Trading In The zone - Taking Respnsibility

Question 1

To be a successful trader you must create a new version of yourself who is disciplined, takes full responsibility for things, and acts free from fear in a methodical focused way.

How to get here….?

Answer 1

Program insane success and a number and characteristics

Question 2

What two tools are essential ?
Begins with W and D

Answer 2

A willingness and desire to Learn

Question 3

Your mental environment must be sculptured for trading

Answer 3

The best traders have a mental structure that allows them to act free from fear and recklessness

Question 4

Eliminating fear it one half, what is the other?

Answer 4

Developing restraint

Need mental structures to counteract negative effects or euphoria and overconfidence for a string of winning trades

Question 5

Why is winning dangerous?

Answer 5

If you haven’t learned to monitor and control yourself it will bite you bad

Question 6

The consistent you see is where? (Begins with M)

Answer 6

It’s in your mind, not on market analysis

Question 7

The Zone is ?

Answer 7

It’s flow, free from fear, like when running in rugby without fear, just reacting and analysing effortlessly

You don’t have to get deep flow, just create conditions to creat PWA - positive winning attitude

Accepted results whatever they are

Traders when they first start often have this care free attitude, they get reckless and lose it after some losses

Question 8

A PWA carefree attitude should be based on

Some Winning trades

Or

A positive winning attitude you deeply hold

Answer 8

It’s the positive winning attitude

Question 9

Are expectations good or bad?

Answer 9

Very dangerous

When not fulfilled they hurt

Trading isn’t about predicting what the the market WILL DO

It’s just setting up for what it may or may not do with the trade having TOTALLY accepted the responsibilities ahead of time

Question 10

Only the very best trader accept what???

Answer 10

TOTAL RESPONSIBILITY FOR OUTCOME OF A TRADE IS ACCEPTED BEFORE ITS EVEN PLACED

Question 11

What is taking complete responsibility

Answer 11

It’s understand all results are totally self generated

Question 12

2 Consequences if you don’t take complete responsibility?

Answer 12

1. You’ll have an adversarial relationship with the market that knocks you out of flow
2. You’ll mislead self into thinking market analysis can solve your challenges

Question 13

Fighting the market never works, why are you fighting?

Answer 13

1. You’re really fighting the negative consequences of not accepting the market owes you nothing

Question 14

How to take advantage of the unlimited opportunities the market presents?

Answer 14

Get into flow - see the patterns and trends

Question 15

What’s a key blocker of success? And a symptom?

Answer 15

Not accepting fully responsibility for what happened

This causes some to fall into the “just do more market analysis trap”

For a startup it’s JUST BE BUSY as opposed to getting in the zone and focusing on the next action and using cortana AGI for educo effortless decisions

Determination can be misused if guided towards in depth market analysis. To be clear, learning about the market is fine, learning about the market as a reflex to a loss is doing it for the wrong reason and will subtly send a trader in totally the wrong direction

Question 16

What feeling do we get when we lose?

Answer 16

Revenge trading, terrible mindset, the opposite of accepting the outcomes

There’s expecting, requirement of a win and prediction imbued in revenge trades

Question 17

As soon as a trader thinks he knows something about the market that can prevent him from feeling pain what has happened….?

Answer 17

The trader has sealed his fate to become a loser

Question 18

Is learning to avoid pain in the market good?

Answer 18

No, it’s the subtle but certain way a trader becomes a loser. If a trade learns Elliot Wave, Fib, support and resistance, pattern recognition, RSI and all the rest to avoid pain, he’s lost before he starts.

This loss given the work will be all the more frustrating. He learned and the more he learned the less it helped

Why?

When he trades, he does so with fear, with hesitation, second guesses, doesn’t put on trades with clear signals

He is ignoring the attitude problem that MUST be solved

Question 19

If a trader is trying to prove something can that help?

Answer 19

NO - traders trying to prove something, if you HAVE to win you are inviting pain and fear into your decisions due to expectations

Question 20

Our minds try to shield us from pain how?

2 ways

Answer 20

Rationalise
Justify

Can keep you in a losing trade for ages

Question 21

1 - What will a fearful traders subconscious do?

2 - What will a fear fee trader’s subconscious do?

Answer 21

Fearful
1 - his subconscious will exclude or alter useful information given by market due to fear of pain
Example - staring at candles, and very few green ones give them hope as opposed to accepting the trade has gone against them

Fear free
2 - his subconscious will collate info and offer up ideas and solutions effortlessly and stress free

Question 22

What do markets generate consistently, But not always

Answer 22

Patterns - these work well but aren’t always correct

Preventing pain by trying to avoid loss is the Achilles heel of a trader who hasn’t accepted the market fearlessly

Question 23

Was is trying to avoid pain pointless

Answer 23

A trader focusing on not making a mistake and thus makes more is like the tennis player or golfer who focuses on mistakes and also makes more

Question 24

Risky scenario? And holes a trader can get sucked into?

Answer 24

Positive feelings can come from spotting a pattern in data, and falling into the “I have a way to not avoid pain trap” gets many a trader

Learning more and more about the markets only to avoid pain will compound issues

The more deliberate the learning to avoid loss the more expectation there is from markets which poisons the IN ZONE attitude essential for consistent wins. This cycle or learning and failing then learning even more to correct this ends in the trader quitting, or then recognising it’s their perspective that’s the challenge, not their knowledge

Question 25

Euphoria from winning…what mistakes are common

Answer 25

In some creates supreme confidence (nothing will go wrong)

• over trading
• too big a position
• violating rules

Question 26

Traders, 3 groups

Answer 26

A bit less than 10% are consistent winners

30-40% are consistent losers

40-50% tare book and bust traders, big wins and big losses
- these boom and bust traders always wreck themselves after a long winning streak

Question 27

Euphoria is the enemy

Answer 27

Everyone has a different threshold when confidence and euphoria takes over

The moment it takes hold the trader is in deep shit
- break rules
- ignore risk
- overtrade, too big a bet

Deflecting euphoria is essential for consistent wins

Question 28

Blaming the market for failure is the same as putting an infected bandage on a wound

Answer 28

It kind of helps as it protects your confidence and flow but this approach will bite you later

Question 29

We are responsible for developing our own winning attitude

Answer 29

Winnings trades are not going to give this, that’s fake wining attitude

The market won’t do it for you

NO AMOUNT OF MARKET ANALYSIS WILL COMPENSATE FOR A WINNING ATTITUDE

LOTS OF analysis poor attitude = losses

No analysis great attitude - wins

Think Camilla with exams at Newcastle, she did no work and just aced them - not like some work, she did NO work

Question 30

An example of accepting responsibility that causes a counter intuitive point

Answer 30

Pros and others are separated by full acceptance of the risks

If you have accepted risks things like “courage” and “nerves of steel” are irrelevant

There’s nothing to fear, the market is irrelevant

Question 31

Very few go into trading with the correct approach to responsibility and risk

Answer 31

Most ppl - start our care free, then get scared, and fear grows from there reducing potential

Pros don’t avoid risk but embrace is

How this mental shift occurs is hard to pin point which is why too traders find it hard to put into word the reasons for their success (like when I asked how to prepare for Main Board)