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ception of the outside world is incorrect is that the reality of the market is being overpowered by their unconscious and conscious thoughts. The primary responsibility of a trader is to maintain an unbiased perspective that leads to unemotional and nonimpulsive decisions. Egocentric traders allow their beliefs to influence the ability of the rational conscious mind to correctly perceive the market action. In almost all cases, the novice trader will allow the conscious mind to focus on very disempowering beliefs, values, and virtues, thereby influencing the unconscious mind to generate even more disempowering unconscious thoughts. |
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Your ego wants to see you as a successful trader, regardless of the action of the market. There isn't a trader around who doesn't want to be successful in his or her own eyes and in the eyes of friends, family members, and the professional community. |
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Without exception, every outstanding trader has managed through a lot of very hard work to get control of the thoughts that the conscious mind focuses on. To become an excellent trader, you must get to the point where you are able to perceive the market as it actually isnot as your conscious or unconscious mind thinks it should be! Your sense of self will try to fool you into believing that you are not egocentric. The truth of the matter is that an overblown ego is the biggest single threat to a trader's profitability. |
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Ask all the really successful athletes, scientists, traders, business leaders, or salespeople how important it was to their ultimate success to master their conscious mind and discipline their unconscious mind. Every single one will tell you that it was absolutely essential. |
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Mastery of the conscious and unconscious mind is something that you must diligently work at. There is no easy way to achieve it except by hard work and persistence. Regardless of your age or experience, an undisciplined mind will absolutely prevent you from perceiving the market as it is. When you are unable to see the market as it is, you will be unable to create profits. In fact there is a direct relationship between your ability to control your mind and your ability to generate trading profits. |
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An egotistical trader will often define ''winning" within a very shortterm time frame (in a very myopic way). In other words, the trader will insist that every trade must be a winner, or that a successful trader always ends the day or week in profit. Professional traders have a different perspective. Typically they adopt a more long-term outlook that incorporates a much longer series of trades. A longer-term perspective (allowing for more trades) allows professionals to deal with their beliefs about themselves and the market more effectively. Consequently each trade doesn't have to be profitable; in fact, losing trades are actually expected. |
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