Our Trading Psychology Is Shaped By The Questions We Ask

 

Successful traders, I've found, are distinguished by the questions they ask, not just by answers they've come up with.  Here are a few questions that can shape our success:

1)  What is the one lesson I can learn from the day that can make me a better person?  A better trader?  How can I apply that lesson to tomorrow?

2)  What is the market's personality right here and now and how has it been changing?  Are we becoming more or less volatile?  More or less correlated from sector to sector?  Broader or narrower in strength and weakness?  Look more closely; step back further:  what are traders/investors failing to see?

3)  If I wait patiently for great trading opportunity, how can I best learn and grow during the waiting period?  How will my learning and growing benefit my future trading?

4)  What makes my best trades different from my other trades?  How can I recognize that in real time to take greater advantage of my strengths?

5)  What makes my worst trades different from my other trades?  How can I recognize that in real time to reduce my vulnerabilities?