What is Trader Mindset?
Trader Mindset are one-on-one sessions with Jay where we figure out the best path forward toward success. There are many psychological aspects we will cover, including discipline, thinking in probabilities, importance, trading plans, how to release the outcome, and more.
Because trading is so accessible today, people falsely believe they can get away with just finding a practical strategy, and that will lead them to success. Unfortunately, that is not the case. It takes a lot of internal work to be emotionally and psychologically ready to be successful in the market. This is what no one wants to tell you, that 95% of it is psychological.
We can find numerous strategies on Youtube to help us feel like we are putting in the work, but truthfully, you would be better off flipping a coin if you take this approach. Success in markets takes a resilient mind and the ability to always remember yourself in the face of loss and difficult periods. The moment you let the emotions get the better of you is the moment you lose, and it is reflected in your accounts equity curve.
This is why we have launched Trader Mindset. Working on one’s mindset and psychology is sorely lacking in the industry today, and we need a platform for people to begin making real progress.
Trader Mindset sessions are not lectures by any means but a way to help mold a path forward for you.
Here are some of the aspects we will follow and the philosophies we will adopt:
Objective trading vs. subjective trading
Subjectivity is clearly the way we perceive something; whether it be correct or incorrect is of little importance. Objectivity is when we observe something without being influenced by a particular viewpoint.
In Trader Mindset, we will concentrate on how we can stay objective during trading.
Probabilities are when we consider the chances of one thing happening over another. We know certain patterns create a particular outcome that’s more likely to repeat than not in the future, and so we can take advantage of that when we take our trades.
Remaining in the probabilistic mindset removes the emotions of hope and fear. We simply take positions from a place of understanding one thing has a higher chance than happening over another and release all emotional attachment to the trade.
Adopting the Warren Buffet approach of little importance
Warren Buffet is the best investor that ever existed, yet he still lives in the same house he grew up in and goes to the office seven days a week. Money is not important to him but is just a scorecard. This way, he has been able to amass an enormous amount only because it really doesn’t matter to him, and he wants to be the best that he can be. If we can learn to adopt the same mindset, the same rewards will come our way.
Why your expectations on the outcome are the reason things don’t work out
Expectations of winning and fear of loss are among the main reasons traders fail. You should never feel discomfort or stress when you open a position. If you do, it means you don’t have a plan you can trust and that you are trying too hard. Markets are counterintuitive in that way. The harder we try, generally, the worse we perform. Imagine being in a position where you take a trade, not really worrying about the outcome because you trust your plan and ability and are entirely accepting if it doesn’t work out? What do you think your performance would be then?
Developing an actual plan and something that you can trust
Most traders don’t have plans. The main reason traders don’t have plans or deviate vastly from them comes down to discipline. They lack the discipline to follow through on what they have set out, which mainly comes from a lack of trust in the plan itself. The trader who understands himself, his schedule, and his trading style preference will develop a plan that he can trust. This removes many emotional disturbances traders feel. In Trader Mindset we will look at these various aspects and start building a plan you can trust.
Vital exercises to improve your trading ability and decision making
One of the most exciting elements of the trader mindset classes is going to be the exercises. These include different ways to analyze yourself and hold yourself accountable. One method of looking back over your day is analyzing how you felt when you traded and what you did right and wrong. Did you follow your plan? Were you emotional? I will show you how this can have a drastic effect on your performance if done with a strong intention of improving.
We plan on rolling our Trader Mindset in the coming days and if it’s something you would like to be a part of, add me on discord Jay-OUP#6138 or email me at firstname.lastname@example.org to book your first session free.