Trading Education - Emotional Intelligence for Traders

Emotional Intelligence for Traders brought to you by Brian McAvoy, Trader Brian on YouTube. In trading, emotions equal trading mistakes. Emotions usually are the downfall of most traders. I mean, if you let your emotions influence your trading, that means you're leaving money on the table. Because your emotions, as you've experienced, can affect your decision making tremendously. Your emotions can cause hesitation and hanging on to trades too long. Actually, there's a whole slew of trading mistakes that come about because people's influence, because your emotions are influencing what you're doing as a trader. The big problem, emotions, the big ones are fear, greed, hope. Check this one out. You might not agree with it at first, but as soon as you think about it, you'll be like, oh yeah, revenge. Yeah. Whenever somebody hurts you, especially if it's the markets and you know your money's been taken, haven't you ever felt like you wanted payback? Oh, yeah. Now, the reason traders struggle is because they're left to figure this part of things out all on their own. You know, your broker showed you how to, you know, start trading, set up trades. Most systems that you buy, they just tell you how to place trades, how to look for setups and entry and exit points. They don't teach you how to handle the emotions. Most traders, you just get random lessons. When a loss occurs, you have to sit back there as you're still feeling the pain of the loss and say, okay, what did I do wrong? Even if you can identify it, nine times out of ten you don't get the answer. You just get the lesson. The problem is there's just plain lack of guidance. Now, one other thing, and I found this to be true, is this whole idea of trading psychology. Here's what I'm talking about. It's not just knowledge that we're talking about here. You're not going to get it from reading or listening to CDs or watching videos or even from subliminal audios. And here's why. It's because emotional intelligence is not just a concept, it's a skill. Think about it. It is a skill is the know how and ability to do something, you know, with, with positive, you know, control over it. It's not just, you know, something that you know up in your head. It's an ability and the know how to make something happen, an ability to do something. So it actually is a skill. And here's essentially what emotional intelligence is for traders. It's the ability and the know how to keep your cool under pressure and to act decisively without hesitation. When the time is right, you see, you know, you see what you're supposed to do, you make the decision and you act on it. That's emotional intelligence. Now, how to develop your emotional intelligence? Well, similar to other skills, it's developed through specific actions, doing certain things. That's how you build skills, especially mental skills. If you were, say, wanting to become a pilot, you wanted to have the skill of flying a plane, well, you have to develop that skill. You can't just get it from reading a book or just the knowledge. There are certain things that you have to do and it's the specific actions that develop the skill. Now, just like with most any other skill as well, there is a logical progression to, you know, what needs to be learned to have the skill. At least you know, if you want to develop it, you know, properly. And the whole thing is having a curriculum to follow is the key. I mean, if you really want to get good at something, having a curriculum to follow really makes all the difference in the world. If you're just doing random lessons, you read an article here, you look at this there or whatever and you're getting it piecemeal. It's going to take you a long time to really get good at the skill. But if you have a curriculum that follows a logical and natural progression, that really is crucial. And the best thing about it is emotional intelligence is a learnable skill. It really is, and you need to do it. Think about it. If you've never traded before, well, okay, this is a whole new occupation for you. And new occupations do require new skills. Just like say you're at work and there's a technician over here, he's a really good technician, let's say an engineer. He might be a great engineer, but when it's time to move him up to being a manager, he might be a great engineer, but he might make a lousy manager just because his skills go with being an engineer, not being a manager. Well, if you've had the occupations that you have in your life and you've developed the skill sets for those occupations, but now you're coming into trading and trading is totally brand new to you. Well, yeah, now you have a new set of skills to develop and emotional intelligence is one of those skills. I mean, here's your evidence of it. I mean, traders really are made, they're not born. It is a skill that you have to acquire. It is extremely rare. I don't know that there really are any natural born traders just because trading itself, there's so many inherent conflicts about the activity, people don't just jump into it and naturally know what to do, especially dealing with the leverage, how to deal with losses, all that kind of stuff. It's not something that's natural. Traders are made, they're not born, it's not a natural thing. Now the best thing about all this, like I said, it is a learnable skill and this emotional intelligence, the skill can be developed through training. Now why would you want to pursue training? Why not just get a book on it? Well, with training you get faster, progress big, because you have some guidance, you have a curriculum to follow. And the best thing about it is with training, if you have training, it can save you a ton of time and it will also save you a whole lot of money because now you're focusing on the right things. You're not off spending money on all sorts of other stuff that really isn't addressing. Being able to keep your cool, make good decisions and act on those decisions without hesitation. Where can you get emotional intelligence training? Well, the trading pick club that's professionals in training is all about emotional intelligence training specific for traders and that's really key. Like I said, a new occupation like trading does require specific skills and this training is specific for traders and it is all about emotional intelligence. So if you want to take your trading to the next level, just go to Insideouttrading.com Pit Pit for Pit Club. Check it out. Because emotional intelligence is the most important skill you can have. You can have a great system, but if your emotions are messing with you and you can't follow your system, the system is really no good. You can have the best computer, the best software, the best signals, all that. If you can't keep your emotions from messing up your, you know, your ability to trade, the other stuff really just is not going to be worth, you know, what it could be if you could just do it, you know, in a good, clear headed fashion. And you know, like I said, the main thing is being able to act decisively when the time is right. That's the biggest key. So Again, go to InsideOutTrading.com Pitt check out the training. You will be glad you did. Oh yes. And remember, share this video with your friends. If you know of anybody who's trading and they're struggling, you know that they're fighting some emotional issues and this training really doesn't matter. I mean if you're brand new to trading, this is a great time to jump into it. If you've been at it for two to five years but you still find yourself struggling with certain things. This training can really help you out. Anyway, this is Brian McAvoy with Inside Out. Trading on YouTube, I'm known as Trader Brian. Cheers.