2/19/26, 9:49 AM Innerworth - Mind over markets

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Innerworth - Mind over markets

"Innerworth — Mind over markets" is a collection of newsletters on trading pschology published by Marketwise,
a US stock broking firm, between 2002 and 2007. Zerodha acquired the publishing rights to the entire series in
2019 and made them available to readers in India.

Issue

Most people start trading the markets lured by the prospect of

1. Introducing ‘Innerworth – Mind over making easy money. But anyone with experience will agree that the
markets’ stock markets are probably the toughest place to make easy money.
You n ..

Emotions often drive investment decisions. Trading lore is replete

2. Accurate Perceptions of Loss and Risk with examples of how fear and greed influence the masses to buy
Aversion and sell at the wrong time. Similarly, behavioral economists have
foc ..

Novice traders are infamous for needing to be right. This natural,

human tendency is so powerful that novice traders engage in
3. Accepting Criticism
unproductive trading behaviors to avoid admitting that they are
wrong. Th ..

How much capital does one need to start trading? Every person who
4. Trading Capital: Size Matters is new to trading asks this question. It’s often the first question that
pops up at trade shows and in trading-school classes. B ..

Trading isn’t easy. Indeed, the odds are against you. But if you
5. Action Oriented and Winning succumb to hopelessness, you’ll never become a winning trader.
You have two choices: You can wallow in self-pity or you can ..

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Issue

It’s easy to falter while trading. Suddenly, you get distracted, panic,
6. Focus on the Action, Not the Prize and make a trading error. When trading with an optimal mindset, in
contrast, the winning trader is focused on his or her i ..

In our everyday lives, we are used to doing things reflexively, on the

7. Detailed Action Plans: A Precursor For
spur of the moment. For example, we don’t consciously think about
Trading Success
making a turn as we drive; we just do it automatically wi ..

Did your parents read you fables as a child? Fables are often
8. A Trading Fable fanciful and improbable tales that have a lesson to teach. Here’s a
thought-provoking trading fable. Once upon a time, there was a n ..

Jack fantasizes about becoming a profitable trader. He dreams of big

9. It’s Easier to Face Fear than Avoid It wins and of amassing a great deal of wealth. In the back of his mind,
he imagines that if he were wealthy, he could have a life ful ..

When trading the markets, one often faces actual harm: If you bet a
10. Regret: A Powerful Emotion You
lot of capital on a single trade, and it goes against you, you lose it.
Must Face
The harm isn’t imagined; the actual loss of money is p ..

Ask traders about their reasons for trading, and most will tell you, “I
11. The Unconscious Drive to Fail want to make huge profits.” Although most traders get into the
business to make a significant return on their money, ..

Suppose you decided to go long on Sears. How many other

investors would agree with your decision? When people are asked
12. False Consensus Effects
such a question, they tend to over-estimate the number of people
who will ma ..

Social psychologists are often fond of saying that people are “lay
13. Making Sense of it All scientists.” Like formal scientists, they try to understand their world.
They make hypotheses and test them. Rather than ..

You have several positions open and things have been going well for
14. Fear of a Sudden Turn of Events the past few months. Suddenly, there is yet another interest rate hike
right on the heels of a month of bad weather and natural disa ..

Our outlook and expectations dictate how we approach trading. For

15. Refuting Core Beliefs: A Remedy for
example, if we are extremely fearful, we will be reluctant to take
the Fear of Failure
risks, and at an extreme, we may even be afraid to even put on a tr ..

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Issue

Jack has just made five losing trades in a row. His confidence is
16. Paralyzed by a Fear of Failure shaken, and now he is reluctant to make another trade. He thinks,
“Why should I try again. I’ll just lose again. If I lose ..

Jack’s been trading for the past five years, and he has put in a heroic
17. Getting Worked Up For Nothing effort. He worked two jobs to build up enough capital to trade and
have a realistic chance of success. He spent nights and ..

Like any challenging endeavor, trading requires a “thick skin.” One

18. Loss is Feedback, Not Failure cannot be easily hurt by criticism. One must be completely open to
criticism of any kind so that changes to one’s ..

There’s security in numbers. Have you ever looked at a school of

19. First in Line and Ready for Action fish in an aquarium? They stay in a big clump because if a bigger
fish is nearby and ready to eat one of them, a single fish is l ..

The winning trader is flexible. Flexible traders have a carefree

20. The Flexible Trader attitude when it comes to executing a trade. They don’t over-think
their strategy. They do their homework, develop a reasonable t ..

Winning traders are flexible. They look at a trade from different

21. Flexible and Open to Possibilities angles and they are not afraid to explore every possibility. They
know they may be wrong, but being wrong doesn’t bother them. I ..

Flexibility and discipline go hand and hand. In their book,

22. The Flexible and Disciplined Trader “Electronic Day Traders’ Secrets,” Friedfertig, West, and Burton
argue, “Discipline is saying ‘I’m wrong ..

It is vital for one’s survival to know when to stay out of the markets.
23. Be Flexible Enough to Stand Aside There are times whey you should stand aside and wait for the right
moment. Not only can market conditions change, but also ..

Seasoned traders frequently describe moments when they trade in a

24. Peak Performance Trading peak performance state. There are various names for it: “trading in
the zone” or “flowing with the markets.” B ..

Flexibility is key when you’re a trader. One must be able to look at a

25. The Fly and the Tree trading problem from multiple perspectives in a calm, rational, and
insightful way. Have you ever noticed that when you are und ..

26. Focused on the Trade

When you have put on a trade, it’s essential to stay focused on
monitoring it. You must be able to accurately perceive the signals
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that indicate the market is going against you, and you must act ..

When you’re trading the markets it’s necessary to concentrate on the

27. Concentrate On the Trade trade. You cannot let your attention sway. You can’t impulsively
make a mistake. We are often distracted, however ..

When trying to meet the challenges of trading, it is often easy to

28. Focusing on the Positive obsess about what you are doing wrong until you start to feel that
you’ll never master the markets. Rather than focus on what y ..

The most challenging aspect of trading is finding a trading strategy

29. Knowing when to Fold that will work reliably. The possible strategies are endless. Some
traders carefully backtest historical data and try to find a str ..

Successful people are passionate about what they do. They aren’t
30. Following your Passion concerned with the outcome, but with the process of achieving the
outcome. That said, it would be nice to avoid worrying about ou ..

The famous psychotherapist Fritz Perls once noted that people feel
31. Forward Thinking anxious and fearful when they worry about, and mull over, their past
mistakes or worry about the future. A peak performance mindset i ..

Many novice traders are frustrated when they start trading. It’s
32. The Right Frame of Reference common to hear a novice trader complain, “I don’t know what’s
going wrong. I study the markets every chance I g ..

When trading the markets, there’s a constant need to make profits.

33. Trading offers Freedom You can easily start feeling that there’s too much to do and not
enough time to do it. If you’re like most traders, ..

Throughout the day you make everyday decisions that mean little to
34. Free and Easy Trading you. You drive your kids to school and along the way, you make a
host of decisions about which route to take, where to turn, or when ..

There are limits to the psychological energy you have available to

35. Free Up Psychological Energy by devote to trading. And this limited energy is diminished when you
Relieving Stress let too many issues remain unresolved, lingering in the back of you
..

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Trading the markets is a stressful occupation. The markets are

36. Organize your Workspace and unpredictable and chaotic. No outcome is a certainty, and many
Relieve Stress times, when it seems as if you know where the market is going, you
discove ..

Tom had been going long on a stock trade for two months. He
37. Market Frustration: Stay Calm; It’s expected a product announcement to boost the price a few points,
not Personal but nothing happened. Despite rave reviews of the product and high
demand, ..

Setbacks are the rule rather than the exception when it comes to
38. Building Up Frustration Tolerance trading. Discovering reliable trading strategies is a challenge, and
frequently, a promising strategy produces a loss. Losses and other ..

Psychologists studied “fear of success” in the 1970s and this topic

39. Fear of Success: Is it relevant for
received a great deal of attention in the popular media. Today, some
Traders?
trading websites have had discussions as to whether ..

The prominent psychologist Dr. Julian Rotter noted that there are
40. Take Responsibility and Take Control basically two ways to understand and interpret events in one’s life:
One can attribute the cause of events to internal forces, s ..

Many members of the “established” investment community are

41. The Mindset of a Professional
quick to point out that investing is not gambling. To the general
Gambler
public, gambling has many negative connotations. When professio ..

Do you ever start the trading day feeling that there’s little chance of
42. Closing the Gap making a profit? You just stare at your screens, stuck and
disappointed. It’s at times like these that an optimistic ..

As any seasoned trader will tell you, the key to long-term

profitability is a flair for devising innovative, new trading ideas.
43. Developing New Trading Ideas
Winning strategies are hard to find. And after one goes through all
the ..

Have you ever found yourself frustrated or angry, but didn’t know
44. Back On the Right Course why? Perhaps you were innocently monitoring a position and the
market suddenly turned, and when it did, you watched half of your ..

Winning traders make profits. In the end, the bottom line as a trader
45. Take Credit for Your Efforts is the extent to which you are profitable. If your efforts don’t
produce a profit, it is easy to feel as if you have accompl ..

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Issue

Trading is challenging. It pushes your skills to the limits. And unless

46. Getting Ready to Trade you manage your risk carefully, the consequences of a wrong move
can be fatal. It’s vital for your survival that you make ..

Jack and John have just started a small trading business. Jack says,
47. Realistic Optimism Keeps You
“I can feel it. We’re going to make a fortune. By this time next year,
Grounded
we’ll be rolling in money.” John cou ..

Reality is subjective. There are different states of reality in the same

48. Don’t Forget to Take a Break way that there are different states of mind or different states of
emotion. After a series of setbacks, for example, the world ..

Jim has been trading for six months. He started at $5,000, but he
49. They Say it Couldn’t be Done only has $1,500 left. He is starting to get worried. He’s frustrated
and upset. He tells his friend Jason, “I think it is ..

Are you ready to work all day and make absolutely no money at all?
50. Waiting for the Payoff If you ask most people that are accustomed to working a 9-to-5 job,
they would say, “No way, are you kidding?” But if you ..

Stan is disappointed with his life. He views his life as a consolation

51. Modest and Realistic Goals prize, a series of concessions that fail to meet his desires in the end.
He wishes he had more money. He fantasizes, “If I can ..

Trading can be tedious at times. Day in and day out you have to
52. Clear and Specific Goals look for market opportunities, and once you find them, you have to
put your money and a little bit of ego on the line, and suffer the co ..

With the New Year upon us, it’s time to make plans for the future,
53. Setting Goals for the New Year and set exciting new goals. Goals can be motivating. When we think
of where we want to go next in our lives, and when we formul ..

The goals we set often dictate our motivation level. In his book,
54. Goal Setting Enhances Motivation “The Mentally Tough Online Trader,” Robert Koppel (2000) argues,
“Setting goals is imperative for the trader to enha ..

When your money is on the line, you can’t help but act cautiously.
55. Go For It You don’t want to impulsively gamble with your account, dig
yourself into a financial hole, and need to work twice as har ..

56. The Golden Mean: Real Trading

Phenomenon or Just Wishful Thinking? If you’ve spent any time around trading, you’ve probably run into
the Golden Mean. You may have seen it represented as Fibonacci
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lines on a price chart. The Fibonacci sequence is a string of numbe ..

The outcome of a trade is never a sure thing. There’s always an

57. Putting Up a Good Fight element of chance. When going long, for example, all indicators
may suggest a strong and solid trend, but it’s possible that ..

Have you felt under extreme pressure while putting on a trade, and
58. A Good Mood Is More Important
found that you just couldn’t think straight? You questioned your
Than You Think
trading plan, and suddenly, you hesitated at a critical moment dur ..

In the movie “Wall Street,” Gordon Geckko argues, “Greed is

59. The Dynamics of Greed good.” Greed can motivate you to strive for perfection and keep you
persisting in the face of adversity, but greed h ..

“How the Grinch Stole Christmas” by Dr. Seuss is a parable of

60. Don’t Be a Grinch: Relax and Seek
modern life. The Grinch sneaked into town and tried to ruin
Out Balance
everyone’s Christmas by stealing the presents and materialis ..

On Thursday, tech stocks took a dive. Mark lost $5000 on his AAPL
61. Grounded and Objective position alone. It’s Friday morning, but he still feels guilty. He can’t
get the losses out of his mind. He has been tryin ..

Trading is a demanding profession. If you are a novice trader

seeking consistent profitability, you have your work cut out for you.
62. A Guidebook for Work Productivity
Many people are attracted to trading, but few actually become profit
..

In the trading profession, profits are hardly a sure thing. Even the
63. Conquering Guilt and Moving
most seasoned trader makes a big mistake occasionally and pays the
Forward
price. Professional traders at large financial institutions, for ..

Last night, it all seemed so simple. You had a trading plan all
64. Working Through Guilt and Moving worked out. The stock should dip to $50 around noon. You would
On patiently wait, buy it, and sell when it hit 52 later in the trading day.
..

Jack just abandoned his trading plan and ended up making a losing
65. Guilt: Protection Or Distraction trade. He thinks, “Why did I do it again? Why can’t I stick with my
plan?” He feels guilty. He’s kicking himse ..

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Seasoned traders aren’t afraid to go with their gut instinct. After

66. Going With Your Gut years of experience, an astute trader’s gut is the unconscious
integration of all essential market information, the mini ..

When it comes to evaluating your performance, there are times

67. Cold, Hard Facts: Look Honestly and
when there is no substitute for studying the cold, hard facts. In the
Make Adjustments
end, the bottom line is unavoidable: If you are not profitable acros ..

Have you ever made a small losing trade and thought, “It’s all right.
68. A Good Hard Look at the Facts I’ll win on the next one.” The next trade comes along, and you lose.
And then the next one is a loser, and ..

You’ve been told time and again that a strong commitment is vital to
69. Commitment to Trading: Why It’s So
long term trading success. We’ve all seen the adverse consequences
Difficult
of people who are not committed to their goals, in o ..

While charts show a financial instrument’s price history

70. Head-and-Shoulders Pattern is a accompanied by volume, they are also exciting reflections of human
Psychological Map behavior. And because they reflect basic human nature, they can be
used as ..

“Those who find trading intrinsically satisfying, enjoyable, and

71. A Healthy Approach to Trading
meaningful will put in the necessary hard work and achieve high
Success
performance levels.” ..

Making profits as a trader is often a matter of trading in the proper

72. Having, Doing, and Being: Which
state of mind. Trading expert Dr. Van K. Tharp, author of several
State of Mind Drives You?
best-selling books on trading psychology and head of the Van Tha ..

Do you ever just feel as if you are going through the motions, acting
73. The Conscious Member of the Herd without thinking? Are you surprised that you react emotionally,
selling prematurely when you meant to hold out a little longer? Or ..

Have you ever watched a herd of cattle as they graze in an open

74. The Herd Mentality field? It’s quite remarkable. The cows seem content as they eat the
grass and stand in a scattered formation. Then, suddenly, ..

