“How To Trade Without Ego”
“How To Trade Without Ego”
In this video, I talk about the Psychology of Financial Trading which I am sure you will agree is both a fascinating and complex topic.
Can you trade without your ego sabotaging your results? Easier said than done!!
A quiet and calm mind is needed so you can step back and watch your thoughts.
Did you know that we have approximately 50,000 thoughts crossing the screens of our minds every day and most of these are negative?
Any bad association with money at a subconscious level will block the money from coming to you.
So as a Financial Trader you avoid the high probability of winning trades and go for the ones that will lose your money!!!
Of course, you are not consciously aware that you are repelling money and this is where the frustration sets in causing many traders to just give up without knowing why. They just can’t make money, no matter what system or strategy they use.
Practice non-attachment to money. This is a very powerful strategy, especially if you have a fear of loss.
So when I was recently asked, “What was the number one reason why 80% of traders lose money?” My answer was emphatic “It’s their state of mind”.
Continuous and incessant thinking is common for most of us. A liberating action is to watch your thoughts and emotions in a meditative state. This will help to create greater clarity and give you some peace for a while. When your mind is full of thousands of thoughts being processed every second it will cause paralysis analysis.
There is great power in just focusing on only one thing. There is a space and calmness from another plain that I cannot explain with just words.
It is more of a knowing without any ego interference. This you can apply to any task but financial trading creates so many emotional feelings from excitement and exhilaration to frustration and fear.
When you trade do you sometimes feel like you are on a rollercoaster ride or in a tornado being tossed around like a rag doll, emulating the sudden and sporadic moves of the market? When this happens try to remain still and observe your thoughts and emotions as if you were watching yourself in your own movie.
Ultimately your knee-jerk reaction will result in losing money either because you close the trade too early or you stay in too long biting your fingernails in the desperate hope that your losing trade of 100 pips is eventually going to recover.
Having a rules-based system will help to counteract any irrational behavior and the avoidance of gambling and risking more on a trade than your account allows. If you stick to the key principles of risking no more than 2% of your trading account this will really help you to remain disciplined.
Do you know why you trade the financial markets?
What do you want to get out of being a Financial Trader? More freedom in how you spend your time? Do you want to make a lot more money and if so how much every month? Do you want to make enough so you can leave the job or business that you now hate? Whatever the reason, you need to have a plan that you are going to stick to. Have faith that you can truly have anything you desire to make you happy. This is not just about having a positive mind but knowing in the depths of your soul that you are the creator of your own reality.
Be playful with your imagination of what you want to manifest in your life as money will no doubt play a part in being able to fulfill those wishes.
Write down 10 things that make you happy and imagine and feel that you already have them. Read this list every morning and night before you sleep.
This will help to imprint them in your subconscious that this is what you want.
Whenever those negative thoughts arise don’t give them your attention, instead immediately focus on what you do want and will have. The seers over two thousand years ago talked about the ‘Law of Attraction’ so it is nothing new. The secret is to feel that you already have what you desire but you have to begin with a feeling of gratitude and be happy NOW which is the only time there is but I will let Eckhart Tolle tell you about this!!
So what does this have to do with trading? Well everything, if you want to be in the 20% of traders who make money! I promise you that if you truly get this you will train your mind to find the money by taking high probability trades.
I teach people how to trade and follow a solid trading system which is the money vehicle that will take you from where you are now to where you want to be. However that is 20% of the metric, the other 80% is what’s going on in your mind. If you have a poverty conscious mind with a negative association to money you must change this right now, otherwise definitely don’t trade until you do.
I truly love trading as it’s challenging but great fun, it also gives me freedom. I live life on my terms and spend each day with a balance of staying in the present moment having wonderful experiences and manifesting new adventures, meeting new people and contributing to life in any way I can.
Negative thinking serves no purpose
We all have same amount of hours each day so let’s invest our time wisely and plant good seeds in our mind so we can harvest great things.
Negative thinking about the past and future will not serve you, however difficult your past has been. They will just sabotage your hopes and dreams.
I do talk extensively about this in my coaching sessions, encouraging new as well as seasoned traders and investors to watch their thoughts and emotions when they trade. Keep a diary of this and even when you are not trading try to observe how often you have negative or positive thoughts. You can control these during the waking day.
If this has been helpful to you please leave a comment. Alternatively, email [email protected] and tell me how you are getting on with your trading. If you do like the video please give me a thumbs up to let me know that I am contributing.
Thank you for reading this and watching the video. If our paths never cross I wish you a truly amazing life.
To your success, Adam