4/12 – Fri afternoon pub stop & Trading Psychology

guinness

Around mid Friday afternoon, I took a well-deserved break from the post-NFP futures trading to have a couple of beers with my trading colleague.  The entire conversation revolved around trading – and before we knew it an hour and a half had gone by.

We don’t do this every Friday – we should do it more often.

I have a lot of respect for my colleague, he has attained what I want to attain.  He trades for a living and he makes consistent profits.  He exhibits many traits of what I consider to be successful trading. Therefore I generally pay a lot of attention to what he says.  My colleague pointed out several things (I am happy writing it here, because I know he never reads my blog):

  • He has full belief that I have all it takes to be a consistently profitable trader, and to make a lot of money as a trader.  And he is surprised that it has not happened yet.
  • He thinks I don’t believe in myself enough.  I don’t have enough faith in my trading and that I am able to be a great trader.
  • It’s quite possible that I am analyzing too much and making trading more complicated than it needs to be.

He shared (once again) his way of viewing the markets and trading [which I won’t disclose here].  This also was very helpful for making me consider how I view the markets and how I view trading.

It’s also making me think about he I should approach the futures trading.

I realise that my colleague is not alone in this.  Friends and family are slowly starting to question the wisdom of my fierce pursuit of riches and success in the financial markets – I have been at it for so long though have not yet seen money coming into my trading account.  However, those around me who themselves have financial markets experience, are more and more pointing out that I tend to underestimate myself when it comes to trading.  Given that my family and friends have less (or none at all) experience or qualifications with which to make their judgements whereas my trading contacts do, the wise choice would be to place more weighting on the opinions held by the latter.

 

missing puzzle piece

Thus, if what my colleague is saying is true, then it would figure that the single-most important point in my trading right now is the question of self-belief.  I already have sufficient technical skills, sufficient operational setup, sufficient trading capital.

It implies that I want to need to work on is my self-confidence.  I need to believe that I will reach my goal, and that I already have everything that it takes.

I need to stop self-sabotaging myself and to stop talking myself down.

Whether I believe that i will achieve it, or whether I believe that I won’t – either way I am correct.

le mans 2012

 

 

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6 Responses to 4/12 – Fri afternoon pub stop & Trading Psychology

  1. I would recommend Brian Tracy’s book: Maximum Achievement which would be beneficial for you to reach any goals.

    Like

  2. Pingback: 6/12 – Building self-confidence | George's FX trading blog

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  4. Pingback: 24/2 – Experiencing and working through a “Trader Meltdown” | Trick or Trade - the story of a currency trader...

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