Do you have trouble pulling the trigger? How many profitable

trades have you missed because of this affliction? Why do you
75. Pulling the Trigger Decisively
hesitate? If every trading idea that popped into your head turned out
to be p ..

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Humans have a tenacious need to protect their assets and avoid risk.
76. Hesitation: A Plethora of Reasons This is especially true for novice traders. It took a long time to build
up sufficient capital to trade seriously, and it’s u ..

Top-notch traders trade in a higher psychological sphere. Trading is

77. Trading in a Higher Psychological
a peak experience where everything seems to click. Winning traders
Sphere
trade in the zone. They reach a psychological state that is inhe ..

Jim is a novice trader who is deeply frustrated and ready to give up.
78. The Highly Motivated Trader He’s read all the trading books, followed all the trading “gurus,” and
worked tirelessly day after day. Despite ..

Do you remember your first impressions of trading? Perhaps you

79. Everything Seems Obvious In were young and had a strong desire to achieve early success, but if
Hindsight you were like most people, you had unrealistic expectations about
the ..

Have you ever planned a trade that seemed a sure winner, yet we’re
80. The Benefits of Hindsight surprised to find it had failed? A plan could look great when you
think of it, but after it fails, and you had time to think ab ..

When trading the markets, uncertainty is often a fact of life.

81. The Future Is Never Certain Consider the plight of Jack who tried to add as much certainty into
his trading as possible. He decided to invest in a solid retailer. Co ..

Making profits is often a matter of thinking and feeling like a

82. Using the Success History Search To
winner. In their book, “The Mental Edge,” Kenneth Baum and
Cultivate a Winning Attitude
Richard Trubo (1999) argue that tapping into your history of succ ..

Bill has had a bad day. He’s down $1,000. He thinks, “I can’t end
83. Don’t Dig the Hole Deeper the day down $1,000. I’ve just got to make that money back by the
end of the day.” He continues to trade ..

Jim was tired of commuting to work in two hours of rush hour

84. Trading From Home: Avoiding the
traffic every day. He thought, “If I could only work from home and
Traps
avoid the stress and monotony of driving day in and day out, IR ..

Can an ant move a rubber tree plant? Perhaps it can if it has “high
85. High Hopes hopes.” This image exemplifies the eternal optimist. The power of
positive thinking, if only we could muster enough of i ..

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Few things appeal more to our sense of greed than a hot stock-tip.
86. Next Time You Get a Hot Tip…
Sometimes it comes in the form of a phone call: “I’ve got a buddy
Beware
who works for Ajax Widgets,” the tipster will tell you, “an ..

The old saying, “It’s not whether you win or lose but how you play
87. It’s How You Play the Game That
the game” is especially relevant to trading. Many novice traders
Matters
work under the assumption that winning is all that ..

It’s exciting to win. Trading is challenging. It requires well-honed

88. A Humble and Modest Approach skills and rock-solid confidence. After a winning streak, it’s easy to
get a “swelled head” or a big ego. W ..

It is important to reward yourself for a job well done. We feel pride

89. Winning Traders Are Humble after making a significant achievement and are especially proud
when the achievement has increased our social status. Pride can be ..

Trading can be frustrating at times. You put in a heroic effort, but it

90. The Humble Trader is the Winning
doesn’t always pay off in the way that you had hoped. When you
Trader
finally do win big, you naturally want to celebrate. You ma ..

Why are folks initially attracted to trading? For many, it’s the
91. Humility money, especially the prestige and status that money can bring. But
seasoned traders warn that when money, riches, respect, or an ..

Many trading books describe the ideal trader as disciplined, a rule

92. Striving for an Ideal: Art or Science? follower who devises a trading plan and sticks with it. Trading
requires a certain kind of discipline, however. Not just any kind of ..

Dreamers are often exalted because they dared to achieve the

seemingly impossible, but unless one’s dreams match specific and
93. Idealism: Dare to Dream
realistic actions, little becomes of them. Without well-defined plans,
a ..

When you look at the best and the brightest, it’s often necessary to
94. Striving for Ideals merely admire them rather than actually become them. Not
everyone can be the best and the brightest, but it’s nice to k ..

Tim asks, “So how much money are you making?” His friend James
95. How Much Are You Making? timidly replies, “I’m doing all right.” Tim boasts, “Wow, I’m
making so much money today. This market is so ..

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Issue

If only humans were more like machines. In theory, the ultimate

96. Intuition: It May Be Illogical But It’s trader would act like a robot, analyzing market data with unfailing
A Trader’s Most Valuable Asset accuracy, devising a trading plan, and executing it without flaw. Bu
..

Have you ever had those days, or weeks, where you just couldn’t get
97. The Power of Positive Imagery on a winning streak? Perhaps you are a novice trader trying to break
into the field, and wondering if you’ll ever become ..

Have you ever lost big on a few trades and thought, “I need to win it
98. It’s Not Personal all back right now”? When this happens, your emotions start to take
hold. You may even start thinking about seeking &# ..

Why do so many traders abandon their trading plan? Is it their

personality, an inherent pitfall of the trading profession, or
99. Acting On Impulse
temporary insanity? A host of factors may contribute to a lack of
discipli ..

Winning traders have learned to control their impulses. They are

calm and relaxed. They are not riddled with self-doubt or self-
100. Controlling Your Impulses
reproach. They can make trades intuitively and effortlessly. And
they sh ..

A common complaint of novice and master traders alike concerns

101. Impulsive Trading: Possible Causes the ability to maintain discipline and self-control. Whether it is
and Cures prematurely abandoning a trading plan or putting on a trade just to
ge ..

The most serious malady facing many novice traders is a lack of

discipline. Rather than sticking with a trading plan, many novices
102. Impulse Control Strategies
lose control. They impulsively abandon their plan and often pay the
c ..

Have you ever had a hard day and had to stop off at the grocery
103. Impulse Buys store to buy a loaf of bread and a gallon of milk? As you stand in the
line that never seems to end, you glance at magazines, look at th ..

Looking at your screen can be much like looking at a slot machine,

104. Facing Temptation With Discipline and stopping yourself from dropping a dollar in the slot and pulling
the handle. You must restrain yourself from making an impulsive ..

105. Increasing the Odds of Success

Trading is one profession where you often find yourself working
against the odds. Not just anyone can walk in off the street and start
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making consistent profits. It takes practice, skill, and proper m ..

Market action is driven by fear and greed. Masses of market

106. The Independent Minded Trader participants follow each other to their doom. It’s a fact. If it weren’t
true, winning traders couldn’t take advantage of herd instinc ..

Trading isn’t a profession where the top performers follow the

107. The Independent and Confident
crowd. In some professions, it’s vital to be able to astutely identify
Trader
what everyone else is doing and follow them. But trade ..

Novice traders are often puzzled by their inability to put on winning

108. Independent Minded and Carefree trades. Everything seems plausible in the planning stages of a trade,
but when it comes time to execute the trading plan, they cho ..

The entrepreneur, the corporate CEO, and the top-notch trader are
109. Striving for Independence all viewed as exemplars of independent thinkers. They go their own
way, go against the status quo, and are unyielding individualists. ..

Do you ever have a nagging feeling that no matter how hard you try,
110. Information Anxiety there’s no possible way that you can keep up with everything around
you? If the answer is “yes,” you may be suffer ..

Jason is in a rut. He feels as if his trading performance is lacking,

111. In the Mood although he’s relatively new to trading. He is easily upset. Even the
slightest setback gets him down. He wonders, “Wh ..

John and Jay are both novice traders, but their approach to trading is
markedly different. John is drawn to trading for profits. He
112. Discovering Your Inner-worth
fantasizes about achieving great wealth and imagines that when he
am ..

Jim is a master trader. He manages a multimillion-dollar hedge fund

113. Looking Inward For Your Mental
and has made substantial profits for the past five years. He drives a
Edge
Mercedes and lives in a beautiful home in the affluent part of ..

If we had a crystal ball, trading would just be a matter of buying at a

114. Mastering the Inner-game bottom, holding the stock as the price continued to rise, and selling
near a top, right before the masses sell in a state of pan ..

Jake is attending a party at his brother’s house. Old family friends

115. Appreciating Your Inner-worth are freely spreading gossip. Many are bragging about their recent
accomplishments, and showing off their latest prizes. As a ..

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As a novice trader, Jack has just put on his tenth trade. He’s still new
116. Putting the Trade in the Right
to trading, but he is optimistic that he will be successful. He wants
Perspective
to succeed. He thinks, “I want to prove that ..

A common problem among traders and investors is the tendency to

sell profitable trades prematurely and hold losing trades
117. Insufficient Justification
unnecessarily. Once we have held a losing trade for a long time, we
have a s ..

Existential psychotherapists point out that people experience fear

118. Stay in the Moment and anxiety when they think about, and regret, their past mistakes,
or when they worry about an uncertain future. The antidote: Exper ..

Many investment psychology books tout the virtues of thinking

119. Buy on Weakness, Sell on Strength:
independently and acting like a rugged individualist: “Don’t follow
An Example of a Contrary Approach
the crowd. Be a contrarian.” It’s often useful ..

Ever see a pattern emerge, and instinctively trust your gut instinct
120. The Intuitive Mind even though your logical mind told you otherwise? Sometimes it
works, but other times your intuition may fail you. Scientists are f ..

Many people who begin trading think of it in purely mathematical

121. Trusting Your Intuition terms: If the ultimate multiple regression equation could be devised,
one could simply put in the inputs and get the outputs. And the o ..

Seasoned traders have learned to trust their intuition. Do you? How

122. Trusting Your Intuition Part 2 do you observe the world and gather information about it? Do you
just want the facts and the specific details and none of that ̶ ..

Skillful traders know how to use their intuition to make quick,

conclusive decisions. There are times when going with your “gut”
123. Using Your Intuition
instinct can be shrewdly accurate. There are also times, though, wh
..

Stan and John have been following a stock and trying to anticipate
124. The Intuitive Trader the pivot point. Stan declares, “After looking at the troughs and
moving averages over the past 30 periods, the facts indicate ..

Trading can be fast-paced. The astute trader knows how to make

quick, intuitive decisions. Seasoned traders have learned to trust
125. When Intuition Fails
their hunches. They have extensive experience with the markets, and
as ..

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Are you putting time and money into honing your trading skills yet
wondering how to justify it? As a novice trader, you may often
126. Investing in Yourself
wonder if it will be worth the time and effort in the end. Honing
your ..

Do you ever make big plans for the trading day, but fall short of
your expectations? Maybe during the off-hours, you decide to make
127. Getting the Job Done
a dozen trades, but when you get down to actually doing the work,
yo ..

Jim is a novice trader who has had three straight losses. He thinks,
128. An Action-Oriented Approach “I’m such a failure. I can’t stand losing. I’m disappointed. I just
don’t want to think about it. I t ..

It’s often bantered about among short-term traders (traders that are
129. Be Adaptive flat the majority of nights), whether, one should “have an opinion”.
Many traders will say that they don’t have an opinio ..

Winning traders have a passion for trading. They love what they do.
130. Addicted to Trading They may even get a little thrill when they put on a trade. But
there’s a huge difference between loving what you do and tradi ..

You see your true self when you hit rock bottom. What do all
newbie traders fear? Blowing out their account and having to start
131. Transformed Through Adversity
over, it is a fear that haunts them. But ask any seasoned, profitable tr
..

Trading can be exhilarating. When you see a trading plan come to

fruition, you cannot help but feel a little special. There are those
132. Affirm To Win
times, however, when you feel frustrated and disappointed. You reg
..

In choosing a stock to trade, many traders try to identify a “good”

133. What Is a Good Company? company, but what actually is a “good” company? Many times a
“good” company is merely based on a ..

As a trader, the bottom line is the amount of money you make on

134. All By Myself and Loving It your trades and pocket. It doesn’t matter how you go about doing it,
and it doesn’t matter how long it takes you, or how har ..

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If you’re driven to succeed, in all likelihood, you are an

135. You Don’t Need To Be Perfect To
overachiever. And as an overachiever, you strive for perfection. The
Win
need for perfection can go too far, however. I’m all for str ..

All animals, even humans, need a reward before they act. Why does
136. Alternative Rewards: A Way to
something if you can’t get something out of it? Our strongest
Keep Trading During Setbacks
motives are to satisfy physical needs, such as hunger. When an ani ..

Winning traders are driven by a strong motivation to achieve.

Trading coaches and seasoned traders have observed that the most
137. Driving Ambition
profitable traders are those who decided early in life to chase
success. ..

A dream. Pure hope. A winning lottery ticket. These images capture

138. A Must Trade: Sometimes It’s Better
what the masses think of trading. They don’t take it seriously, and in
To Stand Aside
the past couple of years, they think anyone who trades is wa ..

John has been looking at a profitable trade setup all day. He has
tediously studied indicator after indicator, even though many are
139. Analysis Paralysis
redundant and converge. He continues his search, nevertheless. He ir
..

Our emotions are closely tied to our expectations. If we expect to

140. Anticipating Outcomes receive love and affection from our spouse after a long, stressful
drive through an extra 60 minutes of rush hour traffic, we are ups ..

When you ask most short-term traders if fundamental analysis ever

141. Avoid a Potential Disaster:
plays a role in their decision-making, they usually roll their eyes.
Anticipate Earnings Reports
For the most part, this indifference is justified, particularly f ..

How do you react to unanticipated events during the trading day?

142. Don’t Be Caught Off-Guard: The
When you are trying to put on a position, are you upset when you
Art of Anticipation
can’t get a complete fill? When your DSL line goes down, do you ..

Have you ever been at a party and felt a need to impress others.
143. Keeping Up Appearances: A
Many see trading as an exciting profession. It’s a glamorous job.
Dangerous Activity
Traders are seen as rich and powerful. People like to hear abou ..

Professional athletes practice extensively in preparation for a game.

144. Getting in Sync with the Market It’s critical to be well prepared, ready to perform at your best, and
ready to take care of anything that may come your way. ..

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Jim has just purchased 500 shares of a hot new company he’s liked
for years. In a calm and rational manner, he notes that a set of
145. Don’t Get Too Attached
momentum indicators suggests the price will keep moving upward.
Des ..

The winning trader has an intuitive feel for the markets. To trade
146. The Automatic Trader profitably one must execute a trading strategy under ideal market
conditions. If market conditions don’t match the strategy, th ..

When you put your money on the line, there’s a strong need to seek
147. Dare To Be Average out perfection. Many novice traders believe they can get everything
just right. They believe that they can locate infallible in ..

Many people think the best way to cope with unacceptable ideas is
148. Avoid Denial: Confront
to pretend that they are irrelevant and just don’t matter. It seems
Unacceptable Ideas
easier to deny the unpleasant or unacceptable than acknowled ..

Trading requires intense concentration. As easy as it sounds, it’s

149. The Background Factors That
psychologically difficult to monitor trade and to prevent yourself
Throw Us Off
from acting on impulse. The reasons for impulsive behavior a ..

When you have a psychological conflict, it’s in your best interest to

150. One More Thing in the Back of
resolve it as soon as possible. As an old saying goes, when you
Your Mind
ignore a conflict, “it’s just one more thing in ..

