Managing Your Mindset

A massive part of your success or failure in this business depends upon your ability to manage your mindset at those times when very little goes right.

Let me repeat…

A massive part of your success or failure in this business depends upon your ability to manage your mindset at those times when very little goes right.

Missed opportunity:

• Our aim is to consciously remind ourselves that you don’t have to catch everything. This will not be the last time that opportunity presents itself in the markets. Let it go. And move on to the next.
• See here: https://yourtradingcoach.org/trader/it-wasnt-mine-to-take-but-the-next-one-will-be/
• Key point: A verbal reminder of “It wasn’t mine to take. If it was, I would have caught it.”. Then focus and project forward.

Chopped up:

• Our aim is to minimise the damage. Don’t let it get out of control.
• See here: https://yourtradingcoach.org/trading-process-and-strategy/two-attempts-then-reassess/
• And here: https://yourtradingcoach.org/trading-process-and-strategy/two-attempts-then-reassess-2/
• Key point: After two failed attempts at a trade idea, pause to reassess. You’re either wrong. Or your timing is out.
• Further: Three failed attempts triggers a compulsory “stand aside”. Let that trade idea go. Move on to the next.

But beyond this, you need standardised methods for stepping away and quickly clearing your mind.

• Our aim is to have a process that is quick and repeatable. So when faced with out-of-control emotion, we know immediately what to do.
• See here: https://yourtradingcoach.org/trader/sometimes-you-need-time-out/
• Key point: Act immediately via the YTC Price Action Trader Regroup and Focus AA Statements.

And perhaps most important of all – a general underlying pre-acceptance of all possible losses.

• Our aim is to ensure we’re trading with complete acceptance of all possible outcomes, in particular the potential for a full session loss.
• See here: https://yourtradingcoach.org/trader/pre-accept-all-possible-losses/
• Key point: If you are not completely 100% ok with a full session loss, then you have no business trading today. You need to cut position size and risk. And quite possibly go back to the sim to build confidence in both yourself and your strategy.

One final time:

A massive part of your success or failure in this business depends upon your ability to manage your mindset at those times when very little goes right.

So make sure you spend some time thinking about how YOU can best manage YOUR mindset.

Happy trading,

Lance Beggs