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From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Norman Hallett Sent: 23 Oktober 2007 22:17 To: A Moeis Ibrahim Subject: A, Your Trading "State of Mind" (specific tips in this email)... Hi A, ============ Here is the next in a series of articles I'll be sending you about the mental/emotional side of trading. The articles, together, will comprise the major part of a new book I'm writing. Enjoy! ============ BENCHMARK YOUR STATE OF MIND Do you consider your state of mind before you sit down to enter a trade? Do you only trade on days when you are rested, relaxed and not distracted by work, family or other facets of your non- trading life? Do you tell yourself before you place an order that you will adhere strictly to your trading plan? Your mindset is a major factor in determining your trading success. A measure of how well you understand this fact is if you have a procedure to establish a desired state of mind- or at least analyze your state of mind- before trading. What do you do if you are frazzled and distracted? What rules have you established to ensure that you won't trade while "under the influence" of some extraneous factors? Before anything, you need to know what a "proper frame of mind" is for you. When you feel good and really focused, try to take note of how you feel to provide a bench mark. The simple advice is that if for some reason you start to enter a trade and don't feel up to your "benchmark attitude", you should step back from the trade and analyze why you feel the way you do. Taking a reading on how you feel helps develop a keener sense of self-awareness. Moreover, when you become proficient at tracking down the distractions and reasons that affect your benchmark attitude, you'll become much more aware of what things to avoid or resolve before trading. It sounds a bit corny, but you become not only a better trader but also a better person when you learn to analyze before reacting. At the beginning of incorporating "head check" into your trading checklist, you may have no idea of when your state of mind will have an effect on your trading activities. That's why it's a good idea to review your state of mind after having a losing trade and enter your observations into your trading journal. With time, you'll become sensitive to when you're outside the limits of your benchmark attitude. Once sensitive to their trading mindset, traders usually decide to take some time-off from trading when they feel they aren't in the proper mindset; resolve whatever is distracting them and return when they're "back up". Sometimes, it's just a simple matter of getting enough rest. This brings up an important consideration-lifestyle. Establishing a "trader friendly lifestyle" is something that the serious trader learns to develop. From how many hours of rest needed, to eating habits become an object of concern. Of course, individuals will design what best fits their individual needs and desires. There are probably as many trader lifestyles as trading systems, but both lifestyle and system are part of the whole. Becoming a trader requires considerable forethought and consistent discipline. Trading is a thinking person's endeavor and if a trader doesn't like to think things through before taking action, success can become very illusive, indeed. Critical to becoming a successful trader is learning how to turn inward and develop a good feel for what their emotional state is. The trader needs to define limits and know when to take corrective action before entering the trading arena. One of the benefits of becoming a trader is learning to put into practice the skill of honest self-evaluation and awareness. To trade successfully, spontaneity and intuition are unwelcome concepts. Trading is an attempt to optimize probability by creating a consistent application of a trading system and avoiding variation. Human beings are strongly influenced by emotions and this puts our natures at odds with the rules of the game. Because of this fact, traders need to work hard to insolate themselves from the things that make them stray from their intentions and it takes the ability to develop and control the proper state of mind. For most of us, this is a completely new endeavor and needs as much attention to developing as our trading system. My best, Norman Hallett, CEO Subconscious Training Corporation Makers of TradingMind Software Tap <http://clicks.aweber.com/y/ct/?l=7BlDV&m=1f8I4EC4_tuTjn&b=W5HyQUV7JnfhB1OUD GnpNQ> Here NOW to be a DISCIPLINED Trader 954-757-8722 6606 NW 66th Avenue Parkland, FL 33067 To unsubscribe or change subscriber options visit: http://www.aweber.com/z/r/?zAycDBxMtCyMjAwc7Owc Image removed by sender.
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