At first, if you don’t succeed, try, try again. And when you fall off a
151. When You Fall Off the Horse horse, it’s wise to get back on. Are these sayings appropriate for
trading? In some ways they are, but in some ways, ..

It’s not the number of times you fail that matters. It is all about
152. Getting Back Up getting back up after you’ve been knocked down. Ask any
successful person and you’ll find that he or she has exper ..

Bob’s been trading for the past year. He’s still a novice, but he has
153. Emotional Baggage: How to Unload
made hundreds of trades. He’s going long on Intel today. He has a
It
plan. He has managed his risk. This trade is j ..

Trading is a challenging business. Only the most skilled traders can

154. Happy Traders Seek Out Balance make a living as an active, full-time trader. Trading experts suggest
that novice traders approach trading the same way that studen ..

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A reality of trading is that a trader must doggedly make trade after

155. Balanced Optimism trade, yet may often face loss after loss before realizing a win.
Trading requires persistence in the face of seemingly constant se ..

Carl has dreamed of being a winning trader since he was a teenager.

156. Beaten But Still Hanging In There He tracked the market in high school and started trading stocks in
college. But he has blown out twice in the last five years. He wo ..

Did oil prices ruin your trading plans this week? Adverse events,
157. Beat Stress Before It Beats You such as foul weather in the Gulf, are just one of the many sources of
stress an active trader must contend with. If you’re not c ..

If you haven’t seen the “Wizard of Oz,” you are in for a treat. It is a
158. Who’s Behind the Curtain? great movie on multiple levels. The climax occurs when the heroine,
Dorothy Gale, reveals that a great wizard is only a co ..

Have you ever had one of those days where you wished you had
159. Appreciating the Beauty of the stayed in bed rather than executed your first trade of the day?
Markets Perhaps you excitedly put together a trading plan the night before
only to ..

A common complaint of novice traders is that they just can’t seem to

160. The Best Laid Plans stick with their trading plans. Many novice traders develop a viable
trading plan only to abandon it impulsively. What goes w ..

There isn’t one right way to trade the markets. It’s tempting to
161. Don’t Be Afraid To Be Yourself emulate your favourite “Market Wizard,” but in the end, it’s
essential to match your trading style to your personality. Some ..

Jim and Sam, two part-time online investors, are discussing the
162. How Accurately Do You Track Your
performance of their stock portfolios at lunch. Jim inquires, “How
Performance?
well did you do last year?” Sam with assurance declares, ..

Winning traders make consistent profits. One way to trade

163. Getting Ready for the One Big consistently is to minimize psychological pressure, and the best way
Moment to do that is to minimize risk to the point that the potential financial
..

Jim is focusing on a big trade that he’s just put on. He has 25% of
164. The Big Picture his trading capital on the line, and he feels it would be a disaster if
he doesn’t see a substantial profit. He can̵ ..

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165. Taking Big Risks Why would anyone want to avoid success? ..

The most prudent way to make money trading is to work at it

166. The Big Win consistently, and through hard work and persistence, make steady
profits. ..

The great trader Jesse Livermore blew out his account more than
167. Paying Your Dues once in his illustrious career. It’s scary to think about, but if you
want to become one of the few who reach the top in this busi ..

These days, few traders find it profitable to scalp or trade intraday

168. Fighting Boredom anymore. Most traders prefer to make swing trades, but swing
trading can be boring at times. Depending on your total capital, it i ..

Trading the markets can be a mix of excitement and stress. It’s

169. Don’t Overwork: Take a Break exciting to put on trades. It’s a thrill. You feel energized and thrive
on the action. But it’s also stressful. You ..

As evolved as we want to think humans are, there are times when

170. Breaking Away From the Herd people can act as mindless as a herd of cattle. It may not be all the
time, but there are times when you wonder if people are thinking a ..

Once a trade is entered, there are two possible outcomes: on the

171. The Breakeven Point light side it can make money; on the dark side, it can lose. Between
the light side and the dark side is the breakeven point, and becau ..

“Old habits are hard to break.” “It’s hard to teach an old dog new
172. Out with the old and in with the
tricks.” These sayings have a grain of truth to them. It’s often
new
difficult to abandon old way ..

Winning traders approach trading scientifically. They develop

173. Looking on the Bright Side hypotheses, devise sound trading plans, and test out their theories by
executing a trade and seeing what happens. It’s very systemat ..

Trading is challenging. Many are drawn to trading, but few last very
174. A Brutally Honest Look long. It’s difficult to face the cold, hard fact that trading is difficult.
Many novice traders need to win. They are hoping that ..

Is there anyone who does not feel at least a twinge of nervousness

175. Easing the Burden of Decision when he or she initiates a trade? It’s quite natural to feel butterflies
when one’s bid or offer is hit – even for someone who ..

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Many people these days feel pressure to perform. We don’t believe

176. Hustle and Bustle Trading that we have the luxury of taking our time to patiently learn a
profession, like trading. Instead, we must do things quickly. No ..

If you were lost and alone on a desert island, with only a satellite
connection to monitor market activity and place your trades, you
177. Stranded But Profitable
would probably trade more profitably. What about the emotional sup
..

Many trading days are full of chaos and stress. Sometimes we are in
178. Staying Calm Under Pressure a bad mood, while at other times, the markets don’t seem to
cooperate with our trading plans. It’s natural to crack under the pr ..

The proper mindset can go far to improve one’s trading results.

179. Maintaining a Carefree Attitude Successful traders have a carefree attitude when it comes to trading.
They have little difficulty executing trades. They don’t s ..

In the Mark Twain classic, Tom Sawyer convinced his friends that
whitewashing a fence was fun, rather than tedious, hard labour. The
180. Carefree and Easy
moral of the story: What we see as work depends on our
perspective. ..

Dan’s been tracking IBM for five months. He knows the price
181. Cautious Optimism pattern by heart, its ups and downs, and the conditions that precede
and follow each new trend. Now it’s just a matter of psycho ..

Profitable traders have full control over their emotions. They don’t
182. The Centered Trader allow emotions to interfere with their concentration. They focus on
the markets, and through focused concentration, they can ..

Are you the kind of trader who makes mistake after mistake, yet
183. Motivated To Change can’t figure out why you just can’t change? Perhaps you don’t
follow your trading plan. Maybe you set your stops too c ..

Be a rugged individualist. Think independently. Take the contrary

184. What Do You Do When the Markets
position occasionally. Anticipate changes in market conditions, and
Change?
be ready with alternative plans.” These are common, yet some ..

Technical analysis and short-term trading go hand in hand. The

185. Classic Chart Patterns: Know How revelation that one can make huge profits by looking for reliable
to Use Them chart patterns that repeat with unfailing regularity has raised many tr
..

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A butterfly flaps its wings …a hurricane strikes miles away.

According to Chaos Theory, a seemingly irrelevant action can
186. Accepting the Chaos
precipitate, and contribute to, a major event. The right set of factors
come ..

“As a trader, I face failure almost every day. It can be stressful, but
187. Clear and Immediate Payoffs at least the objectives are clear: make profits. And they are
immediate. I don’t have to make a sales pitch and wait ..

It’s hard to become a consistently profitable trader. You’ve got to put

188. At Least You Know What to Expect in long hours, and many times, your hard work doesn’t pay. But
when you become a seasoned trader, the situatio ..

One of the greatest struggles novice traders face is monitoring their

189. Facing the Cold, Hard Facts progress carefully. Beginning traders have not yet developed the
skills to trade profitably in a variety of market conditions. Und ..

Despite all our best efforts, it’s hard to pick ourselves up after a fall.
190. The Big Comeback You’ve heard it time and again: Traders must learn to expect losses,
take them in stride, and recover from them. ..

Trading in a peak performance state of mind enhances performance.

191. Appreciating Your Comfort Zone When you enter this state of consciousness, it is easy to become lost
in the flow; your full attention is focused exclusively on the m ..

So you’ve decided to become a trader. You’ve decided that you want

192. Going All the Way to master the markets and take home huge profits. You’re not the
only one. Each day, hordes of would-be traders tur ..

193. Matching Commitments To The number of profits you can expect to make is directly related to
Expectations the amount of commitment you devote to trading. ..

“Until one is committed, there is hesitancy, the chance to draw back,

194. Commit to Trading Success always ineffectiveness. Concerning all acts of initiative (and
creation), there is one elementary truth, the ignorance of which ..

Unless we keep up with our neighbours, we feel like a failure.

195. Comparisons Can Be Harmful To Throughout our lives, we have been taught to compete. We
Your Ego habitually compare ourselves to others and try to beat out our peers.
As childre ..

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Jim has been trading for six months. His performance isn’t
196. The Detrimental Comparison spectacular, but it isn’t too bad either. He’s made a decent return.
But Jim isn’t satisfied. He’s been reading ..

Have you ever been tempted to go into a chat room and brag about
197. Keep to Yourself and Trade how well you did on a good trading day? Perhaps you called up a
Independently buddy under the guise of giving emotional support when what you
really ..

Throughout our lives, we are told to foster a competitive spirit. We

198. The Competitive Spirit: Learn to
compare ourselves to others, inspire ourselves to do better, and try to
Tame It
beat out our peers. As children playing sports, we are advi ..

In the mid-1980s, Steve Wozniak, the creator of the Apple II

199. Drawn to Complexity: When computer, was asked about the future of computing. Interestingly, in
Keeping it Simple is Better hindsight, he said he thought people were making too much of the
home, ..

Alan Greenspan, in his opening remarks at the August 29, 2003

symposium sponsored by the Federal Reserve of Kansas City, said,
200. Complex and Always in Flux
“Uncertainty is not just an important feature of the monetary policy
la ..

Your ability to concentrate fully and intensely can mean the

201. Full and Intense Concentration difference between consistently taking home huge profits and barely
staying above water. It’s vital that you pay attention to multipl ..

You can be highly motivated to trade, have limitless capital, and a

202. The Art of Concentration foolproof trading strategy, but if you don’t devote your full
concentration to the trade that you have on at the moment, you’ ..

Top-notch traders don’t follow the crowd. They lead it. They
203. Self-confidence: A Prerequisite for
anticipate what the masses are doing, and capitalize on how they are
Financial Success
mindlessly swayed by the current mood of the markets. Seasoned t ..

Joe tells his friend, “I’m staying out of the markets for a few days.”
204. The Confident Trader “Why?” asks Tom. “I can’t trade under these conditions. I’m going
to wait for the markets to change,” answers J ..

The self-confident trader is decisive. He or she carefully plans a

205. The Self-Confident Trader trade, patiently waits for the ideal market conditions, and executes
the trade effortlessly and flawlessly. There is no self-reproach ..

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Whether you are a long-term investor or a short-term trader, you

206. Pleasant Moods Reduce must look through reams of information, such as charts, analyst
Confirmation Bias commentaries, and financial statements, to arrive at an astute
decision ..

Jim asks his friend, Marty, “Where have you been? I’ve been
207. Don’t Be Afraid to Go Your Own
waiting for 15 minutes. They are ready to give our lunch
Way
reservations away.” Marty nervously replies, “Sorry Jim. I ..

Sergeant Friday on the 1950s television drama “Dragnet” was fond

208. You Can Go Your Own Way of sticking to “just the facts.” Many police officers look at the world
from a strict rule-oriented point of vi ..

The winning trader is a consistent trader. A winning trader puts on

209. The Consistent Trader trade after trade in a free-flowing, carefree manner. Profits pile on
with each trade. Trading consistently means approaching each t ..

Two keywords you often hear in trading are consistency and

210. The Quest for Consistency discipline. A winning trader makes consistent profits. Here’s what
that means. In contrast to seasoned traders, novice traders’ e ..

Winning traders are eternal optimists. They must be to survive.

211. Don’t Catch a Bad Mood Markets are constantly changing. What works in one market doesn’t
necessarily work in another. You can’t complacently expect ..

People have a natural affinity to follow others. It can be very

adaptive at times. If you see someone slip on an icy sidewalk, for
212. Contagious Behavior of the Mass
example, it would be wise of you to start walking slowly and
carefull ..

Traders who are independent-minded see the most profits. It is hard

213. Contagious Moods: Don’t Catch a
to go it alone at times. There are times when it is difficult to avoid
Bad Mood
following the crowd. Humans are risk-averse and they feel mor ..

It can be said over and over again, “Don’t let your net worth
214. Overcoming an Emotional
determine your self-worth,” but it is little solace to those people who
Vulnerability to Losses
have spent their entire lives letting their succ ..

Winning traders cultivate feelings of inner-worth. It doesn’t matter

215. Don’t Let Your Profits Define Your
how poorly they do in the markets, they feel that their life has value;
Self-Worth
their mere existence in the world makes them feel ful ..

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In the past two weeks, the markets have been choppy. One moment
it seems that prices are tumbling; the next moment, they seem to
216. Going Your Own Way
recover. And then some new earnings reports come out and prices
decline ..

Don’t follow the crowd! You’ve been warned over and over. It
217. Breaking Away From the Masses seems easy, but it’s harder than it looks. We are all familiar with the
rebel, the person who breaks all the rules and is ..

The most profitable trading strategies are innovative. You cannot

218. The Courage to Follow Your Gut merely follow the crowd or think conventionally if you plan to make
profits in the market aftermarket. You have to sift through inform ..

When your money is on the line, it’s difficult to remain calm,

219. Controlling Your Impulses rational, and in complete control. What happens if you lose? How
will you recover? It’s natural to become consumed with self- ..

Self-control is often the key to trading success. Masters of the

220. Self-Controlled and Profitable market are disciplined. They don’t sporadically act on a whim. They
develop specific trading plans and follow them. Trading is la ..

Trading requires discipline. A trading plan is of little value if you

221. Self-Control: A Limited Resource abandon it prematurely. The disciplined trader executes a plan and
controls his or her emotions until the plan comes to fruition. ..

The markets are often chaotic and uncertain. It is often unclear what
222. Coping with Uncertainty will happen next. The astute trader is aware of this uncertainty and
takes steps to prevent it from adversely influencing trading ..

Seasoned traders warn, “Be sceptical of everything you hear as a

223. Learn the Rules Before You Decide
trader.” It is advice worth listening to. There are many so-called
to Break Them
trading experts who claim they are on your side, but the ..

If you are a part- or full-time trader, you may have enjoyed the
224. How Do You Talk Trading? attention this wild and woolly occupation brings at social gatherings
and events. Many are interested in trading and find you interes ..

Whether you’re a novice or seasoned trader, there are days when

you face setback after setback: Adverse events go against you. You
225. Coping Gracefully
make a trading error. You misread the markets. The possible setback
..

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The markets are often unpredictable and uncertain. Some people

226. Coping Skillfully To Achieve
collapse under the pressure, while others thrive on it. What’s the
Success
difference between a trader who gallantly fights the stresses an ..

Winning traders are courageous. They show courage when they risk
227. The Courageous Trader their money, and face the possibility of losing it. They show courage
when they follow their convictions, and possibly let their pride ..

