Talent doesn't win championships, teams do. A two-time Stanley Cup winning coach made this statement just a little while ago and it applies across all walks of life, ESPECIALLY TRADING.
You can have the greatest system, game plan, methodology or whatever you want to call it. If you don't execute your discipline properly, It sill isn't going to work. Let's start by saying talented people don't win at trading. Disciplined people do. You have a game plan? Now you have to follow it.
If that's the case, why do so many traders fail? Its a great question and one that gets buried every generation.
Everyone comes to trading with a past. I'm not saying that's good or bad as it is what it is. Most of us didn't have an uncle Louie who had us sit on his kneecap watching him trade when we were young. We have our share of wins and losses in life. We have trauma regarding money and we also learned how to succeed at our day job/career. Unfortunately, those skills don't help us with trading.
What we have to do is work to win the battle for our minds. We all bring a fear program to trading to one degree or another.
THINK YOU DON'T HAVE A FEAR PROGRAM? Can you execute a trade in the difficult places on the chart? How about when you have small but decent gains? Do you worry about giving them back?
Most of us do or did when we started and it persisted for a long time until we overcame or ended up going bust.
On the prior page we talked about overcoming obstacles on the chart which not only is an obstacle to letting a winner run, its also an obstacle in our minds.
So many traders, when they get ahead they look to take something off the table. But that's the time to be more aggressive and add to positions. Initially there will be fear involved and its a process to overcome.
On the flip side is FOMO which is likely any trader's biggest enemy. HOW TO DEFEAT THESE DIFFERENT TYPES OF FEARS?
Its a combination of several factors. The most important is your preparation and study of the price action. By now most people know about the 10,000 hour rule. This is the gateway to mastery. In your practice, do you take 1000 hours and repeat the same drills 10x? Or are you a student of deliberate practice which is the foundation of continuous improvement?
Most aspiring traders have no idea how much practice and dedication goes into it. What we want to do here is learn how to activate our muscle memory/instinct/2nd nature. I'm not showing you beautiful charts to impress, I'm showing you where to fish just as Jesus told his disciples to look at one side of the boat because all the fish were there.
We are dealing with fast markets and by the time we figured out the pattern, we'll be chasing the move which will not work. If you follow the discipline I'm teaching you, what will end up happening is on any given pivot, you will be looking for maybe one or two different numeric vibrations. They show up in the right place, you engage the market. If they don't, you do nothing. It can be as simple as that. But you need to drill, practice and work on a simulator until such time you understand what you are doing and start seeing money fall to the floor.
How do we defeat FOMO? By waiting for the patterns to line up properly. In our manuals and the examples I've shown, there is a place on the pattern where Kairos (supreme opportunity) appears and you have to act, not until then. By waiting for things to line up you exhibit patience which is the exact opposite of FOMO. How do we overcome fear of giving back gains and allowing a winner to run? By showing the discipline to enter correctly, then you take a deep breathe and slow down. Its a process that won't happen over night.
Recently the NY Mets signed Juan Soto to the biggest sports contract in North American history. They got themselves one of the best hitters of this generation. But how did he get this way? The NY Post ran a story in spring training re: Soto's practice and discipline regime. Here's a guy who is the perfectly physical speciment. But what he did is learn how to leverage his body and weight to be able to take a round bat and round ball and hit it very squarely. He trained his whole body to get into the flow of the pitch, even as it comes at him at 100mph.
How did he do it? The NY Post described it as muscle memory. I've been talking about neuroplasticity for years. What we need to do is replace bad habits with good ones. Everytime you look at a chart and figure out WHY something happened, it prepares you for next time. You might ask, why do I need to look at archive charts or current patterns I did NOT participate in. The answer is simple. Every time you see how a pattern sets up, it gets filed in your left brain. You catalog enough of them and a day will come where you know that you know that you know. That's the beginning of wisdom. So that complex pattern that slipped away from you this time is something you'll note the market is capable of doing. Next time you may be ready for it. Or you might have to see that certain tendency 5x, 10x or even 50x. What else are you doing? In this era of an extreme bubble, not many want to do this work on themselves, most people want a quick fix. It doesn't work. At the end of the day, Mr. Soto is such a hitting expert that the hitting coach of the NY Mets comes to HIM FOR ADVICE. That's the power of diligent practice and developing your muscle memory.
Here you will learn how to have that edge which is your advantage. But you will have to do the necessary work on yourself to pull it off. Our coaching/training program will help you in that regard.
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