Saturday, 24 September 2016

Five Keys to a Peak Performance Mindset for best trading

By Brett Steenbarger, Ph.D.

What is the right mindset for best trading?  Here are five ideas, drawn from successful traders I've known and admired:

1) An open mindset -
Traders succeed when they see things that others don't. Sometimes those are overarching themes and trends; sometimes they are short-term patterns in market behaviour. To see things differently, we need a mind that is open to new and different information and open to shifts in market behaviour.

2) A quiet mindset -
Minds filled with noise can't process new information. When we're focused on ourselves and our profits/losses, we're no longer focused on markets. We can't exercise self-control in our actions if we are not able to sustain control over our thought processes.

3) A constructive mindset -
Losses happen. We miss opportunities. The great trader learns from mistakes and embraces the lessons from drawdowns. If every day brings wins from trading or wins from learning, there is always something of value to be taken from each day.

4) A positive mindset -
It's because we cannot count upon our profits and losses to make us happy that we need to lead a fulfilling life outside of trading. A life that is filled with meaningful activities, fun activities, activities that bring us close to others, and activities that give us energy is most likely to provide us with the emotional fuel needed to power through challenging market times.

5) An action mindset -
All the best ideas and intentions will get us nowhere if we aren't prepared to act upon them. The action mindset is one focused on plans, translating excellent ideas into excellent risk/reward opportunities. Preparation is idea-focused, but also execution-focused. It is as important to work on our implementation of ideas as our generation of them.

The above criteria form a useful checklist for making sure you're in peak performance mode. The right mindset won't, in itself, bring profits, but the wrong mindset can ensure losses. At the end of the day, trading requires skill in the processing of information. When we work on our mindset, we keep our information processing engine well-tuned.
http://traderfeed.blogspot.com/

25 of Life’s Most Powerful Lessons

It’s important for you to believe in yourself, stand up for the principles that you hold dear, and see the world for what it really is, not what you want it to be. Don’t be afraid to embrace change, confront uncertainty, and face the unknown. For these things are ways of life. Make sure to be bold, follow your heart, and dream BIG. As Walt Disney once said, “All our dreams can come true if we have the courage to pursue them.”

Here are 25 of Life’s Most Powerful Lessons excerpted from Follow Your Conscience:


  1. “Listen to your conscience. That’s why you have one.”
  2. “Happiness is not a matter of intensity, but of balance.”
  3. “Your reputation is like a shadow, following you wherever you go.”
  4. “You gain more by making others look good than by singing your own praises.”
  5. “Many people are actually poor because the only thing they have is money.”
  6. “The purpose of life is a life of purpose.”
  7. “Life is the sum of all the choices that you make.”
  8. “Everything has a price, but not everything should be for sale.”
  9. “Tough times say a lot about us. Let’s hope that they say only good things about you!”
  10. “Respect is priceless. Earn it every day!”
  11. “While toxic food is bad for your health and well-being, so are negative and unethical people.”
  12. “Where you’ve come from is less important than where you’re going.”
  13. “Little footsteps in the sand usually follow larger ones, so watch where you step.”
  14. “The goal shouldn’t always be adding, but also subtracting from daily tasks.”
  15. “Trust takes a long time to develop, but can be lost in the blink of an eye.”
  16. “It takes many years to become an overnight success.”
  17. “Your promise should be as binding as a contract.”
  18. “When kids grow up, they hear their parent’s voice in their subconscious. Make sure it’s positive.”
  19. “Paradise is not a place, it’s a state of mind.”
  20. “Saying ‘no’ to one idea enables you to say ‘yes’ to another.”
  21. “While determination builds character, quitting is habit forming.”
  22. “Always tell the truth –– or the truth will tell on you.”
  23. “Don’t be satisfied to be a bystander in your life story.”
  24. “Real wealth is achieved by appreciating what you already have in life.”
  25. “Believe in the impossible. And then prove it CAN be done.”
Source: www.franksonnenbergonline.com/

Quote for the day

"We are what we repeatedly do. Excellence, then, is not an act, but a habit." - Aristotle