About a week ago, I took a training (not related to trading) which was a tremendous learning experience. It was a deliberately small group of highly successful people so we could get more personalized training.
In the group were the following professionals;
1) Aerospace Engineer for Test Pilots/Mission Control (ya know ‘Houston, we have a problem‘…he is a part of that team)
2) High Profile Trial Lawyer – Billion dollar cases vs. multi-national corporations, music artists, murderers, you know…the easy stuff
3) Three gun national champion (pistol, shotgun and rifle) – working towards a world championship.
4) And me – y’all know my story.
All of us were there for one reason; to either go from good to great, or great to dominant. Ironically, we all had the same Achilles heel. Keep in mind we all came from different backgrounds, fields, training, etc. Yet, we all were standing in front of the same mountain.
I’m already building this material for students, but wanted to ask a series of questions which I think would be highly revealing as to where you are in your trading process, and how you could increase your learning curve in trading.
Here are the trading mindset questions below. Read them all, think about the answer, and then share your answers in a format of 1: answer, 2: answer, 3: answer…
You get zero benefit for not participating, yet there is only upside for answering these trading mindset questions, so the best R:R trade you can embark upon.
Question #1: For each trade, I either win or ______________________?
Question #2: I control _________ % of what I think about during each trade?
Question #3: I have a daily, weekly or monthly goal in terms of how much profit I make (yes/no)? Which one?
Question #4: I train to _____________________?
Question #5: How much of the time am I thinking about the outcome (profit/result – win/loss) of my trades in % terms?
Question #6: How do I label each trade, such as a win, loss and break-even trade? Use the same language that pops in your mind when experiencing a win, a loss, and a break-even trade.
Question #7: For every 10 trades I take, how many do I go back and forth on my decision?
Question #8: I have a goal in trading which is related to making x% or x$ in profit (yes/no)?
Questions #9: The most harmful thing for my trading is _____________________?
If these 9 questions for traders have provoked something on the inside, how you look at yourself and trading, then that is a really good thing. If it provoked no reaction in you at all, then either a) you’ve mastered trading, b) you have to develop your level of self-reflective awareness, or c) you are not engaging the markets enough.
Looking forward to your responses.