Whether it is trading or playing sports, when the pressure is on,

many of us crack under the strain. Consider the Olympic
228. Cracking Under Pressure
performances of Sarah Hughes and Michelle Kwan in the 2002
Winter Olympics. ..

The creative trader stays ahead of the crowd. Many traders are
229. Your Creative Potential conformists. They look toward the masses for confirmation of their
decisions. If the crowd is buying, they buy. If the crowd is selling, ..

There are times when your success depends on thinking outside the
230. Creative, Winning Trading Plans box. In a strong bull market, where the masses are ready to invest,
it’s easy to ride the wave and take advantage of the trend. But ..

The winning trader stays ahead of the crowd. In ever-changing

231. A New Creative Idea market conditions, it’s vital to think of new, innovative trading
ideas. But it isn’t always easy. There are times when you fe ..

In this column, we often summarize research studies from the

232. Behavioral Finance: A More emerging field of behavioural finance. In contrast to traditional
Credible Field finance and economics, which tries to look only at concrete
indicators ..

There are times when our judgment is cloudy. Perhaps we want to

233. Maintaining a Crystal Clear
win so badly that we optimistically see trading opportunities that
Perspective
aren’t there. At other times we may be so stressed out, busy, a ..

In the trading business, it’s prudent to take everything you hear with
234. The Cynic and the Realist a grain of salt. Our field is full of false prophets who claim they can
make you rich quickly and easily. Realistic sceptic ..

Some people like facts and figures; others prefer trusting their
235. For the Love of Data intuition and looking for artistic expression in the trading realm. But
the profession is big enough for all kinds of traders. Each typ ..

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Traders often walk a tightrope between overconfidence and a lack of

236. Matching Expectations To Skill confidence. On the one hand, the overconfident trader may take
Level unnecessary risks and make trades on impulse. But at the other
extrem ..

To those who want to take home big profits, trading isn’t a hobby.
237. Decisive and Responsible Trading It’s a serious business. If you want to make profits consistently, you
must have respect for your trade. You must treat e ..

When trading the markets, making a quick and decisive decision can
238. Taking Quick, Decisive Action be difficult. There are many sources of information to sift through,
and many times, you don’t actually know if you’ve made a goo ..

Our common-sense approach to decision making often works quite

well, but there are times when we arrive at decisions that are just
239. Decision-Making Biases: A Primer
plain wrong. This has led some psychologists, such as Amos
Tversky an ..

When it comes to trading decisions, everyone has their own style.

Although styles change as one gains more experience, each trader
240. Decision Making Styles
has his or her own natural style. Some people are intuitive while oth
..

When playing a formidable opponent, it’s wise to take a defensive

241. Realistically on the Defensive stance. An NFL quarterback uses shoulder pads and a helmet to
make sure he has protection in case he gets sacked. The players on ..

Even when you’re a short-term trader, making one quick, astute

242. The Cautious and Deliberate Trader decision after the next, it’s necessary to plan carefully and act
cautiously and deliberately. Consider the case of Andy, a novice tr ..

Winning traders approach the markets with a detached, unemotional,

243. Trying to Stay Detached and rational mindset. As much as you’ve heard us say it time and
time again in this column, though, it probably doesn’t h ..

Stan’s been in a long losing streak for the past three months. He has
244. Stay Detached and Impersonal: It’s
a severe drawdown. He’s worried and a little scared. He’s been
Not Always About You
trading for two years, and during the first six m ..

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Seasoned traders stay detached, but novice traders often have

trouble achieving this ideal, objective and rational mindset. For
245. Don’t Take It Personally
example, they take trading losses, and subsequent drawdowns,
personally. ..

Winning traders are objective and detached from the ongoing market
246. Detached and Objective action. They don’t stare at their screens and allow their emotions to
move up and down with how well their trades are doing. Bu ..

Have you ever made a dumb mistake? Perhaps you knew you should
247. Diary of Your Thoughts have used a protective stop before leaving for two days to take your
children on a road trip. You may have thought, “I’ll sto ..

John is kicking himself right now. He just made an unexpected

248. Stop Kicking Yourself For Making losing trade and he feels especially down. He expected to make a
An Obvious Mistake killing, and he was looking forward to winning and celebrating big.
He th ..

The difference between a seasoned, winning trader and a novice,

249. Winning Traders Are Disciplined unprofitable trader is the ability to muster unwavering self-control in
response to chaotic, ever-changing markets. Trading is a serious ..

The winning trader is a disciplined trader. Basically, that means

250. Dynamics of Discipline outlining a definite trading plan and following it. But people differ
in terms of their ability to maintain extreme self-control and d ..

The winning trader is a disciplined trader. Discipline means

controlling impulses and controlling emotions. As many novice
251. Maintaining Discipline
traders can tell you, however, maintaining discipline is often easier
said th ..

Winning traders are disciplined. They control their impulses and

252. Increasing Discipline and Self- feelings, and this allows them to execute a trading strategy
Control effortlessly and flawlessly. The disciplined trader is decisive. The
undis ..

Trading is a profession where you must make a plan and stick with
253. Discipline Takes Practice it, but even seasoned professionals find it difficult to maintain
discipline. They sell earlier than they had planned, ignore stop-los ..

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You’ve probably heard it countless times: “Discipline is a key factor

254. Discipline and Self Control:
in trading success.” Discipline is mentioned in almost every trading
Monitor It and Increase It
book and in the title of many. Why is disci ..

Trading with discipline is one of the greatest challenges for traders.

255. The Quest for Discipline It’s common to hear novice traders say that they just can’t help but
abandon their trading plan. It’s understan ..

Traders and investors have difficulty “letting their profits run.”

256. Maintaining Discipline: When Past
When you see your investment increase in value, it’s hard to avoid
Choices Influence Future Decisions
selling early to lock in profits. But not every ..

The winning trader looks at a trade objectively. One’s self-esteem

257. The Disconnected Self and identity are not on the line. All that is on the line is mere money,
an abstract, meaningless stake. A common saying to hee ..

In “The Disciplined Trader,” Mark Douglas suggests, “Execute your

258. False Hope losing trades immediately upon the perception that they exist. When
losses are predefined and executed without hesit ..

Did you invest in stocks during the rally earlier this year and now
259. Extreme Patience regret your decision? If you are a short-term trader, you may want to
just accept the loss and close the position, but longer-term i ..

A goal of every trader is to consistently earn substantial profits. It’s

260. Building On What You Do Best hard to achieve this goal, however. The only way it can be done is
through persistence and practice. Many are drawn to tr ..

At a family reunion, Jake meets his second cousin for the first time,
261. They Say It Couldn’t Be Done Ron, an insurance agent. Ron asks Jake, “What do you do for a
living?” “I’m a trader,” says Jake pro ..

The number of psychological theories to explain human behaviour

262. The Drama of the Markets seems endless. It’s as if every psychologist wants to propose his or
her own theory, and convince the rest of the psychological co ..

It’s hard to come back when you’re down. Trading is easier when
263. The Drawdown Mentality you are ahead of the game. There’s no pressure to make up losses.
You feel free and creative, ready to take a risk. Bu ..

264. Don’t Make a Drawdown Even

Worse Stan’s been in a slump. He’s made very few winning trades in the
past month. He’s starting to question his skills as a trader and
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wondering if he will ever return to profitability. H ..

It’s wise to learn from your mistakes. There’s no sense in making

265. Just Drop It and Move On the same mistake twice. Despite the wisdom of this sage advice in
everyday life, however, it may not work very well for tr ..

The market seems to be going down. Is it time to think about gloom

and doom? Perhaps. At least some market analysts seem to think
266. Are You Preparing For a Crash?
that the masses have lost confidence in the economy, and these
percept ..

At Innerworth, we focus on teaching traders to cultivate their

267. Developing Your Psychological psychological edge. But some have asked us whether or not we have
Edge been overstating the importance of psychological issues. They ask,
aren ..

How much time do you spend preparing for the trading day? Do you
spend hours scouring the markets for a winning trading opportunity?
268. The Efficient and Successful Trader
Do you watch hours of commentary or read all the major financial
ne ..

Sam tells his best friend, “I want to be an expert trader. I want to be

269. Taking It One Step at a Time able to handle anything the markets throw at me.” This is a nice
sentiment, wanting to be a trading virtuoso who can ..

Overconfidence is a curse for the novice trader. When people first

270. Slowing Building Up True Self-
start trading, they want to do nothing more than win. And in their
Confidence
quest for profits, they may take unnecessary chances and pay the p ..

Traders are notorious for their overconfidence. They trade beyond

271. A Big Ego Boost their skill level and comfort zone and pay for it. It’s understandable,
though. Who doesn’t want to win, and win big? For ..

A big ego reflects an exaggerated view of one’s abilities. We’ve

272. The Big Ego: Knowing When To
often said in this column that such a mindset can be fatal for trading,
Control It
where accurate and realistic perceptions of one’s ski ..

Sam has been monitoring a position for the past week. He bought at
$50 and had a target of $52. For the past week, the price moved
273. Combating Ego Shock
according to plan. Sam was feeling good about his progress. He had
be ..

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The stereotype of the ultimate trader has many of the same traits as
274. Motivating Emotions Mr Spock on “Star Trek.” Mr Spock looks at events logically and
objectively and follows a rational plan when approachin ..

Jack suddenly slammed his mouse against the wall. He was angry.
275. Emotion Control Isn’t Emotional
He had been monitoring a trade, ready to take a quick profit, when
Suppression
other traders’ actions impacted the price and unexpectedly thwa ..

Winning traders aren’t influenced by their emotions. The nature of

276. The Emotionally Controlled Trader trading demands an objective, logical approach. If one experiences
extreme elation after a win and extreme disappointment after ..

Market decisions are often driven by fear and greed. When we are
277. Emotional Influences on Trading
afraid of potential losses, we sell. When we are greedy, we buy.
Decisions
Behavioural economists argue that it’s a little more complicated ..

Many traders experience an emotional rollercoaster. They

278. Building Up Your Emotional euphorically celebrate their wins, but soon face despair as their
Resilience losses mount. Emotion control is one of the most complex issues a
trader must ..

Winning traders are extremely disciplined. They astutely study the

279. A Time and Place For Emotions markets, devise a trading plan, and follow it. They control their
impulse to abandon their plans prematurely, and they don’t allow ..

When you put your money on the line, it’s hard to avoid getting a
280. Emotions in Context little emotional. Novice traders may be especially prone to
experience a roller-coaster ride of emotions, feeling euphoric after ..

It has often been said that the investing behaviour of the masses is
281. Emotions and Trading driven by fear and greed. Emotions are powerful, and when people
are a slave to their emotions, their actions are often irrational ..

In this cutthroat world we live in, we often follow the motto, “The
282. Do the Ends Justify the Means? ends justify the means.” Blind ambition, self-sacrifice, and extreme
self-control are valued. If you can work tirelessly, wait l ..

Jim is a hard-working father with two children. He loves his wife

283. Enjoying the Trading Experience and enjoys the time he spends with his children. But when it comes
to his job, it’s not the centre of his life. It’s just ..

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The markets are chaotic and unpredictable. If you’re not careful,

you can be unduly influenced by the sense of uncertainty.
284. Your Proper Trading Environment
Depending on your personality, you may be easily swayed by the
market ..

Successful traders are independent-minded. They don’t seek out the

285. Genuine Self-Esteem: The Key to
opinions of others. They don’t question their skills. They trust their
Independent Thinking
intuitions and live by their own standards. Such c ..

Have you ever spent the day making trade after trade and gotten
286. Win or Lose: You Are A Winner nowhere? You may have wondered why you woke up that morning
Every Day or even bothered trading that day. Perhaps there have been a few
days where ..

Trading can be an exciting profession. It’s exciting to think of how

287. Fighting the Boredom much money you can make, and how that money can change your
life. Some traders enjoy anticipating how a trade will turn out, ..

Your mind has limits. You can only attend to and process a limited
288. Expanding Your Psychological
amount of information. Psychologists view the mind as analogous to
Limits
a computer. Long-term memory is similar to a hard disk in that an ..

Trading decisions are frequently influenced by fear, hope, greed, and

289. Getting Even With the Markets regret. But, sometimes decisions are motivated by anger. After a
losing trade, you’ve probably heard people say, “ ..

Trading requires that you keep your emotions under control. You
290. Set Realistic Expectations can’t be extremely disappointed or fearful. Extreme emotions can be
distracting. They not only drain precious psychological energy ..

Tim tells his trading coach, “I’ve been trying to follow that old
291. Accepting a Potential Loss: A Skill
adage, ‘Trading is a profession where you should go in expecting to
to Develop
lose,’ but it just doesn’t help. I d ..

Many novice traders were successful in other professions before

292. Learning By Doing: The Benefits of embarking on a trading career. Since they were successful in their
Gaining Real World Experience previous occupational goals, they approach trading in much the
same w ..

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Do you ever make big plans for the trading day, but fall short of
your expectations? Maybe during the off-hours, you decide to make
293. Getting the Job Done
a dozen trades, but when you get down to actually doing the work,
yo ..

James is considering whether to implement one of two trading

strategies. Both strategies offer good odds of success, but James
294. Don’t Deliberate; Just Do It
doesn’t want to make a rash decision. He wants to carefully conside
..

Top-notch traders have unwavering discipline. Expert trader John

295. Trading With Discipline Hayden notes, “Without discipline, you will be unable to master
your ego, create empowering beliefs, have faith, and develop conf ..

Jack is a novice trader celebrating his latest win. “I’ve just made a
296. Justified versus Unjustified Wins big profit on trade by pure chance,” Jack says in an excited tone. “I
went long on a stock, expecting it t ..

Hannibal Smith on the “A-Team” was fond of saying, “I like it when

297. Riding the Wave Works…
a plan comes together.” A couple of weeks ago in this column, we
Sometimes
used Apple Computer’s (AAPL) product a ..

In the movie “Broadcast News,” Tom, the future star network

298. Keep It to Yourself anchor, asks Aaron, the under-appreciated correspondent, “What do
you do when your life exceeds your dreams?” Aaron ..

If you’re an eternal optimist, you hate bad news. But the bad news is
299. The Art of Knowing relative. What is bad news to some is mere information, and
possibly good news, to others. (For example, if you were going l ..

Jimmy complains to his best friend, “It’s impossible to trade the

300. Acknowledge Limitations But
markets profitably. They are rigged. I don’t have enough capital.
Think Positively
The markets are so volatile that I can’t get in and out to t ..

Trading is one of the most unpredictable and chaotic professions

301. Consider All Possibilities that one can pursue. This disarray and chaos produce stress. If you
don’t take appropriate precautions, for example, you can look ..

Setting well-defined goals are essential for achieving high levels of

performance. Specific goals are the best. They allow for direct
302. Seeking Learning Goals
feedback. You know exactly where you stand. It may not always be
a ..

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Sam started trading almost three months ago. He’s read that it’s
303. Goal Setting: Don’t Set
important to set specific goals and try to reach them. He thinks,
Performance Goals Too High
“I’ve got to set my expectations high, otherw ..

