Achieving Confidence in Trading

Confidence is a huge part of trading. We all want to be confident and have beliefs that we can have success in this market. But how do you achieve that? Our guest today is Randy Howell, he's a trading psychologist. Randy, thanks for being here.

You're welcome. And thank you.

Well, we all have these beliefs about confidence in the markets and sometimes we have these self limiting beliefs that we can't do it when we're going through a bad period. How do we get past that to achieve the success we want?

You develop mindfulness, you learn how to observe those beliefs and you separate yourself from those beliefs and you go, this is what I came to be. This is not who I can be, this is who I came to be. And what you do is you start confronting that and you do it from what I would call a higher sense of self. You do it from your sense of courage and courage not like outside the self, but the courage to actually confront inside the self. And you start saying these are self limiting patterns, I know where they came from, I'm going to confront them, I'm going to reorganize them. And then you start looking for more powerful elements of the self. Everybody knows a story of when they were down the line. It was just everything was there and they found something inside them. They found a higher gut level sense of power and they brought it on and they were able to achieve something that they've never achieved before. That's something that can be developed. It doesn't happen accidentally. It can happen as peak performances.

I know a lot of entrepreneurs have this idea that when they do start to have success that they almost, they don't deserve it or they haven't worked hard enough for it. And as traders, I know they go through that as well because they're maybe sitting in a home office and they're not out working a job and yet they maybe start to have success and they sabotage themselves because for some reason something tells them that they don't deserve that wealth. How do you get past that?

Well, first of all is to recognize that there is a saboteur living within you and that as long as you allow that saboteur to work around in the shadows and you don't actually go observing and looking for him, usually when you do that you discover that they lose their power and you begin to say, I know where this came from, I understand that, I'm going to confront it and I'm going to, I'm going to find a part of myself that actually knows it deserves this, that. And we're going to confront it.

A lot of people have also said for a lot of different things, if you want to have success in something, you talk yourself into it. So in the morning, a trader may get up and talk about in the mirror that they're a good trader, they're going to have good discipline today and make good trades. Is that helpful?

Yes, it is.

If it's done well. What happens? Positive thinking, often by itself. Practically everybody I know that's practiced positive thinking and trading has not done well until they recognize there's always a voice beneath that positive thinking that's going, oh yeah, oh yeah, we'll show you, we'll show you. And that is the part you cannot ignore. That's the part that has to be confronted. And you find like a warrior, like part of yourself that can confront these areas. Not from a sense of like da, da, da da. But no, just the power within the self can confront anything.

And what do you mean by confront? What exactly do you mean by that?

I am not this. I see that you're part of my conversations in my mind, but you're not going to be the one controlling them. I'm bringing forward much more powerful parts of myself to do the trading. I'm bringing impartiality, I'm bringing discipline. I am bringing the courage and I'm bringing the kind of patience that brings forth trading rather than sitting here thinking and self limitations and about how things are going to blow up.

Randy, thanks for your time.

Thank you.

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