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.When you trade independently in terms of your newly designed that inhibits action and creativity in favor of maintaining the status quo.vision, you bypass your inclination to withdraw, withhold, or retreat in We humans don't ordinarily practice these maneuvers.Life involvesorder to protect yourself from imagined fears.functioning with uncertainty, but we usually don't embrace it.YouWhen you can do this, you will be able to engage in your trading must ask yourself, "How willing am I to allow my trading success to becareer at 100 percent and not have to wait for the so-called right mo- as good as it can be?" When you can achieve this step, you can maxi-ment before you begin to act.mize your performance and learn to ride out the creative tension of theAsk yourself two questions to find out where you really stand as a gap or even the excitement of extraordinary trades.trader: How much are you governed by automatic thoughts of failure The third attribute of great traders is their capacity for increasingor a fear of losing? Do you secretly believe that you are inadequate or the complexity of the task at hand and the size of the promise.This de-unworthy of success?mands even more of yourself.You must be able to find ways of support-Such doubts may lead you to blow your gains after a successful run ing yourself in the gap so as to trade bigger, such as calling on someoneor to rely too much on positive pronouncements, which may ultimately to coach you, making more research calls, and reassessing your strate-result in burnout from excessive efforts.It's important, therefore, to gies in light of changes in the marketplace.learn to emancipate yourself from self-doubts, from your outmoded lifeprinciple.Negative judgments are merely thoughts that have to be no-ticed and then allowed to dissipate, so that you can get to that Zenlike Strategy The Hallmark of the Super-Traderstate where your mind is "empty."You don't see yourself as a Zen-type person? Neither did a master The super-traders always formulate a strategy or set of rules that enabletrader I'll call Sandy, whose trading partner had to take an eight-week them to act quickly while watching the market.It's a strategy that leadssick leave.Sandy had to make the research calls his partner ordinarily them to trade or take action in line with objectives rather than in termshandled, as well as trade for both of them.The double duty forcedof old habits and beliefs about what is possible.Sandy to focus so single-mindedly that he made several million dollars At a periodic trading review, Dirk, an experienced trader, broughtmore than usual for two months in a row."I don't know what hap-up his strategy for staying with airline stocks."The numbers I want arepened," Sandy said."I don't know what was going on in the market.somewhere around two hundred thousand dollars a month until I getBut I was trading out of my mind" with extraordinary results.consistent.This month, it's seventy or eighty.You must become prepared to observe events without imposing in-"I can take a huge amount of risk," he added."In the past, I wasn'taccurate interpretations on data.Otherwise, when you're faced with thetaking the right risks." To begin with, he had to get his ideas "allfrustration of failure, you risk watching the goals to which you've com-squared away." When he stopped doing charts on the weekend, think-mitted erode.You feel internal pressure not to lose.As your perceptionsing they gave him "too many ideas," he wound up losing money for38 TRADI NG TO WI Nthe Best Traders Look Like 39two consecutive days.This made him so defensive that he feared he hadFour Pertinent Questions to Ask Tourself"missed the whole market." He saw himself "going back and forth, fol-lowing my reactions," instead of having more of an opinion.before Going into a"I have to go back to trading to make money," Dirk vowed."If I1.What amount of capital am I willing to risk in a trade?play by these rules, I'm going to win more often.I won't make sixty-2.What will be my exit point?two hundred dollars, I'll make sixty-two thousand dollars, and it will be3.If I lose a predetermined amount of capital, do I retreat andless aggravating."take a breather?Commenting on Dirk's observation, Benny, another trader, said to4.When I am losing overall, do I cut down on trading size ofhim, "The rules are there.All you have to do is to follow the rules.Youonly the losing positions and enlarge the winners?don't have to do anything but follow the rules and it will make your lifevery easy.Obviously, you know how to pick stocks and you know howto trade.But if you follow the rules, there's less of a burden on you.Last month you didn't have to think that much.You were in the zone.The master traders' strategy takes their competition into considera-When you're not doing well you've got to go back to fundamentals and tion but leaves plenty of room to execute their own vision.They have aconsistently do things the same way." positive mental image of the actions needed to make money.They mayBenny listed some specific rules: "Don't play takeover stocks; be pa- get much input from others, but ultimately they choose their own goalstient you can come back to them.Don't take home losers.Don't av- and targets and remain independent, trading and developing their ownerage down.Eliminate the things you do poorly.And stop rationalizing ideas rather than simply following the choices of others [ Pobierz całość w formacie PDF ]