The reality is that, once we have leveraged our talents, find our niche, and develop the skills needed to make the most of that niche, then psychology is *hugely* important to success. The developing trader needs to find the trading methods right for them and then master the skills needed to succeed with those methods. That mastery will build their psychology and enable them to go for opportunities when they're present and limit losses when they're not.
Too often, traders try to make money in markets before they've gone through the mastery process. They haven't truly found their niche, and they haven't put in the screen time and practice time to master that niche. They take risk prematurely and then they lose money and become frustrated. That leads to impulsive trading and overtrading, and it creates a performance environment of fear and greed.
But fear and greed are not the issues. The issue is attempting to short circuit the process of mastering markets. If I tried to skydive after a casual introduction to the plane and parachute, I'm going to be stressed and that's going to affect my diving...perhaps fatally.
In the next series of posts, I will outline specific ways for you to master your psychology in trading. All of these will be methods that are shown to be effective in outcome research and will draw upon my teaching at the medical school in Syracuse. Then, if the interest is there, I will begin a series of monthly coaching sessions to help you coach yourself and apply the techniques to your own life and trading. Those monthly coaching sessions will be free; I will be honored to become part of your success.
More to come!!
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