Losses and setbacks are a fact of life. It is necessary to experience

setbacks and recover from them in order to achieve success. The
304. Learning From Past Mistakes
trader who has never experienced a severe drawdown, or blown out
h ..

Jack can’t seem to force himself to make a trade. He is just too

305. Accepting Inconsistency and
afraid. He is afraid to lose. He wants certainty but the kind of
Uncertainty
reassurance he is seeking just can’t be found when trading ..

What are your worst losing trades? Do they haunt you? It may be
306. Letting Go of the Past difficult at times, but it is often necessary to forget about the past
and think only of tomorrow. Sure, it is important to learn from y ..

Don’t overestimate the amount of information your mind is capable

307. Psychological Limits of the Mind of processing. Over the past 40 years, cognitive psychologists have
shown that the mind has limits, and you should be aware of the ..

A common complaint of novice traders is that they can’t stick with

308. The Little Things That Get In The
their trading plan. They wonder why, and after they think about it
Way
long enough, they come up with fanciful explanations. For ex ..

If you’re like most traders, you expect to win. You put your time and
309. Living With Reality energy into finding high probability setups, and after all the
studying, searching, and theorizing, when you think you have ..

Many novice traders have difficulty facing a cold, hard fact about
310. Thinking of the Big Picture trading: You can’t get rich overnight. You’ve got to just take it one
day at a time, and make a relatively small amount o ..

Has a close friend ever confided in you about a losing trade?

Perhaps he or she risked a little too much capital on a bad trade.
311. Losing Your Money and Objectivity
Maybe he or she forgot to use a stop-loss, and then fruitlessly hoped
a ..

Winning traders cut their losses early. Indeed, they work under the
312. Cutting Your Losses assumption that they will see many more losing trades than winning
trades. Knowing how to take a loss in stride and to just move on ..

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Jim has just taken a big risk and lost. He has been watching a stock
313. The Complex Emotions of Loss for the past month and it’s been going down. But today an earnings
report was released. Yesterday, Jim had a strong hunch that ac ..

To your surprise, you’ve just lost $1,000. Naturally, you feel guilty
314. Taking a Loss: Getting Over It Isn’t
and angry. You wish it didn’t happen. You try to justify it: “It’s just
Always Easy
the tuition you pay to become a ma ..

Humans are risk-averse. We don’t like losses, and we’ll do almost

315. Learning How to Take a Loss anything to avoid taking them. Losses are painful, and there’s a
strong need to seek out pleasure and avoid pain. It ..

Everyone likes to win, but is a need to win merely an attempt to

avoid losses? Success requires facing setbacks nonchalantly, but
316. It’s Just a Loss, Isn’t It?
there may be some traders who imbue losses with great
psychological sy ..

Jim has had five losing trades in a row for a total loss of 25% of his
317. Turning a Loss Into a Gain account balance. He could feel defeated, pout, or get angry, but
instead, he’s excited about his future prospects. ThatR ..

If you want to become a winning trader, you must be willing to face

318. Don’t Let a Setback Get You Down loss after loss without letting it get you down. Upon facing a loss,
our first inclination is to feel disappointed, but how you reac ..

After months of trading in a slump, Jake tells his best friend, “I

319. Rekindle Your Hidden Passion for
think I want to quit the trading business. Why am I doing it? There
Trading
must be a better way to make a living.” Have you ever ..

Do you ever dream about winning the lottery? There are actually
people who have such good luck that they repeatedly enter contests
320. The Lottery Mindset
and win. They win so often that if they wanted, they could count on
w ..

Why do you trade? What motivates you? To many traders, the

321. Trading for the Pure Love of the answer is obvious. We trade to make money. Many traders, however,
Game say that they would trade even if they merely earned a livable wage.
For ex ..

“I’ll worry about it later.” When trying to deal with the fact that we
322. When Low Probability Setups Seem
must eventually cope with an onerous, unpleasant event, such
Attractive
statements help us get through life. We often put off things w ..

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Becoming a winning trader isn’t easy. Few make it, and of those
323. Enduring Success who achieve profitability, few realize enduring success. There are
numerous stories where traders put in a heroic effort and are r ..

“How many novice traders succeed?” asks a would-be trader of a

324. Don’t Make the Odds Even Lower group of seasoned experts. “Of the 40% who last about a year, only
one or two become consistently profitable,” an ..

Sometimes traders run hot, but sometimes they run cold. The factors
325. Money Management and the Big
that influence this fluctuation in performance are varied. As a trader,
Picture
you may have a bad day or week. Or market conditions may not ..

Many novice traders ride an emotional rollercoaster, feeling

326. Staying Calm Through the Ups and euphoric bliss after a win, but overwhelming disappointment after a
Downs loss. Experienced professional traders, however, stay calm and
relaxed ..

Don’t let creative journalists or analysts convince you into thinking

327. The Dangers of
about the market as a marathon runner: “Every bull market has to
Anthropomorphizing the Market
pause and get its breath once in a while before it sprints hi ..

Markets go up; markets go down. It shouldn’t matter much, but

many novice traders find that their own personal mood fluctuates
328. Staying Ahead of Market Moods
with the markets, moving from extreme euphoria as the markets soar
..

We’ve been bombarded with stories about Martha Stewart all

329. Another Martha Story weekend. The media can’t seem to let up. If you haven’t heard, Ms
Stewart was found guilty of giving false statements to go ..

As a short-term trader, your goal is to stay ahead of the crowd and

330. Media News and the Behavior of
let their money flow from their pockets into yours. The better you
the Masses
can anticipate the behaviour of the masses, the better you’ ..

The markets often present a barrage of information. Sometimes it is

331. Sharpening Your Mental Edge just too hard to attend to all of it. And you not only have to attend to
it, but think about it, and make decisions based on it. You ..

The markets are closed on Monday. What are you going to do?
332. Remember to Celebrate: You
Hopefully, you are taking the day off. Whether it is “A Wonderful
Deserve It
Life,” “A Christmas Carol,” or “How the Grin ..

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In studying the genetic influences on height, Sir Francis Galton

333. Mean Reversion: When Prices Fail
compared fathers and sons. He reasoned that fathers’ height should
to Meet Expectations
predict sons’ height. It didn’t. Indeed, taller fa ..

Do you ever feel the pressure to perform? If you are making a short-
term trade during a hectic trading day, you may have trouble
334. A Quiet and Meditative Place
controlling your emotions. You may have a trading plan clearly spelt
ou ..

Working a typical 9-to-5 job can be monotonous. Many people just

335. Moving Beyond Mediocrity try to make it through the day. They can’t wait for their shift to end.
Some work settings are viewed as especially mundane. For exam ..

Throughout our lives, we look toward others to define ourselves. As

336. It’s About You and No One Else children, parents and teachers tell us whether or not we are doing
well. Significant others offered praise when we met their expecta ..

Trading can be a complex activity. A broad range of information

must be studied and integrated. Not only do you need to keep up on
337. Increasing Mental Capacity
possible news and factors that may impact the market action, but
you ..

You’re in the midst of a perfect trade. You entered where you had
338. The Disciplined Mindset planned, and you know when to exit. All you have to do now is wait
for the price to reach 53 and sell. But it’s not moving ..

Are you tired of facing setback after setback? Traders must be thick-
339. Minimizing the Impact skinned to keep trading over the long haul. It’s common to get
knocked down hard and have to quickly pick yourself up and tac ..

Performing with a peak performance mindset requires a close match

340. Matching Your Trading Goals To
between your overall profit goals and your skill level. But many
Your Skills
traders under- or over-estimate their trading abilities and pay a pri ..

During the trading day, there are often opportunities to make huge,
341. Fear of Leaving Money on the Table profitable trades. The trouble is finding them! Some traders are so
obsessed with looking for the ultimate opportunities that they s ..

Have you ever lost yourself in a trade? You focus intensely on your
342. Appreciating the Moment screen and wait for the ideal time to enter. You’re fully attentive as
you continue to watch your screen as the price creeps u ..

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When you’re under a great deal of pressure, it is easy to choke. You

343. Building Mental Momentum feel the stress, and when you’re on edge, it is difficult to make
decisions or to look at your current trading predicam ..

Have you ever picked up a magazine, like “GQ” or “Vanity Fair,”

344. It’s For the Money and glanced at the ads? Glossy, well-photographed pages show fast
cars, fashionable clothes, and the latest electronic gadgets, ..

Winning traders are disciplined. Discipline means controlling

345. Mood Repair: How To Do It and impulses and fighting the urge to abandon your trading plan
When It Works prematurely. Maintaining discipline is often easier said than done,
especially ..

If you want to be a winning trader, you must be optimistic, and truly

346. Mood Repair: How To Do It and
believe that you can win if you set your mind to it. Trading is a
When It Works
tough business. You have to make trade after trade, and many tim ..

Ben runs a trading room with would-be traders. Some of his

347. Getting Motivated and Ready to Go members can’t wait to trade. They love the game. But other traders
are rushed. They say, “All I want to do is learn how to trade, ..

In contemporary society, we are bombarded with media images. We

see luxury cars, designer clothes, and exotic vacation spots and
348. Motivating Images
picture how blissful we would feel if we had these prizes. If we
could ..

It seems so easy: Find a good setup, place a bet, close out the trade
349. Trading in a Higher Psychological
and take home the profits. It may seem simple, but trading profitably
Sphere
and consistently eludes most traders. Trading experts note t ..

Jack has had a bad day. Nothing seemed to go right. Every decision
350. Take Time to Recover he made seemed to lead to ruin. He bought at every top and sold at
every bottom. At the end of the day, he just couldn’t rela ..

Trading demands decisive action. Executing a successful trading

plan often requires that one make a quick decision when optimal
351. Don’t Hesitate, Move On
market conditions present themselves. But it is often hard to make
such ..

Who doesn’t want to be a brilliant trader? There are those elite

352. Taking on Greater Levels of Risk “Market Wizards” who have a rare talent for making huge profits in
a field where few can excel. It’s understandable why anyone ..

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If you’re like most traders, you struggle with losses. Your emotions
353. Learning To Let Go play tug of war in your mind. Losses are a fact of trading, however.
Even the best setups and the most reliable methods are n ..

Kyle has just embarked on a new trading career. He’s excited and he
354. The Multi-faceted Self Concept can’t wait to master the markets and make the huge profits he’s been
dreaming of. He confides to a friend, “ ..

While trading the markets, there are times when Murphy’s Law says
355. Fighting Murphy’s Law it all: “Whatever can go wrong, will go wrong.” Does this sound a
little too cynical? Perhaps, but only if you submit to pessimi ..

A confident, optimistic attitude is required to achieve lasting success

356. Don’t Be So Grandiose as a trader. Even solid, reliable trading strategies are fallible, and
one is bound to face losses. And for the trader without t ..

If pushed to do so, most trading experts can delineate the

characteristics of the ideal trader: intuitive, yet also logical and
357. The Natural Born Trader
objective; spontaneous, yet disciplined; genuinely confident and
open to ..

A common belief among novice traders is that one always needs to

358. You Don’t Always Need To Be
be right. Many believe that a trading strategy must always produce
Right
a profit. Although it is true that a long losing streak can wipe ..

Have you ever been stuck in a rut? All you can think about is how
behind you are and how hard it will be to come back: “I haven’t
359. A Fresh Start
made enough winning trades. What am I going to do? I’ll never ma
..

Sometimes trading with a winning edge is a matter of being able to

360. A Brand New Day identify those key moments when you don’t have it. As much as we
would like to always trade with a peak performance mindset, it ..

When your money is on the line, you have a strong need to be in

361. Giving Into the Markets complete control. The desire for total control is so powerful that
when we aren’t in control, we start to delude ourselves into th ..

The creative process is somewhat of a mystery, even to scientists

who study it. There are a few common characteristics that all
362. Seeing a Creative New Idea
creative persons possess (such as an openness to a variety of internal
a ..

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Jack is an engineer turned trader. He was the valedictorian of his

363. Accepting the Uncertainty of the college graduating class and was a successful engineer for about a
Markets decade until his company was bought out. He decided to pursue trad
..

Have you ever talked to people who traded stocks in the 1970s?
364. The Mindset of the Short Term
Many say, “I learned my lesson a long time ago. I put my money in
Trader
the markets and lost it. Never again.” In the 1970s most in ..

What are the latest headlines? Do they impact the markets? Well, it
depends. On Monday, October 17, 2005, here were some of the
365. The News of the Day
headlines that may have impacted you. GM reached a tentative
agreement w ..

Are you going to make any New Year’s resolutions for 2006?
366. Plans for the New Year Whether it is a personal or professional resolution, here are a few
tips for making your New Year’s resolutions a reality. Not to ..

Trading is much like playing a sport. You’ve got to find the right
moment, and when it happens to come along, you must act
367. Trying Not to Care
decisively. You can’t choke; otherwise, you’ll miss a major trading
opp ..

Jack has an optimistic attitude. He seems fearless. When asked why

he is so optimistic, he says, “I have nothing to lose. I’ve
368. Nothing to Lose
acknowledged the risks upfront, accepted them, and now, I can trade
w ..

Have you been making plans for the coming year? Have you been
369. What’s Next? trying to make sense of where you’ve been so far? It’s useful to ask
and answer a few key questions: Where have I been? Where ..

When you’ve got a big trade on, it’s hard to control your emotions.
370. Objectify the Trade It is difficult to forget that real money is on the line and that losing
your stake is quite possible. Humans naturally ..

Jim is a novice trader who is down $3,000 for the day. He thinks,
371. Don’t Take It Personally: Objectify “That’s a lot of cash. I could pay my living expenses for the entire
month with that. I need to win it back right now.R ..

372. Finding Objectivity in the Face of

Uncertainty Profitable trading requires an objective view of the markets, but
humans are easily biased. If prices were based solely on

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fundamentals, anticipating market prices would be a simple matter
of measurin ..

One of the biggest mistakes amateur traders frequently make is

373. Objective and Unemotional: The
letting their emotions influence their trading decisions. For example,
Ideal Mindset
the typical novice puts on a trade that is too large, and may not ..

The ultimate way to trade is with an objective, logical mindset. But

374. It’s Not Personal: Staying Detached
when your money is on the line, it’s hard not to allow your emotions
and Objective
to influence your decisions. When you are fearful and un ..

Traders are notorious for making the same mistakes over and over
375. Remembering the Obvious again. They abandon their risk limits. They sell earlier than their
trading plan dictates or hold on to losing trades too long. It̵ ..

In his book “All Too Human: A Political Education,” former

376. Accentuate the Obvious political operative George Stephanopoulos describes the motivating
forces in the “War Room” of the Clinton presidenti ..

Overconfidence is one of the most prevalent psychological problems

377. Overconfidence: Old Habits are
traders face. We’ve covered many different ways that traders can be
Hard to Break
overconfident in past columns: Overconfidence may reflect ..

The markets can be uncertain, and one of the best ways to cope with
uncertainty is to remain flexible and open. How do you react to
378. Flexible and Open to Change
change? Does it frighten you? Do you fall back into old habits or do
..

