Success was not achieved overnight. Interests What are you naturally interested in? We are frequently reminded of how we are who we are because of what has happened to us and how the past has shaped the present. We then use this alongside any observational and recorded data to help move traders in the right direction. This can lead to a typical dip in trading account balance whilst the trader is essentially trying to learn how to not lose money, how to manage risk and establish good trading habits. Are you currently acting in line with your findings? It can be vital. I have unfortunately seen too many traders lose large sums of money and, for some, their careers due to an inability to adapt and respond to changes in market conditions. It will be different for different people. (Including a games room and a concierge service!) Yet they felt that the performance of the traders could still be better and ultimately after having looked at all of the possible environmental and external factors that contribute to trading.
The key goal here is to develop your ability to execute your strategy consistently and so it is likely that there may be a high performance trading 35 practical strategies psychological aspect to explore and to develop. Think seriously about the time when you were not trading well. How would you feel if you didnt achieve them? Scenarios, then one big edge is that your level of preparedness will enable you to act quickly and calmly should those events occur. Practical Strategy: Taking Responsibility Through Powerful Questions If you get a trading result or performance that was not what you wanted, then utilise the following powerful questions. A good friend of mine who is involved with business development suggests that once you have got past the first three years then you are probably quite established, so it may be something similar for a trader. By doing this, it will help to motivate you no matter what stage you are. Just the buzz you get from trading, achieving a feeling of success). You are preparing for adversity, for dealing with difficult market conditions. In warfare there are no constant conditions. 56 strategy 7: Find Your Magic Developing Your Trading Strategy How will you manage the mental and emotional aspects of trading? How could you utilise your strengths, interests, skills and talents more effectively? It must go deeper.
He who can modify his tactics in relation to his opponent will succeed and win. Use the trade model as a framework for your process. What is the difference? Transition Going through your preparation routine also enables you to mentally shift from one mindset and state to another;.g. To Success Goal Achievement Strategies strategy 6: Know Who You Need to Become strategy 7: Find Your Magic Developing Your Trading Strategy strategy 8: Identify Your Critical Performance Factors strategy 9: Be red! Hink back to a time when you had a losing trade, or made an error with your trade execution, or had a bad trading day. Each traders consistency, boosts preparation will be dependent on the confidence, and assures markets they are trading, their high performance trading 35 practical strategies style of composure. Ed Seykota famously said that everyone gets what they want from the markets. Focus on developing trading expertise and mastery. To this day I am of course still learning so much from working with traders, trader managers, trainers and other coaches, and there is always new research to be read and considered. Look back at your list of motivations that came out from the Uncovering Your Core Trading Motivations exercise and for each one identify which quadrant it falls into. This can be remedied.
For his wisdom and encouragement a great coach and ever-improving Yoda impersonator, Donald MacNaughton. Scenarios and targets time to self in the morning before trading thought process is let it happen flow of energy process-focussed letting the trades come to me Poor Trading Factors not well smoking and drinking more at desk constantly. We might use some key indicators to help us monitor this, including: Motivation do you want to do what you are doing? They evaluate their trading performance against the quality of their execution of the trade, alongside its profitability. What are the benefits of preparation? To help you start thinking about where you are now, and where your magic may be, complete the following exercises. I have taught the same strategy to thousands of people, all of whom have achieved different levels of success they did the same course in the same room with the same person and some of them at the same time. Getting to When it Clicks Time enables you to not only acquire the skills, knowledge, attitudes and behaviours that are required to trade successfully but it also keeps you in the game so that you can get to the clicking point. Think of goals that you have set for yourself, but have not achieved or followed through. You can look at how you traded the market, and therefore how you created your. To help, you might want to consider: Where do you want to live? What was my behaviour that led to that outcome? And yet, trading rarely turns out to be the adrenaline fuelled high-octane environment that they thought it would be unless they are doing it badly!
You set off on a seemingly thorough training programme going to the gym, lifting weights, doing some cycling and a few short runs. For a few traders, the fear of being successful and what that may bring can be enough to lead them to not set goals. What time frame will you trade over? How will you be using technical/fundamental analysis? 5 High Performance Trading. Harold Cataquet, trader coach, Cataquet Associates In my younger days I was a keen martial artist studying both Aikdo and Jiu Jitsu. They both generally spend less time and energy on preparing to perform than do good-to-exceptional traders and athletes. How long is a piece of string! So, lets start high performance trading 35 practical strategies designing your life.
Indeed I have seen myself that sometimes it is clinging on to the standardised approaches, and not recognising the importance of beginning to individualise, that ultimately holds some traders back. They had a fantastic modern office right in the heart of the City; they high performance trading 35 practical strategies provided the best trading platforms and charting packages; they had developed an excellent graduate training programme; they had high speed The trader performing at connectivity. Nick McDonald, Trade With Precision Consistency Repeating the same process each time before you trade is consistency of behaviour, and performance is ultimately an aggregate of behaviour. He started to tell me about his own journey in trading. The actions required to achieve requisite levels of knowledge and skill; to adopt the attitudes and behaviours that it takes to become a successful trader. There is also a greater chance of errors being made, and commissions and costs still have to be paid. Often we do not achieve our goals because the goals are not set effectively. 45 It may also help to write a paragraph on why you want to achieve these goals. Extensive levels of unconscious competence. Focus on developing trading competence. Motives are reasons for doing. The first is your health and fitness because if you dont have good health, you wont be able to achieve or enjoy anything else. The Oscars read as follows!
Your absolute key focus has to be on developing a trading strategy with an edge in the market and a positive expectancy. Beyond Motivation Drive If you turned up to trade and someone had boarded the door up in a cartoon fashion, what would you do? Mike Elvin, Financial Risk Taking Who is to Blame? I asked him how he had created such success. Each phase has its own distinct make-up, high performance trading 35 practical strategies and transition from one to another is a process that takes place over time.
Commit to greater focus the next day if required. You are drifting on the waves of the market, with no rudder! Over a period of almost twelve months I presented regular seminars to the traders on topics such as emotional state management, goal achievement, concentration and focussing, the development of a traders mindset as well as working with many. Focus on your goals. For many, this doubt is fatal. How will you refocus should you lose concentration at any given time? This book is different, as I am super excited to eventually reread most of it, to be sure I internalize all. David Helps, liffe Manage your risk, it will give you the staying power to succeed. Traders expect demonstrable results, and always demand the highest level of performance from themselves. Write down your thoughts and ideas above, and then organise them and any other desires into the five groupings below and put them somewhere where you can consult them whenever you feel the need. What was your answer? The willingness to put in the significant time and effort to reach that level (paying the price!) (Adapted from Human Performance: Cognition, Stress and Individual Differences, 1985, 2000) Motivation is therefore integral to Motivation is integral to achieving success. So one activity that I like to undertake with my own clients is the Design Your Life exercise.