Trading on Target: How to Cultivate a Winner's State of Mind

YOU ARE AFRAID OF BEING WRONG AND/OR AFRAID TO FAIL

Making choices to become a trader, to settle on a particular strategy, to risk hard-earned money is not comfortable for many because they could be wrong about their choices. Being wrong and learning how to self-correct is not part of how many people operate. It is just too uncomfortable. Someday, which does not exist as a day of the week, becomes their mantra.

I met Allen six years ago at a trading conference. Since then, he has been returning to my booth as a loyal follower ever since. He was a “Someday” kind of “wanna-be trader” for a few years. Then he was a “getting close to kind of trader,” then an “almost there kind of trader” for the next few years. I will most likely see Allen again in a few months and wonder what he will say then.

Allen has consumed a library of trading books, CDs, and courses over the years that would rank with the best of trading libraries. With this kind of knowledge you would think that he would be a well-established professional trader. The fact is that he is even afraid of simulated trading, because Allen’s problem is that he does not want to be wrong. He is afraid of working with me because he might be the one person that does not get results from my coaching. So Allen will most likely remain a “Someday” trader.