As with any challenging endeavour, the better you perform, the

more will succeed, and as a trader, the more profits you’ll realize.
379. Open to All Possibilities
How do you increase your performance? How does one change?
The ..

How flexible are you in your everyday life? When you are in a new
380. Winning Traders Are Flexible city, do you worry about getting lost or do you just go your own way
and assume that somehow and someway you’ll eventually get b ..

381. Don’t Self-Sabotage: Think There was no January Effect in 2005. No steady increase in prices
Optimistically and Take Advantage of on the last days of the year. Things looked a little gloomy at the end
New Market Opportunities of the year. The last day of trading for 2005 seemed to be a do ..

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Trading is rough business for many reasons. First, success is not

382. Persistence In the Face of
assured. Second, even when one attains success, it may be fleeting.
Uncertainty
The odds are against you as a trader, and only a select few can co ..

An on-going controversy among psychologists concerns the benefits

383. Unrealistic Optimism and of optimism. Some psychologists argue that optimism is always
Misperceptions of Risk beneficial, while other psychologists point out that extreme levels of
..

Trading can be fast-paced. As an active trader, you must sift through

384. Cool and Organized a barrage of information, from media reports to earnings statements
to unexpected national events. It’s hard sometimes to ma ..

In formulating his psychoanalytic theory of personality, Sigmund

Freud postulated two biologically deep-rooted instincts as the
385. The Origins of Self-Sabotage
driving forces behind all human behaviour: life instincts and death
inst ..

When your money is on the line, there’s a natural inclination to

desire complete control. You want perfect information and
386. Coping with Uncertainty
guarantees that every trade you execute will be a winner. Humans
are ri ..

When your hard-earned money is on the line, there’s a strong urge to

387. Don’t Overanalyze: Just Trade be extremely careful. After all, if you should make a mistake, you
could end up taking a huge loss, or worse yet, you could f ..

Are you having trouble mastering the markets? Do you have trouble
388. Learning to Defeat Past Learning
taking losses? Do you react to potential losses with fear or regret?
and Instincts
Do you find that you can’t seem to methodically execute tra ..

Ever make a slew of losing trades and just feel like giving up?
Perhaps you were just panicking for no good reason. You may have
389. Overcoming Big Setbacks
merely fallen for a pessimistic attitude that was enough to put you in
..

A winning trader is confident. It’s essential to have the proper

390. Walking the Tightrope Between
amount of confidence, however. If you are under-confident, you’ll
Confidence and Overconfidence
never be a winning trader, but if you are overconfident, ..

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You can’t trade the markets unless you have self-confidence.

391. Handling Unexpected Success and
Trading is a field where you’ll see setback after setback, and the
Controlling Overconfidence
only way to pick yourself up quickly and fight back is to ha ..

When it comes to trading the markets, nothing is certain. How do

392. Confident But Not Over-Confident you cope with uncertainty? Many traders are overconfident. Rather
than face the possibility of losses due to market uncertainty, they f ..

A widely popular belief in the field of behavioural finance is that

393. Overconfidence, Risk, and Rewards investors are “overconfident.” They put on risky trades that don’t
pay off, and in the long run, end up with a low ..

You’ve been watching a stock for three hours and you tell yourself,
394. Overconfidence: The Behavioral
“It seems to match perfectly to the first two waves of an Eliot Wave
View
pattern. I’ve seen this before and I’ ..

Overconfidence is ubiquitous among traders. There are several

395. Overconfidence: Cognitive
explanations for overconfidence, depending on the psychological
Information Processing
theory one uses to understand it. We’ve looked at overconfidence ..

You’ve been watching a stock for three hours and you tell yourself,
396. Controlling Overconfidence “It seems to match perfectly to the first two waves of an Eliot Wave
pattern. I’ve seen this before and I’ ..

Stan has been looking at his screen for the past 20 minutes. He is a
397. The Benefits of Under-Trading little tired and bored. He wants some action. He figures, “I might as
well buy a few shares of the QQQ. It is bound to go up ..

Have you ever sat looking at your screen for an hour and had no
398. Overtrading and Bad Ideas idea what to do? In the back of your mind, you start to think, “I
should be doing something.” As an active trader, you may b ..

Do you ever wonder if you secretly want to fail? It’s hard to believe,
399. Your Own Worst Enemy but some people do want to fail. They may not want to do better
than their parents, and secretly, they set themselves up fo ..

Jake is worn out. He has made trade after trade all day. After a solid
400. Finding Your Own Style six hours of searching for opportunities and executing the trades he
had developed before the open, he now can barely think strai ..

401. Working on Your Own Terms

Traders have the freedom to work for themselves and on their own
terms. Yet many traders have trouble remembering this fact. In a
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competitive world where most people define their self-worth based
on h ..

We’re always in a rush these days. There’s too much to do and not
402. In Your Own Time and On Your
enough time to do it. That’s the credo most people live by during
Own Terms
these uncertain and stressful times. Many novice t ..

When your money is on the line, it’s hard to avoid feeling a tinge of
403. The Calm, Perceptive Trader fear with every minute you’re in the trade. Some traders crack under
the pressure. They panic and lose the ability to ..

Have you ever been caught off guard in the midst of a trade? In an
404. Dealing With Panic instant, you may lose control of your emotions? It may not happen
all the time, but it does happen. Consider the basic scenario. You ..

Jake thought that he had it all figured out. He would buy 500 shares
405. In a State of Panic of a stock when the price hit 50 and sell when it reached 51. Maybe
it wasn’t the most thorough trading plan but it was a pla ..

When your money is on the line, it’s natural to feel uncertain and a
406. Paradox of Control little cautious. You don’t want to lose it. You want to take every
precaution possible to protect yourself. But there&# ..

Jack confides to his trading coach, “I think I’m paranoid. When I put
407. The Paranoid Trader on a trade, I feel as if the market is out to get me. It’s a problem. I’m
always on edge. I feel as if I n ..

It is the holiday season, a time to spend socializing with family and

408. Holiday Parties: Stay Humble and
friends. It’s tempting at those holiday parties to discuss how well
Quiet
your trading is going, but you may want to keep it quiet ..

In Mitch Albom’s “The Five People You Meet In Heaven,” the main
409. Passion in Everyday Life character, Eddie, spent his life as a maintenance worker at a seaside
amusement park repairing the rides, and ensuring ..

There are numerous examples of people who quit high-paying jobs

410. Money Isn’t Everything to follow their passions. A lawyer may open a café to fulfil a dream.
A CEO of a corporation may retire early to pursue a new career as ..

Why do people trade? The obvious answer to this question is, “For
411. Following a Passion for Trading the money.” It may be a no-brainer to some, but to the seasoned
trader, the answer isn’t always so obvious. When one ..

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Why do you trade? Most people would think it’s obvious. It’s for the
412. It’s Not the Money, But the
money, right? What many winning traders know, however, is that
Challenge
money is a poor motivator in the end. It’s much mo ..

Winning traders take decisive action. The decisions you have to

make to put on winning trades are crucial to success. Where do you
413. Conquering Passivity
enter? When do you exit? How much risk will you take on? Each of
thes ..

We are sometimes the victims of our past experiences, but it doesn’t

414. Overcoming the Past have to be that way. Mastering the markets requires one to make
trade after trade. Many times traders are executed flawlessly ..

In trading, timing is everything. Winning traders are patient. They

know how to control their impulses so as to act decisively at the
415. Patience is a Virtue
opportune moment. Rather than acting on a whim, they carefully
dev ..

Jack has just put on a $1,000 trade, which is 10% of his trading
416. The Winning Trader is the Patient
capital. He feels he needs this trade to be a winner. He needs to see a
Trader
huge jump in his account balance. He’s been trading for a ..

If you are like most people, you want to make a fortune, and you
417. Waiting Patiently For Your
want to make it now. It is a reasonable wish. Who wouldn’t want to
Financial Dreams To Come True
make enough money to make all their dreams come true? But such ..

Many seasoned traders say that cultivating a peak performance

418. Flow and the Peak Performance mindset is the key to trading profitably. For example, there are
Mindset moments when everything just seems to click. A trader is in tune
with the ..

Every time you make a trade, you put money on the line. To the
419. You Don’t Need to Be Perfect seasoned trader, money is just abstract “capital.” It loses some of its
significance. But to a novice trader, money represent ..

If you’re like most traders, you are in this business to make money,
420. Reach for the Sky, But Don’t
big money. In all probability, you are ambitious, independent-
Overdo It
minded and ready to take on the world. With this ambition usual ..

The New Year is a time to renew commitments, make big changes,

421. Making a Change and Making It
and live next year as if it is a new beginning. But changes are hard
Stick
to make. Despite the best-laid plans, it is difficult to make perman ..

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Life is often mundane. It can be drudgery, getting up early every

morning, dealing with the hassles of everyday life. And when you
422. Staging A Comeback
are worn out and fatigued, facing the trading day can seem like
climb ..

Trading is a profession where one must not give up in the face of

423. The Anatomy of Persistence adversity. “You’ve got to go into the trading day expecting to lose,”
is what some seasoned traders warn. It’s ..

The ideal trader personality style consists of a combination of

424. The Ideal Trader Personality:
experience, skill, knowledge, discipline, and intuition. The problem
Finding the Right Blend
with ideals, however, is that they sometimes exist only in our imag ..

When trading the markets, it often easy to make a big deal about
425. Viewing a Single Trade from the
nothing. We believe in the “must trade,” a trade we think we have to
Right Perspective
make, and unless we do, we feel that we missed out on ..

Joe tells his trading coach, “I’ve been paper trading for six months,
426. Pessimistic Biases and I’ve been right 85% of the time, but I still have trouble pulling
the trigger. It’s the 15% of the tim ..

Are you having a bad day? Has media coverage spoiled your trading
plan? Perhaps you are just feeling a little off? When you encounter
427. Pick Yourself Up and Move On
an unexpected setback, you can feel beaten down. You might be
temp ..

If you’re like most traders, you’ve made trades that you have
428. Don’t Plan to Fail regretted. Perhaps you misjudged the markets or acted on impulse,
but all you knew, in the end, was that you lost money, and y ..

Many amateur, online investors can’t wait to make trades and a lot
429. Taking the Plunge of them. Most of the trades are unprofitable, though, generating
commissions for the brokerage and providing sources of profits ..

To some extent, fundamentals drive prices, but in the end, the price
430. Trader as Pollster of a stock or commodity is largely a matter of opinion. Opinions
consist of “soft” data, data that is messy, flimsy, an ..

Jim has just made nine winning trades in a row. He feels as if he has
431. Considering All Possibilities his methods down and can trade profitably under any market
condition. Some might say that Jim is a little overconfident. He’ ..

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We have a strong need to make sense of our past. The thinking goes
432. It Makes Sense When You Think
something like this: If we can make sense of our past, we could
About It, Doesn’t It?
predict our future. This kind of thinking is especially true in tradi ..

One way to cultivate a winning mental edge is to have an accurate

433. Power and Control perception of what you can and cannot control. There’s a powerful
human desire to believe that one can have complete control ove ..

Two common sayings worth following are “Accept what the

434. The Difference Between What
markets give you” and “Don’t impose your will onto the markets.”
Should Happen and What Does Happen
As a dominant species, humans are used to control ..

Maintaining self-control and discipline is one of the most essential

435. Self-Control Takes Practice skills required for financial success. There are many ways that
traders, especially novice traders, can lose self-control. They may ..

Whether you are a novice trader facing one of your first losses or a
436. Preparing for Losses seasoned professional experiencing a severe drawdown, no one likes
to lose. Losses hurt, psychologically and financially. Although ..

It’s an hour after lunch and you find yourself staring at your screens,
437. Under Pressure frozen, unsure of what to do next. You feel the pressure to perform.
You haven’t made a winning trade all week. The ..

Pride has been the downfall of many traders. Pride is a powerful

emotion. We feel pride after making a significant achievement, and
438. Too Proud to Think Clearly
we are especially proud when the achievement has increased our
socia ..

The focus on the Olympics should remind us that it isn’t the prize
439. It’s the Process that Matters, Not the
that matters, but the process of how you won it. Olympic athletes
Prize
practise most of their lives to perform at their best at that ..

Winning traders look at their odds of success objectively. Decisions

440. Your Mood May Bias Your
are best made in a cool, calm and rational manner, but research
Estimates of Success
studies have demonstrated that probability estimates are often bias ..

Successful traders think in terms of probabilities. Rather than

looking at the outcome of a single trade by itself, they view it as
441. Thinking in Terms of Probabilities
merely one outcome among a set of outcomes. They believe that ov
..

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Trading is a tough business. Less than 5% of those who attempt

442. The Unbridled Quest for Profits trading realize enduring success. With those odds, it’s not surprising
that novice traders feel they must devote 100% of their time ..

The winning trader is not beleaguered with anxiety, conflict, and

443. The Proper Mindset indecision. The winning trader trades freely and effortlessly. Traders
are similar to star athletes who perform at their best, or musi ..

It is a muggy day and Skips can’t seem to do anything right. He has

444. A Little Extra Protection Goes a
fumbled around all morning. He didn’t sleep well last night. He’s
Long Way
tired, and he is tempted to just quit for the day, drink ..

Are your profits down lately? Has the novelty and excitement of
trading worn off? Are you looking for reasons to stay in the
445. Psychic Income
business? You might want to consider how much psychic income
you make from ..

In a deep discussion with his trading coach, Jack confides, “I win

446. The Extra Weight of Psychological
sometimes, but when I lose, I lose big.” His coach asks, “Why are
Baggage
you putting on big trades? Do you see a high prob ..

There are times when trading profitably requires an accurate gauge

447. The Masses Can Be Right…
of mass opinion. It can be useful to find out what the masses think
Sometimes
and follow them. Well, sometimes it’s useful. The dynamics of a ..

In systematic studies, psychologists have discovered that peak

448. For the Pure Love of the Game performers have a true passion for what they do. Whether it’s art,
sports, or business, the folks at the top are not primarily moti ..

It is a muggy day and Skips can’t seem to do anything right. He has

449. A Little Extra Protection Goes a
fumbled around all morning. He didn’t sleep well last night. He’s
Long Way
tired, and he is tempted to just quit for the day, drink ..

Have you ever fallen out of bed early in the morning and just
450. Trading With Purpose wanted to crawl back under the covers to avoid facing the stresses
and strains of the markets? Perhaps you’ve been making trade afte ..

When the defensive linemen go out onto the playing field, they
451. Putting Up a Strong Defense make sure they have helmets, facemasks, shoulder pads and other
protection. The opposition is often formidable and there’s no reaso ..

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Trading is fast-paced. The markets can move rapidly, and it is

sometimes necessary to react quickly and correctly. Depending on
452. Quick Decisions
your experience and natural inclinations, however, making the right
deci ..

Did you ever watch those old Rambo movies where he was able to
think quickly on his feet and perform remarkable feats? It was more
453. Rambo Trader
cartoon than reality, but we often hold ourselves up to such fanciful
..

