We would like to thank Adrienne Toghraie, Trader's Success Coach, from Trading On Target for the following guest post!
There are several reasons that traders do not seek to improve their psychology. One of those reasons is that they do not believe that they can change. In the 22 years that I have been working with traders, I now have a rolodex full of those who have made breakthroughs and changed what was holding them back and sabotaging their trading results.
So what specifically are some of the abilities that traders acquire when they have major breakthroughs as they relate to trading?
The ability to:
- Prepare for a day of trading in the right state of mind
- Get into a trade when their criteria for entering is met
- Avoid bad habits such as raising their stop, adding to their position when their strategy does not allow for it
- Money manage their trade
- Self-correct and learn the lessons of the day
- Live a balanced and healthy life
Here are some of the ways that breakthroughs occur for traders:
- Change beliefs, attitudes and values that are not in alignment with making money
- Resolve conflicts
- Transform the interpretation of negative stories on a subconscious level
- Change conditioned responses that do not allow for following rules
- Unblock emotional repression
- Build self-esteem
Riddled with sabotage
Jerry had a difficult life. He would be the first to admit that he could never have succeeded in trading if he had not had psychological coaching.
Jerry knew many foster homes when he was going through his teen years. He never knew that his mother and his father drank themselves into an early grave when he was only 11 years old. He was unattractive both personality wise and physically. Jerry did have one talent that was his saving grace and that was baseball and an exceptional coach. Sports led to a scholarship to college, a degree in business and a family.
When I met Jerry, he told me that he believed he had a winning strategy, but something was keeping him from following it. So many issues came out when Jerry took my Trader’s Evaluation that I was not sure that I wanted to work with him. Jerry somewhere along the way learned to be a good salesman and sold me on working with him privately.
On the surface he was gracious and had a happy demeanor. However, when we dug up his past, a deep troubled boy was released. Jerry had almost every issue that could sabotage trading: from abandonment, physical and psychological abuse, to repressed emotional issues, he had them all. Jerry thought the man that he was had overcome the boy with all the problems.
I am happy to report that after we worked together in private coaching, Jerry is now a well-balanced and successful trader.
There are psychological reasons why a trader is not consistent in following rules. In my experience once bad habits become rooted in a trader’s neurology, the problem will get worse. A trader needs to address self-sabotage if he wants to be the best trader that he can be.
New Free Weekly Newsletter and more articles by Adrienne Toghraie, Trader’s Success Coach, available at: www.TradingOnTarget.com
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Risk Disclaimer: Past performance is not indicative of future results. Futures trading involves substantial financial risk. Views of guest commentators do not represent those of TradingPub.com. Article intended for educational purposes only and not meant in anyway as a solicitation to buy or sell certain securities. Please consult your personal financial adviser before using this information for your own trading purposes.