Taking The CL Out For A Little Drive | Sept. 17, 2015
http://eminitutor.com/ Taking The CL Out For A Little Drive | Sept. 17, 2015. Learn Professional Day Trading entries and exits to gain consistency. Futures Strategies and Setups using EMini Tutor’s “One On One” Approach – A traders mind is not comparable to the mindset required for any other business. Equating other successful businesses to a trading business requires a little comparative perspective. Many successful non trading businesses for example, were profitable from the owner’s hard work. It’s not unusual for many business owners to work 12 – 16 hour days. Possibly they might have the ability to manage and organize work forces as a result of great people skills. Others might be driven by an aggressive alpha personality pushing them to success. Being the best at something or producing the best results/products and outshining the competition could also be a factor. Getting whatever task done to produce profit was in their control. If someone or something in their circle was slacking or equipment was malfunctioning they would find a fix, someone or something could easily be replaced or repaired. Problems that might arise always had a solution because the owners were in control.
Now imagine if the business owner lost that control. Now all of a sudden, they were dealing with the market and things weren’t going as planned. Maybe the business owner turned trader becomes upset and starts feeling disappointment or aggression, but can’t fire anyone, replace something, or give the responsibility to someone else to deal with. Without warning, management skills, hard work, or being the best at something with the best product in the best location becomes meaningless.
They quickly realize their prior business skills and previous approaches aren’t applicable in their new trading business. What they might not know is that it’s their mind’s preparation that’s the key. They might be successful in other businesses due to their ability to control their variables, but the trader needs to be in control of his/her own mind, and not dependent on outside elements. Emotional maturity needs to be nurtured and grown.
They need to relinquish and accept loss of control and accept the need to analyze for successful outcomes. It’s not only the tools they use to trade with, like charts and indicators; it’s also the individuals themselves by preparing mentally. Until the individual is trained internally, the depleted accounts, the losses and inconsistencies will never change. Traders are most times their own worst enemies, simply because they fail to accept the problem as being them. After all, they have run successful businesses before, why should this one be any different? It logically does not make sense to them.
The mind is programmed to protect and survive through evolutionary self-preservation instincts as well as learned programming since early childhood. Unfortunately this has no place in the paradigm used for successful trading. We are pre-programmed to react to circumstances that might work on other emotional and non-emotional events. Unfortunately the criteria relevant in other business applications don’t serve us well in trading.
