Take this quiz to determine if you have weaknesses that could sabotage your trades.
Are your belief patterns too negative or pessimistic? These can cause depression, ill health, make you miserable, and limit success. I know, you'll never get out of this life
alive, but cheer up! Imagine each trade succeeding. Picture it unfolding in your mind, leading to success, just the way
you want it to happen. If a negative thought intrudes, push it aside and focus on this trade becoming a big winner.
Do you have feelings you don't share? Repressed sadness, fear, and anger will find an outlet one day, and it won't be pretty. The upside? If you explode, your tantrum
could make the nightly news. Find a trading mentor in which you can share ideas and problems. They may have a solution you
haven't tried, like suggesting you marry wealth instead of continuing to trade.
Do you harbor negative feelings? Low self esteem and self worth find outlets in self destructive behavior or relationship difficulties. In other words, if you think you suck at
trading then you probably do. You may be sabotaging your trades in a self-fulfilling process of destruction. Express that anger! Get it out of your system. Then focus on doing better when
trading and when a trade fails, remember that it is the cost of doing business.
Are you afraid of taking risk? If you are unable to "pull the trigger" when trading, you ensure either little income (inability to buy for fear of losing) or massive losses
(inability to sell in a timely manner). Close your eyes and think of the stock dropping by half its current value. How would that make you feel?
Do you have a stress relief mechanism? This should not include getting drunk or wasted on pills. Get some exercise, do some yoga, meditate, or maybe take up gardening.
I chase cars with my bicycle.
Are you impatient? Along with a lack of faith in your ability to turn a profit, you may find yourself second guessing your trading setups, forcing you to exit a trade just
before it turns into a winner. Make sure you understand your trading system thoroughly, or you may never be able to turn a profit. Then relax and let each trade unfold naturally. Perhaps switch
to a higher time scale to slow the progression of trading. Do not become addicted to the adrenaline rush some get from trading.
Can you admit when you make a mistake? The market is always right and you are not. Trying to convince the market it's wrong doesn't work, nor does trying to
buy yourself out of a losing position by cornering the market. The market has more money than you do. Keep those losses small and be willing to concede that you made a mistake.
Everyone makes mistakes.
Are you lazy? There are no shortcuts in the trading game, and creating excuses instead of doing the heavy lifting will not help. Examine trades to discover bad
habits or flaws and then work on correcting those flaws. Look for new ideas to improve your trading and then test those approaches on paper, not using real money.
Do you worry too much or are fearful? If you feel paralyzed or have an inability to cope with your problems, you may be creating new ones. After every meal, tell yourself
that you are the best trader in the world, that you do not fear anything. If you chant that for three weeks, three times daily, you will have your confidence back
(it takes three weeks for the subconscious to accept what you are telling it). You may become a better trader.
Are you arrogant, conceited, or have contempt for others? You are going down, Bud! Arrogance usually backfires. Recognize that you probably screw up more than most, and your
arrogance is just a cover for an insecure personality. Have confidence in what you are doing.
Do you have a temper? Explosive tempers have no place in trading nor in relationships. Take deep breaths from the abdomen, not the chest, and let that anger recede as
you exhale.
Are you tenacious? The inability to finish a project, breaking agreements, or not following through can undermine success. Top traders have the patience to see a trade
through to its logical conclusion and they always finish a project. If you want to be a top trader, get to work and finish everything you start. Do not be in such a rush to lose money.
-- Thomas Bulkowski
See Also
The centered trader. Take the quiz to test how centered you are and how to fix any problems you discover.
Trading imagery. Learn to replace bad thoughts with good ones to improve trading success.
Trader qualities. Do you have what it takes to become a successful trader? Take this quiz.
Trading stress. Learn how to deal with trading stress and anxiety to expand your comfort zone.
Support this site! Clicking any of the books (below) takes you to
Amazon.com If you buy ANYTHING while there, they pay for the referral. Legal notices: "As an Amazon Associate I earn from qualifying purchases." Paid links).
33,500 or 30,500 by 06/01/2022
Imagine each trade succeeding. Picture it unfolding in your mind, leading to success, just the way
you want it to happen. If a negative thought intrudes, push it aside and focus on this trade becoming a big winner.
on