Knowledge Is Never Enough
Scroll down to the SECOND video to see this month's free webinar from Rande Howell, Trader Psychologist
-- Emotional Discipline: Building the Patient Confident Mind for Trading
This Month's Educational Webinar by Rande Howell
Building the Patient Confident Mind
This Month's Educational Video by Rande Howell is Below
Breakdowns in discipline are the scourge of many a trader. Simply having knowledge of trading is never enough. To become a consistently profitable trader, you have to use that knowledge under the pressure of uncertainty and capital risk. That requires emotional discipline. Learning to be emotionally disciplined is the bar that has to be achieved for success in trading. Come learn how to do that.
It looks so do-able (and it is) until the money is real. Then something happens. In an emotional ambush, a trader's need to be right or his fear of losing corrupts a perfectly good trading mind. This is the missing skill. They do not grasp that the certainty based mindset that they bring to trading will never bring success. Trading success requires developing a probability based mindset. Management of emotion and the hidden beliefs you bring to the management of uncertainty are the fundamental psychological skills needed for success.
Without training and internal courage, this is the last thing you will want to tackle because it forces you to step out of your comfort zone into the discomfort that facing uncertainty causes to the untrained mind. This avoidance is why you stay stuck in unrealized trading potential. You come to realize that the health of your trading account is the only honest way to see your real beliefs in action (or a benchmark based on the trading account). Beliefs, emotions, and performance are tied together and the trading account is the only real judge. It will hold you accountable for your performances. This is the alchemy that gives rise to the Traders State of Mind.
Successful traders are not trying to control outcome by external means. They are learning to manage their internal experience and, thereby, controlling the mind they bring into the moment of execution. By letting go of the illusion of control over outcome, they learn to control the one thing they can control -- the process of trading. This is their edge over the herd. Do you want to learn how?
My Traders State of Mind
Given that you know that emotional discipline is the key to success in trading, why is it in such short supply? If knowledge and strategy were enough, then there would be a lot of money being made – it’s not. You need discipline and you try hard to control your emotions during trading - that's a given. Learning effective emotional management does not have to be a mystery. But it's achieved in a different way than you think. Watch this video and learn what you are missing, and what you need, in order to have emotional discipline when you trade.
The Mind you bring to the management of Uncertainty is the Real Edge in trading. It is yours to de- velop or to remain stuck in performance. And the markets do not care.