Where is Your Focus?
As I mentioned last time, it is important to know where your focus is when trading. Are you making decisions on the fly? Is your stomach wrought in knots? Are you “winging it”? Or, do you have a clear, winning plan, that you FOLLOW?
Where Should the Focus Be?
It should be on your trading plan. Just like a robot, or a pilot following his step by step instructions, you want to be following your plan. A plan that is clear, successful, and do-able.
Here is the exercise I created for a client to use while trading. The intention was to gain awareness of his focus. Please try it at home. Here is how it works. . .
Test Your Focus
Specifically, the exercise involves awareness of your state of mind while trading. It uses a “spectrum” of thought. . . identifying where you are on the spectrum. If you imagine a spectrum from 1 to 10, with “one” being that your sole focus is on money (profit/loss) and the good/bad feelings in the trade. You are reacting to the red/green of the trade.
While a 10 on the spectrum is a sole focus on correctly executing the trading plan. Here, you are focused on following your plan. That is it. So, a well executed plan, would equate to a high number on the scale. Even a trade that resulted in a calculated, limited loss is a GOOD trade, if you followed the plan.
Just as I asked my client to check-in a few times during the day and notice where he was on this spectrum, I’d ask you to try doing the same.
Do not necessarily even try to change your focus. . .just notice where it is. On this spectrum from 1-10, where are you? I believe this is a first step and a powerful exercise you can do to help correct faulty trading.
So, to Recap. . .
Ask yourself several times during the day, “Where is my focus now–in this spectrum from 1 to 10?”
Awareness is the first step. Learning to trade well, and to focus on skill, discipline, and consistency is key to becoming a profitable trader. Not chasing money on each trade.
I hope it helps! Let me know how the exercise works for you. . .And, don’t forget, the offer still stands for your individualized one-on-one coaching session with me.
Wishing You Awareness,
Andrea Wylan, MPH, CPCC
For a complimentary private consultation, please email
Andrea at email@example.com.