Last Sunday, I wrote the first series on Trading Psychology and today is a follow-up on changing your trading mentality. As a special bonus, I am going to include the 2 1/2 hour video training course, “Overcoming Negative Core Beliefs”, which I think will be an excellent and valuable resource for all traders because we all struggle with the negativity that trading can create.
Changing Your Trading Mentality
This is not just about positive thoughts versus negative thoughts. It’s also about believing in yourself. After all, that is what positivity is all about — it’s about believing in yourself and not allowing actions or thoughts to deter your destiny or goals. While some may find help in studies of conscious behavior, positive thinking or mentors like Tony Robbins, I find it very comforting that everything they teach also has spiritual significance. Here are but a few scriptures that show just how powerful our words are:
- Proverbs 6:2 “You are snared by the words of your mouth.”
- Proverbs 18:21 “Death and power is in the power of the tongue.”
- Proverbs 23:7 “For as he thinks in his heart, so is he.”
- Matthew 8:13 “It shall be done for you as you have believed”
For traders, words are even more powerful, in my opinion. Every trader at one time or another has uttered statements like “I am such a loser” or “I just can’t get this”. Just over the course of this weekend I have had several emails from traders stating exactly those words – they gave power to these words by saying, in essence, “I am a loser.” They are prophesizing their futures — more losing. Regardless of whether you are spiritual or simply a believer in the power that words have over your life, the first thing these traders need to change is their words (or change their trading mentality).
And, that is where it gets so hard. Trying to change these negative comments, and some are disguised like “I’m just making it”, is time-consuming and stressful. You are on alert mode 24 hours a day trying to cleanse your thoughts and, yes it is cleansing. The good news is that once you follow through and cleanse it, then you can move on to be the trader you want to be.
The trouble that most traders have, including me when I first began, was even though we reiterate positive statements, we almost feel as though we are lying to ourselves. What we must remember during this time, is that our current conditions or situations are not permanent — we are on a way to bigger and better things. We are aiming for higher goals and better conditions. By maintaining our dedication to our affirmations or I AM statements, we are acknowledging that whatever we are going through is temporary (not permanent). Eventually, the affirmations become our beliefs and as Matthew 8:13 states, “It shall be done for you as you have believed.”
For example, my daughter will be graduating in January and recently she has called me in tears many times because the instructors are giving her such a hard time. I cannot tell you how many times I have had to remind her what her goals and dreams are. As I have repeatedly told her, listen to the instructors and accept their criticism with a smile. Remember you will not be there much longer.
If you did the exercise from last week, you should be well aware of just how many negative thoughts you have in a day. While not every negative thought can be stopped, I have found that when I recognize the negative thoughts coming in, I immediately start repeating a positive word or phrase over and over and over — until nothing else can enter my mind. It’s my own way of taking control. Then I go back thru my affirmations.
Additional resources that I recommend for working with trading psychology are books that share how to overcome negativity and obstacles. They are not books directly related to trading but their implementation makes us better traders because they are healing our minds, which changes our trading mentality. The ones that I recommend are:
- The Power of I Am by Joel Osteen
- Think Better Live Better by Joel Osteen
- Battlefield of the Mind by Joyce Meyer
- Power of Your Subsconscious Mind by Dr. Joseph Murphy
- The Secret by Rhonda Byrne