One of the biggest challenges that day traders face, is when something that is going on outside of their trading life drains them emotionally and mentally and threatens negative impact on your trading and other areas of your life.
Does this ever happen to you?
Maybe it goes something like this:
You have a ' to do ' list as long as your arm but you are motivated and taking action on the things that are most important. Your day trading is going really well and you are spending time every day watching that trading training DVDS that came in the mail last week.
You are "focused and disciplined on your trading.
Everything is grand in your world.
Then the phone rings.
t is your mother. As soon as you hear her voice you go into ' produced territory ' that is reserved for guilt, fear, hurt and myriad other negative emotions.
Has she consolidated again? Has your sister not called on her this week? What is she produced blackmail trips on today?
If this is not your story-then what is your produced trigger?
You know the one. The thing that sends you into a spin and you are almost instantly ' paralyzed ' and not able to continue doing what is was that you set out to do.
You can't think straight.
It overtakes all other thoughts and sits here in the front of your mind, not budging to let any other more empowering thoughts though.
You go into thoughts like ' what will I do if the same situation happens as last time. I don't think I can cope! ' What about this scenario, or that, or ... ' You start imagining how it may negatively play out in the future
If you are in the middle of something to do with your trading-STOP.
Your trading judgment is likely to be ineffective and irrational. Your best ' action ' is no action. Not until you can do something to get you back on track.
What can you do to ensure events like this do not impact on your day trading?
Go and sit quietly for 10 minutes and listen to your favorite music.Go and phone a friend who you know always says something to make you feel good.If you talk to anyone about the situation, only talk about it as positively as possible. Preferably, don't talk about it at all or take 5 minutes to have a moan then move right along. Don't let anyone else buy into the negativity and give it more negative energy. No pity parties!Tell yourself that this makes you angry but you have now moved right along.Ask yourself ' What can I do to find a solution? ' Ask yourself ' If there is a grander purpose for having this problem, what might that be?Look for a new strategy in advance, of handling the situation when it arises again. In the above scenario, how about butting in mid sentence to say ' I Love You! Nothing like delivering the unexpected! You may even both get a laugh out of it!The key point here is to find quick doesnt ways to change how you think when certain events happen that would normally have you out of action and ineffective for days.
These type of situations can mean that you let you trading rules fly out the window, your judgment is clouded and bad decisions made.
Day Trading fortunes have been lost when trading continues under these circumstances.
Establish new behaviors and continue on your path to trading success.
Karen Oates is a seasoned options trader and mindset coach who excels at helping traders understand themselves and the stock market by using a ' keep it simple ' trading plan and the mind tools of success through mastery of mindset, focus, behaviors, beliefs and strategies.
Karen is certified as a Master NLP Practitioner: Master Coach, Results, Performance Consultant, Specializing in Advanced Subconscious Reprogramming and Master Hypnosis.
Check out how you can use the best tools and techniques to become the successful trader you want to be!
http://www.outofmymindtrading.com/
http://karenoates.wordpress.com/
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