patterns? You know all the psychology stuff. Well, here's the cool thing. As you pursue growth and development and acquire new skills, who you are changes. So your self image and the conditioned patterns will transform as well. By attending to the primary source, you solve many issues. Now, as a double bonus, both your experience and results from your trading are very likely to transform too. I hope you've enjoyed this presentation and found it beneficial. If so, please take these steps. Click the like button above so that when other people come by, hey, they know some people liked it. Just make them a little more comfortable knowing that yeah, this is worthwhile. Again, if you liked it and you have some friends you know would benefit from it, share it with them. So go ahead and click the share button too. Now the third thing here, you want to enter your name and email and once you click the button, you'll need to keep an eye on your email inbox for the download link for a very useful and enjoyable report that I've got for you. Now on the topic of necessary skills for traders. Also, after clicking the button below, you'll be directed to a webpage where you'll discover the most important skill there is for traders. In my opinion, bar none. If you could only choose one skill set to have as a trader, this would be the one to have. So go ahead and check it out. Real simple, three steps right now, click the like button, click the share button and get your copy of the report below. Again, I hope you've enjoyed this and found it helpful. This is Brian McAvoy with Inside Out Trading. Cheers.