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The outstanding trader will have the exact same belief for the same exact reasons concerning trading as you have about driving to the dry cleaner. You will not care if it is sunny or rainy, or if there is a snowstorm in progress, for you know that you will eventually get to the dry cleaner regardless. You are not going to consult the weather channel, read a book, or subscribe to a fax service on the best route to take. Nor will you waste your time talking with your neighbors about driving to the dry cleaner. |
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The reason is that you have confidence in your ability to drive to the dry cleaner. That confidence is founded upon your faith in your outcome. Further, your references reinforce your feeling of confidence. An outstanding trader will have the same belief about trading. An outstanding trader will not care about what others are thinking, what the fax services are saying, or how "stormy" the markets are. All outstanding traders have a deepseated confidence in their ability to overcome every challenge the market might present. That confidence allows them to consistently apply the trading methodology they have developed. Their confidence is founded upon the certainty that they will achieve their desired outcome. |
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How do you develop the confidence to consistently trade your own, unique trading methodology? Easy! Since confidence is a belief, it can be obtained (if lacking), changed (if disempowering), and increased by using the techniques on changing a belief previously covered. Just remember that confidence implies faith in your own beliefs and abilities. It also implies that your ego is controlledthat is, your confidence has no conceit mixed in with it. |
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Your confidence level will increase after you have started to control your ego. Confidence is strengthened when you realize that you and you alone must have faith to devise your own trading methodology. Your trading methodology will reflect your unique perceptions and beliefs. Your trading methodology is how you as a trader interpret the action of the market. It is how you identify the trends, reversals, and market indecision. It is how you enter and exit the market and how you know that your trade should be exited. |
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The really important thing to remember is that before you can begin to develop and gain confidence in a trading methodology, you must have faith that you will achieve the outcome that you desire. You must have faith in your abilities to develop an effective trading methodology. Confidence gives you increased levels of discipline, persistence, and faith. Confidence also gives you valid references, methodologies, and beliefs. |
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