As you trade, do you ever just think, “It’s all just random, why even
454. Beliefs About Randomness: Do
bother trying at all?” If you passively think you have no control, you
They Impact Profits?
may end up making less money according to ..

Bill went to bed early last night, woke up early, and is excited about
455. Psyched Up and Ready For Action starting the trading day. It’s a cool, sunny day, and Bill can’t help
but feel rejuvenated. After a quick run, he can ..

One of the biggest obstacles to achieving a goal is having an

456. Thinking Realistically, Even If It
unrealistic plan, a plan that is unlikely to work even with luck on
Hurts
one’s side. It may seem a little cynical, but trading is a profe ..

When you execute a trade, you can’t let your confidence waver. It’s
457. Realistic Levels of Commitment just like when a professional athlete tries to make a winning play.
He or she can’t suddenly lose faith and back o ..

Common sense tells us that prudent decision-makers are realists,

458. The Utility of an Optimistic
rather than people who deceive themselves into believing that false
Outlook
perceptions are actually true. The markets are one place where the ..

Earl just quit his job. He’s going to trade full time. But his wife is
459. Realistic Goals, Realistic Profits sceptical. “How are we going to survive? We need to have $100,000
a year to maintain our standard of living,” s ..

Trading isn’t easy. The winning trader must continually search for
460. Optimistic Yet Realistic trading strategies that will produce a profit, and it seems that after
one strategy is discovered, it stops working, and the se ..

Winning traders are calm and relaxed. They don’t put unnecessary
461. Calm, Relaxed, and Ready to Trade pressure on themselves, stress themselves out, and then crack under
the pressure. They don’t believe that they must succeed ..

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The human mind is capable of vast abilities. When you are relaxed
462. Realistic and Ready to Trade late at night, sitting in a hot tub, and dreaming of what your future
might be like, it’s easy to imagine that you are a super-t ..

Trading is risky. There are times when you have almost no evidence
463. The Need for Reassurance to put on trade but your gut instinct. For some traders, gut instinct is
enough validation to put on a trade. Others, however, need m ..

It’s inevitable. There’s a point where even a seasoned, master trader

464. Rebuilding Momentum faces a losing streak. The difference between a seasoned trader and a
novice, however, is that master traders know how to get ..

Stress is ubiquitous in modern life. Trading is especially stressful.

465. Reduce Stress During the Trading
How stressed out are you during the trading day? Do you have a
Day
short fuse? Do you find yourself getting a little more frustrated o ..

Novice traders describe a common ailment: “I don’t know what it is,

466. Conditioned Reflexes but I can’t stick with my trading plan. I try to stay calm, but when I
see the price fall, I panic. I close my pos ..

Have you ever had a bad day when nothing seemed to go right, a
day where it seemed as if every decision you made was wrong?
467. Controlled and Relaxed
Perhaps you bought at every top and went short at every bottom. Or
you panic ..

At the end of the year, it’s tempting to examine the events of the past
468. Making A New Beginning year, learn what you can from them, and start the New Year feeling
that you can tackle anything the New Year throws at you ..

In his study of genetic influences on height, Sir Francis Galton

469. Mean Reversion: Missing
compared the height of fathers to the height of their sons. He
Expectations
reasoned that if height did have a genetic basis, fathers’ height ..

Have you had one of those days where nothing went right? Perhaps
470. Regaining Poise, Focus, and you thought that Monday’s malaise would drag into Tuesday but
Profitability unexpectedly saw the markets surge. Perhaps you were a little unpre
..

For many, New Year’s Day is a time of psychological rebirth. It is

471. The New Year: A Time for
time to forget our past defeats and get ready to focus on new
Psychological Renewal
challenges. But for some people, it’s hard to put aside the ..

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Market action is powerfully influenced by fear and greed. But fear

472. Disappointment and Regret: The
and greed aren’t the only emotions that influence market decisions.
Other Trading Emotions
Other emotions, such as disappointment and regret, can also ..

Jason has been holding a position in Dell Computer for the past
473. Seeking Pride and Avoiding Regret month. It’s been doing well so far, and earnings forecasts suggest
profits, in part due to sales in new markets. On the other ..

Jim is mulling over a bad trade he made yesterday. He thinks, “I

474. Controlling Disappointment and
wish I didn’t make it. I’ve lost so much of my capital that I’ll have
Regret
to work extra hard to recover.” As ..

Consider a tale of two brothers, Allen and Jason, who decided to go

long on Home Depot last January. Although they both made the
475. The Dynamics of Regret
same decision, they did so for very different reasons. Allen bought
..

Fear and greed drive market action. We enthusiastically put on

trades when we think a huge profit is assured, but when we see the
476. When Regret Motivates
market shift dramatically, we get out as quickly as possible. We fear
..

Humans have basic instincts for survival. They need to protect

477. Reprogramming Your Instincts themselves at all costs. Technically, an instinct is inborn, such as the
drives for hunger and sex. But humans are complex creatures in t ..

Traders face setback after setback, but they never feel beaten down.
478. Resilient and Ready For Profits They recover from a setback quickly and are ready to tackle their
next challenge with enthusiasm. Not all traders can take setbacks ..

Jim has lost a bundle in the last six weeks. He was riding high at the
479. Don’t Seek Revenge end of 2004, but when the New Year started, he couldn’t get his act
together. He hasn’t been trading very long, but h ..

Trading isn’t always rewarding, at least in the traditional way we

480. Don’t Forget to Reward Yourself view monetary rewards. When one works a traditional 9-to-5 job,
for example, he or she puts in 40 hours and gets a paycheck. An ..

Responsibility and respect are the bricks of a successful foundation,

481. Everyone Needs R & R yet practically no one ever talks about it. Still, they represent two
critically important components in our trading careers and ..

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Losing weight. Quitting smoking. These are just some of the

482. New Year’s Resolutions: How to
common resolutions people make on New Year’s Day. Did you
Keep Them
make any New Year’s resolutions? If you did, you’re not alone. M ..

Despite what most people think, there are times when we just aren’t
483. Riding Through the Downers at the top of our game. We try to put on a trade, but our heart just
isn’t in it. What do you do when this happens? Do y ..

Today marks the start of the holiday season. During this time of
484. Don’t Stress Out: Rest Up During
year, many people have extra responsibilities and hassles. There are
the Holidays
holiday parties to attend, family obligations, and holiday shoppin ..

There are times when everything goes wrong while trading the
485. Mad and Ready for Action markets. If you aren’t ready for a barrage of mishaps, however, you
may feel frustrated, and if you are tired and worn out, you may e ..

Sometimes success is a matter of making the most of a few key

486. Rested, Relaxed, and Ready for the moments. Those hoping to gain acceptance to a prestigious college,
Market Action for example, must perform well for a few key moments on a
standardized ..

The mind is similar to a muscle. When you go on a long run, for

487. Take a Break, Relax, and
example, you soon run out of energy. You can’t go any farther. Your
Rejuvenate
muscles begin to ache and you need to take a rest and recupera ..

Jack has just lost $1000 on a trade that he thought was a sure
488. Curbing a Vengeful Spirit winner. He’s frustrated and angry. He thinks, “I want revenge.” In
the back of his mind, he wants to get even with some ..

If we had a choice, we would all want to become an overnight

489. Setting the Right Goals: It Makes
success. But unless you win the lottery, it is unlikely that you will
All the Difference
become wealthy that quickly. If you are like most traders, it will ta ..

Trading the markets requires cultivating the right mindset. You must
490. The Right Mindset be relaxed, logical, perceptive, and ready to tackle anything the
market throws at you. Unfortunately, this sounds much easier than ..

Jack woke up later than usual this morning. He didn’t sleep very
well, worrying all night about two big losing trades he made
491. Finding the Right Mindset
yesterday and kicking himself for trading too impulsively. Today, he
..

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Many traders view risk management as critical to long-term success.

492. Is Risk Management Really
Consider what a couple seasoned traders told our Innerworth staff
Important?
about risk management. Mark said, “You can have a crummy tra ..

To risk or not to risk, that is the question. One has to risk money to
493. To Risk or Not to Risk make money. Is it better to survive losing streaks and risk small
amounts of capital on each trade, or risk a lot of capital ..

When it comes to trading, it’s not whether you win or lose, but how
494. Cut Your Losses much you make on a winning trade compared to how much you lose
on a losing trade. If you can cut your losses and move on, you& ..

Winning traders must identify profitable trading strategies. It’s a

495. Searching for a Winning Strategy creative process. Much like scientists find evidence to support a
theory, traders must formulate hypotheses and determine whet ..

It’s impossible to make money as a trader without taking some risks.

496. Protecting Your Interests You’ve got to risk money to make money. But if you take
unnecessary, or extreme, risks you may not survive to trade in ..

One of the few undisputed facts of trading is that you must risk
497. Taking the Risk and Living with the
money to make money. The risk would be easy if we were assured a
Consequences
successful outcome, or if we didn’t care. (Gomez Adams, the patr ..

Tom has often heard the sage advice, “Cut your losses early, but let
498. Risk Aversion: The Trader’s
your winners run.” He has trouble following it, however. Based on
Fundamental Handicap
his experience, he thinks letting your winners run is ..

There’s nothing more thrilling than anticipating the markets and

499. Always Manage Risk making a huge profit off of a trade. Not only do you feel on top of
the world for getting it right, but the feeling of security f ..

Trading is synonymous with risk. Shorter-term trading isn’t about

500. Accepting Uncertainty and Risk using a buy-and-hold strategy and minimizing risk by holding an
investment over years. Short-term traders capitalize on volatili ..

Trading is risky. Depending on your personality, you may be

extremely intolerant of risk. Most people avoid risks at all costs.
501. Accepting and Reducing Risk
Humans had to make prudent decisions in order to survive and
evolve. Eve ..

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In “The Aviator,” Howard Hughes isn’t afraid to take risks. As a

502. Taking Risks and Reaping Rewards young man, he produced innovative big-budget movies, made
groundbreaking business deals, and set new aviation records ..

A trader must have discipline. One must develop a scrupulously

503. Risk Seeking: A Lack of Discipline
detailed trading plan and strictly follow it. The more detailed the
May Be Personal
trading plan, the better. When every single detail is carefully spelt ..

Would you rather have a job that pays a low salary but provides a
504. Security or Excitement: Which Do steady income or a high paying job that may not be around next
You Prefer? year? The answer to this question reveals a lot about your preferred
tr ..

The winning trader doesn’t care what anyone thinks. Trading is

505. Rock Solid Confidence about him or her, the markets and nothing else. The only opinion
that counts is his or her own. There is freedom in holding such an ..

The movie “Rogue Trader” illustrates how psychological motives

506. Rogue Trader: Hiding Out From
can be the downfall of any trader. Nick Leeson was a young trader
Yourself and Others
out to prove himself. His trouble started when a young memb ..

Trading demands rock-solid confidence. You’ll tend to see many

507. Don’t Get Stuck in a Rut: Get Out
more losing trades than winning trades. And when you hit upon a
Fast
short losing streak, it is vital that you don’t get too bogge ..

Sometimes we are our own worst enemies. Many traders believe

508. Self-Sabotage: Identify the that there’s a strong tendency to sabotage our own efforts.
Tendency Early Consciously we want to succeed, but unconsciously our psyche
wants to fail. W ..

Over the three-day weekend, Jim received a call from his friend
509. The Right Place at the Right Time Andy. “Hi Jimmy, did you take a look at Google last week?” Jim
replied, “It was a rough week for my short positions. I ..

Is being a pessimist all so bad? Popular inspirational books, such as

510. Rosy Glow Optimists Versus
The Power of Positive Thinking imply that optimism is “good” and
Defensive Pessimists
pessimism is “bad.” This view sometim ..

How would you prefer to spend your weekend? Would you like to
511. Risk Tolerance: How Much Safety go skydiving or visit the museum? If you fit the stereotype of a
Do You Need? short-term trader, you would prefer to go skydiving to the museum.
But st ..

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Issue

Humans don’t like taking chances with their money. If given the
512. Relatively Safe Trading choice, they would take a sure thing rather than a gamble, even if it
meant making relatively little profit. What do you think mos ..

Market decisions are often driven by fear and greed, especially for
513. Detailed Trading Plans: The
the novice trader. When your money is on the line, it’s natural to feel
Ultimate Safety Net
fearful when the market goes against you. Anything you ..

Have you ever looked at the performance records of top hedge fund
514. Running Hot and Cold managers? It’s interesting to see how much they fluctuate month to
month. Sometimes they may be up 15% while at other times, the ..

The pits at the exchange are exciting. Traders frantically move about
515. The Rush of the Pit the floor, buying and selling. It’s exciting to watch. You can feel the
energy and it can psych you up just by watching. Wel ..

Jack is stuck in a severe psychological slump. He has been making

516. Caught in a Psychological Slump losing trades all week. He feels frustrated and he just doesn’t want
to make another trade. He thinks, “Why bother trying again? I ..

Steve has just made a losing trade. Although he’s only down 2%, he
517. Rumination: Don’t Make Losses
can’t stop thinking about it: “What did I do wrong? How could I
Even Worse
have prevented this loss? What am I missing here? W ..

Do you have trouble following your trading plan? Many novice

518. Beliefs About Money: A Possible traders do. They develop a plan with specific guidelines as to when
Source of Self-Sabotage to enter and when to exit. The night before it all seems so clear,
what ..

The winning trader is a disciplined trader. Disciplined traders devise

519. Discipline in Everyday Life very detailed trading plans. And they use them. They don’t
prematurely abandon trading plans. Once a trade is executed, the ..

It’s almost impossible to have rock-solid confidence as a trader.

520. The Doubting Trader Sure, some traders can’t be thrown off track very easily, but it’s
natural to feel a little afraid occasionally. Let ..

Successful people set high goals and make specific plans to achieve
521. Setting Goals them. Goals can be motivating. The more specific you set a goal, the
better. Abstract goals often seem impossible to achieve and are ..

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Few traders become consistently profitable. Some may achieve early

522. The Drive To Succeed success, but it is often short-lived. Others may hit upon a winning
streak, but eventually, the streak ends. It is a hard fact to adm ..

Learning to master the markets can sometimes seem like climbing a

523. Sure and Steady Progress tall mountain: You know it can be done, but you don’t know how to
do it, or whether you could do it if you had to. The task may ..

On the popular sitcom, “That ’70s Show,” Eric asks his father, “Bad
524. The Thoughtful and Aware Trader things always seem to happen to me. Why do I have such bad luck?”
His father replies, “Son, you ..

Jim is having trouble trading consistently. His account balance rises

525. Increasing Self-Control and falls sporadically, and he experiences a rollercoaster of
emotions. He plans his trades, but he doesn’t stick with his p ..

If you’re like most traders, you’ve worked long and hard to build up
526. Cutting Emotional Strings That
trading capital. Putting it on the line, even small amounts at a time
Bind Losses to Ego
can be difficult. But losses are commonplace in t ..

Jack has been having a bad month. He can’t seem to make a winning
527. The Self-Fulfilling Prophecy trade, and it is gnawing at him. He is starting to panic a little. As his
account balance diminishes, he decides to take precaut ..

