|
|
|
|
|
|
|
The end result of doubt, for novice traders, is that they become very skeptical about their abilities and are alienated from the market. Alienation further increases the likelihood that they will never create a valid trading strategy. Professional traders use their skepticism to motivate themselves to learn about doubt, to ask new questions, and to change their perceptions, thereby creating better beliefs. Doubt always leads to more uncertainty, which in turn creates more doubt. When traders realize that they must change their beliefs on trading because they are experiencing doubt, then the doubt actually motivates them to create new beliefs and therefore to regain their sense of certainty. |
|
|
|
|
|
|
|
|
The biggest consequence of doubt is indecision. Like a departing ship, the market waits for no one. Traders who have doubts are unable to make a trade when they need tobefore the ship leaves the pier. Whenever traders say they knew the market was about to go up and missed the move, it is because of doubttypically they lost trust in their abilities or beliefs about the market, or experienced different levels of fear. Whenever you find it difficult to enter a trade, you must take the time to ascertain the reason you are experiencing doubt. Then you must change the limiting belief or create enough references that will allow you to trust the validity of your thoughts. |
|
|
|
|
|
|
|
|
Doubt will cause you to be indecisive, hesitating before entering or exiting the market. Indecision is the inability to act or to decide. Indecision is caused by fear, doubt, and a lack of strong virtues and empowering beliefs. Traders in an indecisive state normally feel discomfort and deep apprehension. |
|
|
|
|
|
|
|
|
Indecisive traders will always produce inconsistent behavior, and consequently inconsistent profits. Yet indecision is the precise point where traders' opportunity to grow is at its best. If they decide to use the experience to overcome their limiting beliefs and behaviors, they will be on the road to success. However, if they fail to take decisive action, there is a good chance that they will learn how to be helpless. Or they may become forever trapped in an "approach-avoidance conflict." |
|
|
|
|
|
|
|
|
The first traplearned helplessnessis an interesting psychological concept. It is best captured by analogy. In India when elephant trainers desire to train elephants to obey human commands, they begin with a baby elephant. They tie a stout rope to one leg of the baby elephant, and then secure the rope to a strong stake in the ground. The elephant will struggle to free itself and finally give up in exhaustion. Within a relatively short period of time the animal ceases struggling. The trainer continues to use a rope at night so the elephant doesn't wander off. The amazing thing is that a fully grown elephant could easily pull the stake out of the ground, or |
|
|
|
|
|