For traders, it seems there is a continual search for how to trade better, how to find the instruments that will make the trading successful. Some call it the search for the Holy Grail. But, has anyone found it?
The Holy Grail
My conclusion from my own experience and that of other traders, is that the holy grail IS your trader’s mindset. The traders who know this and work on themselves, are the ones with the highest chance of succeeding.
Where is Your Focus?
I find it interesting with local trading groups I run, that the meetings people attend are those that promise a new way to trade. They offer a new setup, an indicator, a chart, or other way to get ahead. On the other hand, the meetings that focus on “trade plans,” “journaling your feelings during trading,” or “understanding your psychology” are slimly attended. I can only guess the reason for this–that it isn’t as easy or enjoyable to focus on yourself!
My message in this blog is simply to consider the impact of your mindset while trading. Be willing to work on you, while you also work on the market aspects. While you review charts for the day, review yourself as well.
How Do You “Review Yourself”?
- Record and review your thoughts and feelings while entering, managing, and exiting your trades.
- The more detail you are aware of, the more clearly you’ll see what is going on in your mind during the trading day.
(How are your thoughts and feelings affecting your trading?)
- Read the psychology books, participate in classes on the topic, seek out ways to understand your mind and its impact.
- Learn tools like deep breathing and mindfulness training to assist you.
When you realize the importance of your mind, you are able to shift your focus to healing your psychology and growing your mind’s capacity for successful trading. It is a journey. But, just having an awareness of its importance is a great start.
Wishing You Awareness,
Andrea Wylan, MPH, CPCC
For a complimentary private consultation, please email
Andrea at firstname.lastname@example.org.