Successful traders are disciplined. They are calm and rational. They
528. Dynamics of Self-Control don’t let emotions like fear or greed unduly bias their decisions.
They formulate well-defined trading plans and are able t ..

Are you having trouble sticking with your trading plans? It’s a
common ailment among novice traders. There are a variety of
529. The Self Control Experiment
reasons for abandoning a trading plan. Newbie traders, for example,
ma ..

The best traders are not self-conscious about their mistakes. They
530. Shifting Gears don’t regret past mistakes or worry about the future. They live in the
moment and are ready to take new chances to reach new he ..

Novice traders often hold an erroneous belief that traders are

natural-born, and thus, by instinct, they can handle anything the
531. I Should Have Known…
market throws at them. Natural born traders see good trade setups
insti ..

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Have oil prices stabilized? What’s the impact of the Federal

532. Sifting Through the News Reserve’s decision on interest rates going to have on stock prices?
Will a slump in housing sales lead to a severe economic slo ..

In our everyday lives, there are some numbers that hold

significance. When we turned 16 years old, for example, we could
533. The Search for Significance
earn a license to drive. When we turned 18, we were allowed to
vote. When we tu ..

Winning traders are disciplined. Does this mean that they never
534. Slips Can Be Expected “slip” while trying to follow a trading plan? Not necessarily. It’s
hard to maintain discipline, and you’re huma ..

Trading is much like learning a risky sport, such as motocross,

535. Taking Slow Easy Steps skateboarding, or skiing. In these sports, you play by yourself and
try to stretch the limits. But if you try to perform beyond your ski ..

Jake has just made three losing trades in a row? He decides he is in a

536. Are You Really In a Slump? slump and is now worried that he can’t get out of it. But is he really
in a slump? Perhaps he’s just panicking for no ..

Despite what we might wish for, it’s hard to make profits month
537. Surviving a Slump after month. Even established hedge fund managers have months
where they fail to make a profit. It’s a fact of trading: Ther ..

Ask many seasoned traders to describe their most profitable trade,

538. Small Things Matter Too and you’ll hear a fantastic story. It’s usually purely serendipitous.
For example, they may have been going long on a lar ..

Seasoned traders know how to turn losses into gains. They don’t
539. Self-Monitoring: Facing Facts and
mull over past defeats or trading losses. Instead, they use the setback
Taking Action
as a motivator, an opportunity to hone their skills, grow, ..

This week, “Time” magazine published their list of the world’s 100
540. Socially Responsible Investing most influential people. On the list is Amy Domini. She runs the
$1.5 billion Domini Equity fund, one of the oldest ..

Trading is a stressful business. When you are in a trade, your money

541. Enhancing Performance Through
is at risk, and you repeatedly face the possibility of losing
Social Support
substantial amounts of trading capital. If you are a novice trader, t ..

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Professionals at the top of their fields maximize their psychological

542. The Sporting Life resources. Professional athletes have known this for decades, and
top traders are learning that consistent performers are in top ..

543. The Standard Error: Why the On classic episodes of “Star Trek,” Captain Kirk often asked Mr
Opinion of the Masses Can Never Be Spock, “How far away is the target?” In his typical reply, Spock
Measured Precisely gave the exact distance down to at least the fifth deci ..

High personal standards are the hallmark of success. Unless one

544. High Standards: Can They Ever Be
strives to move beyond one’s comfort zone, he or she will never
Too High?
achieve greatness, and when it comes to trading, you aren’t ..

When navigating through the minefields of the trading day, it’s vital
545. In a Trading State of Mind to stay calm and optimistic. There can be days when you have to
overcome setback after setback, and unless you’re ment ..

If you’re like most people, your moods change throughout the day.
546. In a Trading State of Mind 2 There are times when you are extremely energetic and optimistic.
You feel like you can do anything. You are in an optimal state ..

How often have you stared at a Level II screen and/or a five-minute

547. Stay Detached from the Outcome of
chart of the stock you are trading—and your heart leapt or sank with
Your Trades
every tick up, or down? Maybe, in the midst of a winning tr ..

Top traders are brutally honest about their performance. There’s a

548. Stay Objective powerful tendency to assess our trading performance in a self-
serving way. We want to feel good about ourselves, so we tend to ..

Successful traders have learned how to make trades in a carefree,

549. Stay Calm, Relaxed, and Ready:
relaxed, and focused manner. They don’t put unnecessary pressure
Don’t Crack Under Pressure
on themselves, stress themselves out, and then crack under the ..

Image is everything. We are bombarded with advertising images on

radio, television, and more recently, on our computer screens. These
550. The Advertiser’s Dream
images work on both conscious and subconscious levels. We see an
a ..

Jason has been following a company stock for the past year. It’s a
551. Stereotyped Trading great company with solid management, high sales growth, and
consistently high earnings. It is in a booming industry sector and ..

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Novice traders often report that they have difficulty sticking with
552. Sticking to the Plan their trading plan. There are many possible reasons. A common issue
is not having a clearly defined plan. When a trading plan is not ..

Making a profit in the trading world is hardly a sure thing. How you
553. Seeking Out Protection In a Risky
deal with this fact of trading, though, depends on your personality.
World
Some people take risks in stride, while others obsess over the ..

Would you ever think of jumping out of an aeroplane without a

554. The Psychology of Stops parachute? Of course not, but that’s what some people do when they
trade the markets. They are very willing to put their money on th ..

Many traders underestimate the influence of stress. Stress is not only

555. Stressed Out and Vulnerable a psychological reaction but a biological response as well. When
you are stressed, your body reacts instinctively. You are agitat ..

Winning traders have learned to handle extreme levels of stress. The

556. The Mentally Tough Trader markets are chaotic and unpredictable; in other words, they are
stressful. The mind has limited resources, and when you feel stress ..

Trading can be hectic. Your ability to generate profits depends on

how well you navigate the markets, and the markets are often
557. The Stress Free Trader
unpredictable and uncertain. Many traders find the sense of
uncertainty ..

Trading is stressful. There are times when you must make trade after
558. Controlling Stress Ensures Lasting
trade in order to get the odds to work in your favour. When market
Success
conditions are in line with your methods, it can be pleasing to ..

Perhaps one of the reasons trading is so difficult is that it often

559. Are You Stressed Out? requires one to look for trading opportunities during off-hours and
make trade after trade during the trading day. It can be tedious ..

After an extra-long commute in rush hour traffic, Jim arrives at his

560. Controlling Fear through Stress
trading office an hour late. He’s groggy and uneasy. He had an
Prevention
argument with his wife after dinner yesterday and had difficul ..

When it comes to trading, profitability is frequently equated with

561. Striving for Consistency consistency. The novice trader is often inconsistent in terms of
profits. This inconsistency is reflected in a jagged equity curve th ..

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Do you have trouble pulling the trigger? Do you doubt your

decisions, or close out a trade before your trading plans come to
562. Stuck and Paralyzed
fruition? Do you over-analyze data and end up missing a major
market move? ..

The human mind has remarkable abilities of imagination. If we can

563. Finding the Right Fit Between Your
think it, we can make it happen. Well, that’s what we like to believe.
Personality and Trading Style
There are a few lucky people in this world who can do any ..

Winning traders have a mental edge compared to their peers. Part of

564. Does Your Personality Style
developing your mental edge is becoming aware of your personality
Influence Your Trading Decisions?
and working with it, or around it, depending on what it is. Person ..

In a classic study in psychology, Dr Robert Zajonc discovered that

565. Subconscious Influences on Trading people are often influenced by subconscious thoughts outside their
Decisions awareness. He showed people pictures and objects without their con
..

Psychological factors play a vital role in maintaining long-term

success. Many people believe they should devote all their energy to
566. Staying Successful
achieving one goal. Some traders, for example, believe that they sh
..

Stan is holding a position that has lost 20% of its value in the last
567. Sunk Cost Effect week. He can’t believe how wrong things are going. He spent two
weeks studying the fundamentals of the company. He monitored ..

Have you ever put your time and money into a project and received
568. Sunk Costs in Everyday Life and in
nothing for it. Perhaps it’s a classic car you’ve been meaning to
Trading
restore that’s been sitting in the garage for 10 years or your ..

You’ve invested 25% of your capital in a stock that your analysis

569. Sunk Costs had predicted would increase. Your expectations haven’t been
supported, however. The price has been steadily declining ..

Stan has been following Apple (AAPL) for the past two years. It’s
570. The Influence of Sunk Costs his most favourite stock in his portfolio. He loves the products and
likes the company. He anticipates new product announcements ..

In a strong bull market, like one of the late 1990s, you could buy a
571. Going Your Own Way stock, wait a few weeks, and sell for a profit. During a strong bull
market, trading can be relatively easy. You can erroneously th ..

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The financial markets are in constant flux, and in the past few years,
572. Support and Resistance: More Solid we’ve seen many changes. The reasons are numerous; the
than Ever availability of online investing, new government regulations, and te
..

Jim is a novice trader who has hit upon a winning streak. He can’t
573. A Little Too Big Headed seem to lose. Every trade he makes is a winner. He naturally starts
thinking, “I’m a natural-born trader. I’m ..

Are you the kind of person who feels butterflies when you’re about
574. Can’t Pull the Trigger: There Are
to execute a trade? Perhaps you’re a little nervous because you don’t
Alternatives
have enough experience with trading, or maybe ..

Trading involves coping with uncertainty. There are potentially

575. Taking Responsibility and Taking endless factors that may go against your trading plan. For example,
Control your DSL line may go down at a critical moment, an analyst may
predi ..

How do you go about understanding your trading outcomes? Do you

576. Looking Inward and Gaining
feel that it is all about you, that personal factors, such as hard work,
Control
talent, or ability are primarily the reason? Or do you tend to ..

When learning any new skill, one needs to find the right balance
577. Take It Easy: Work Around Your between pushing oneself to the limits and setting realistic
Natural Inclinations expectations and goals. But whatever tact you take, you must work
with what ..

We are all proud of the skills we develop as traders. We work on

578. Develop Your Skill Set: Taking a
execution skills with enthusiasm, practising speed and precision. We
Loss
pour over charts for hours, study indicators and oscillators and p ..

As traders, we’ve all experienced a memorably bad day when

nothing seemed to go right. In fact, it may have seemed as though
579. Take Profits and Relax
every decision we made could not have been more wrong, even if
we had a c ..

A fundamental truth of trading is that one must take full and

580. It’s Not My Fault: Why It’s So Hard
complete responsibility for both failures and successes. It’s easy to
to Take Responsibility
take credit for a winning trade, but a losing trade? Our first ..

581. The Need to Take Risks

There are many ways to trade, and traders can have as many
different kinds of personality traits as there are ways to trade

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profitably. But if you want to trade chaotic, fast-paced markets in
the shor ..

After carefully studying the fundamentals of a tech stock, Jack

decided to buy 1,000 shares at $60 a share. After a recent product
582. Staying On Target
announcement, however, it traded at $64. Although it was higher
than ..

There are times when going with your “gut” instinct can be
583. Testing Your Intuition shrewdly accurate, but at other times, your instincts can be dead
wrong. The human mind is capable of making decisions without fu ..

During Thanksgiving dinner, Jack tells his wife, “What do I have to

584. Happy Thanksgiving be thankful for? I’ve made a bunch of bad trades all last month. My
life could be going a lot better than it is.” ..

Trading requires getting in the zone; it’s a flow experience. When

585. A Long and Winding Road seasoned traders place their trades, all their attention is focused on
the trade. Their experiences are heightened and everythi ..

“Trading is like gambling.” Some say trading “is” gambling, but for
586. The Gambling Analogy: Consider
now, let’s just focus on the proposition that trading is analogous to
the Advantages
gambling. An analogy is a compar ..

It seems so easy: Find a good setup, place a bet, close out the trade
587. The Intrinsic Rewards of Trading and take home the profits. Enduring trading success is easier said
than done, however. Trading experts note that even those trader ..

In the 1970s, Dr Martin Seligman conducted an influential

experiment in which he taught laboratory animals to become
588. Thinking Optimistically
helpless upon encountering seemingly hopeless situations.
Laboratory animals were p ..

Have you ever driven in rush hour traffic in the rain or snow?
During dry weather, people cut you off, assuming that you can stop
589. Third Eye View
in time. You can probably slow down safely in dry weather, so it
isn&# ..

The expectations you hold about where your trading career is going
can have a powerful impact on what you do and how you do it.
590. A Tale of Three Traders
Consider three traders, Jake, Steve, and Paul. Each has a different
outl ..

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Have you ever been on a diet and eyed a piece of chocolate cake?
591. The Thrill Seekers Or perhaps you had decided to cut back on expenses, but couldn’t
resist buying a new pair of shoes. We all have our addictions, w ..

To the masses, trading sounds exciting. What can be more thrilling

592. Fighting the Urge to Seek Out
than taking a small stake and turning it into a fortune? When you
Excitement
start doing some basic math, and after you hear a few war stories f ..

“Time is money.” These are words to live by when you’re a trader.

593. The Efficient Trader There’s only so much time in a day to get everything done, and if
you don’t work efficiently, and spend ..

Cultivating a positive mindset requires stress management. The less

594. Time Flies: But It’s Only Fun When
stress you feel, the more energy you can devote to trading in a peak
You Get Work Done
performance mental state. Time pressure is a significant source ..

When you look at a chart, what time frame do you look at? Do you
595. Be Receptive to Multiple Time
prefer a one-time frame to another? Many novice traders believe
Frames
there is only one “right” time frame, and often ask, “ ..

There just isn’t enough time in a day to get everything done. This is
596. Manage Your Time especially true when it comes to trading. There are numerous trading
strategies, and you can easily run out of time if you t ..

There are critical moments in trading where timing is everything.

597. Timely and Decisive Action When all the signals are in line, you can’t hesitate, second-guess
your trading plan, or wait for further confirmation. If you w ..

Winning traders know how to tolerate risk. Trading outcomes are far
598. Risk Tolerance: Knowing Your
from definite, but they don’t mind. They have no problem putting on
Limitations and Working Around Them
trade after trade and doing so with grace and nonchalance. ..

When it comes to trading the markets, nothing is certain. How do

599. Confident But Not Over-Confident you cope with uncertainty? Many traders are overconfident. Rather
than face the possibility of losses due to market uncertainty, they f ..

What’s the optimal way to pick a stock? Should you use a top-down
600. Top Down versus Bottom Up Stock
approach, where one evaluates the broader economic trend before
Picking Strategies
considering an industry, and then, a specific stock? Or should y ..

601. Building Emotional Toughness

Psychologist James Loehr (1997) argues “emotions run the show.”
They drive everything. “The stock market is not driven nearly as
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much by world events as by how people respond emotion ..

Many traders work under the assumption that “a real trader always
602. Knowing When to Walk Away trades, no matter what.” But seasoned traders will tell you that it’s
vital for one’s survival to know when to ..

The winning trader is cold, calculating, and logical. It is vital to

603. Controlling Your Trading Emotions control your emotions, rather than let them interfere with your
trading decisions. It has often been said that fear and greed are t ..

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