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.




Dr. Brett:

I´m going to print some of this phrases in large fonts and display them allover my office. This is profound knowledge. Thank you again. Also, let´s talk about our next webinar and "coaching the coaches"


Kevin said...

Hi Brett,

Two of my favorite saying are:

1-Always do what you've always done, and you'll always get what you've always gotten.

2- In order to do what you've never done, you need to become the person you've never been.

This post you've just written reminded me of those two sayigs.
Excellent post as always.


Drewallin said...

How do you cope with missing a move that you were orginally expecting but failed to execute the trade correctly? How do you keep yourself from letting the miss affect your trades later on in the day?

markl67 said...

I can't stop buying tops and selling bottoms. I sense a move and instead of getting in right away I enter an order a point or so away and sure enough I get filled when others (scalpers) are profit taking.

Adam said...

Brett ~

Your observation...

"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."

... is so real, so true, that it deserves repeating here, if only by myself.

Toxic, malignant relationships are subtle and insidious. They are profoundly addictive.

People fall into them for a broad spectrum of reasons, unaware that the counter-party is drawing their strength from one's downturns and failures.

I've even seen it happen that otherwise intelligent, healthy people will fail into them in order to be embraced by someone offering the sort of "sympathy" best described as a parasite feeding off a host.

Everyone reading this can think of a friendship or marriage they have seen (hopefully not experienced themselves) that fits this description.

For a trader, such a relationship is a express train to poverty.

As you say, it is only someone who joyfully exclaims, "Oh, how wonderful!" when we announce a success whose empathy can be trusted when we go to them for postmortem of a loss.

Thank you for your wisdom.

Adam Sterling.