Friday, April 16, 2010

Dr. Brett's Coaching Insights for Traders - Volume One

* If you're not seeing the market well, step back and reassess your views. If you're not trading well, step back and reassess yourself. The capacity to flexibly engage markets and disengage from them is an important component of career longevity.

* If you're frustrated, figure out which needs of yours aren't being met and set yourself up for situations that meet some of those needs. The markets can't always meet your needs; make sure you have a life. It is very expensive to act out those unmet needs in markets.

* Knowing your past patterns won't, in itself, prevent you from repeating them, but not knowing them will almost surely guarantee that you'll fall into old traps. The first step in change is catching yourself in the act of repeating an unwanted pattern.

* What percentage of your trades are accompanied by very strong conviction, where everything comes together, makes sense, and you see markets well? Why are you trading when you lack that conviction?

* How, specifically, has your trading evolved in the last year? Real evolution comes from adding to strengths, not just reducing mistakes.

* What tangible evidence do you have in your P/L that you're evolving? If you're not consistent in implementing a change, that change hasn't truly become part of you. Making changes is easy; sustaining them is the key to success.

* If you want to do differently, think differently. If you want to think differently, perceive differently. If you want to perceive differently, shift the physical and emotional state that you are in. All change starts with a personal gear shift. Stay in the same life gear and you will get the same life results.

* Life goals start with today's goals. Life achievement starts with today's accomplishments.

* There are times, however fleeting, in which you are close to your ideals. Hang onto those and figure out how they occurred: there is a positive pattern worth capturing.

* Many people will be there when you're down. A true friend will share your dreams and accomplishments. Those that are there for you when you're down and not for your achievements are not friends. Ever.

* Change is a race against inertia: as with rockets, it takes a certain thrust to overcome the pull of gravity. Without thrust and fuel in the tank, we inevitably return to earth.

* If you have a hero in life, there, somewhere, is a hero within. Success and fulfillment comes from being that hero inside.