Mind OVER Money
December 10, 2010
HERE IT IS traders…your requests have been answered. AS you watch this video I want you to think about the power of …..wait for it….YOUR MIND and your current beliefs about money, risk, work and I could go on and on…as I always say.
– The BEST trading system in the world that is 90% accurate with a 2 to 1 win / loss ratio is still USELESS in the hands of someone who won’t follow the system rules!
It really is all about YOUR Trading Mind
What are you doing EVERY day to affect positive change in this area?
Getting the results you want…
December 10, 2010
IN POLLING or in TRADING?
Traders after our discussion on Trading Psychology a client sent me this video about polling and ‘CREATING the answers / results you wanted based on HOW you asked the questions and HOW those questions are worded. We looked at it from a trading perspective. HOW your current belief systems about the relevance of fundamental data, moving averages, trading styles and time frames and literally ANY other information you have acquired to date in your trading career affects your trading decisions every minute of every trading day. We went through the power of the Subconscious trading mind and how it literally drives all of your actions in the market.
Enjoy this quick clip from a British TV Show sent in by Jon and SEE and HEAR how the ‘poll taker’ arrives at exactly the decision the poller desires and thus produces the outcome that best fits his needs.
Also, I’ve had a ton of requests for the FULL VIDEO of the $28 for $20 bill video and have included it below as well for your viewing pleasure.
and finally, for those of you who want the latest in trader comfort and want to get more from each trading day I give you the World’s FIRST Ergonomic Exercise Chair…
you have to check this thing out!
I’m going with the Orange cord to match the new company logo / website
I’ll give ya $28 for every $20 bill you have…
December 2, 2010
Are your current Values corrupting your trading?
December 1, 2010
Traders this article again goes OUTSIDE the typical trading article and speaks directly to your closely held beliefs / values about ????? Money / being right / earning money
Always read these posts FIRST with an open mind…then let it set for a while THEN come back and do the same thing with your TRADING HAT on with the underlying question ‘HOW will this help my trading?’
Enjoy
The Scary Thing About Values – By Jennifer Cottes
“The answers to the question of values will come only when you’re willing to take a journey through your inner territory — a journey that’ll require opening doors that are shut, walking in dark spaces that are frightening, and touching the flame that burns. But at the end is truth.”
How can values be scary, you ask?
For some, getting clear about personal values is a frightening journey towards the truth. And once you figure out what you truly care about, what drives you, or what really gets you out of bed every day, there is no going back! You simply cannot ignore it!
The trouble is, many people do not dig deep enough to intimately articulate what is important to them. They do not build that conscience to guide them through life. Do you want your conscience nattering at you all the time? Probably not!
However, as scary as this journey can be there are certain benefits to personal values clarity:
Values Clarity is Empowering
Personal values clarity is empowering. When we are clear about our personal values, we are much more in control of our own lives. For instance, when we are acutely aware of our personal values and live them, suddenly the smallest actions or gestures can have a huge impact.
Further, with greater awareness of what matters we tend to make decisions based on integrity for longer-term positive results — not to mention peace of mind. We feel good and empowered when we can honestly say we made choices in life based on what we truly value.
Values Motivate
Values motivate us in that they keep us focused on why we do what we do and on the ends toward which we are striving. Life can get busy and it can get tough. Have you ever needed to remind yourself why you embarked a new difficult endeavor?
Reminding ourselves of our values can pull us through difficult times and keep us motivated to reach our goals or to take us through life transitions.
Values Rejuvenate
Similarly, we refer to our values when we need to replenish our energy. As Kouzes and Posner put it, “values are the banners that fly as we persist, as we struggle, as we toil.” When you are feeling off balance and in need of rejuvenation we are drawn to spending time doing the things we value most. It might be watching a football game or spending time with family. Whatever that value may be, refocusing on what matters can be a powerful way to get energized so that we can take on our next challenge.
Values Resolve Conflicts
Values can keep you and your colleagues, friends, family, community on course, especially when you become engaged in conflicts or controversies. Getting caught up in conflict can keep individuals preoccupied with petty differences. Instead, adopting a broader, bigger picture focus through values clarity can assist individuals with moving past the pettiness of the conflict.
Ultimately, when you know what matters to you, letting go of the small things that do not matter can be quite freeing. It allows you to let go of getting what you think you need, instead of what you really need.
Values Provide Focus
Values can also help us move forward with focus. Just reminding yourself of the principles that are most important often can refocus your attention on the things that really matter.
Understanding our core values can raise us up to see the bigger picture, removing unimportant activities and actions from your busy schedule. Using values as our guidepost for action encourages us to do more of the “right stuff” while kicking the “wrong stuff” to the curb.
So, although the journey toward realizing what we truly value in life can be a bit daunting the benefits are many. Get clear about what you believe in! Take the time to self-reflect, to soul search or to re-assess your values. Doing the work to get there is well worth it!
Sources:
Kouzes & Posner, The Leadership Challenge, (2007)
Bennis and Goldsmith, Learning to Lead, (2010)
Ibid.
About the Author:
Committed to personal development and life-course learning Fresh Dreams (http://www.freshdreams.ca) takes a holistic approach in leadership development and personal and professional growth. The Owner and principle Coach, Jennifer Cottes is sensitive to the complexity and changes in the world and understands the needs of today’s professionals and entrepreneurs.
She encourages leadership development, entrepreneurship, and management practices to address social fragmentation that is evident in organizations, community and society. She helps her clients respond positively to changes in the external environment, labor market adjustment, career transitions, mobility, and time crunch pressures. Jennifer spent the majority of her career working on labour market, social policy, and sustainable livelihood development locally and abroad which largely influences her coaching practice.
Ulcers in Monkeys & YOUR trading
November 30, 2010
Traders one of our course members shared this article with me and I wanted to pass it on as it deals with the trading mind. – - Thanks to Rowan for sharing
A couple of the biggest challenges for traders is taking losses and over trading. I was contemplating these challenges over the last few weeks and was reminded of a stress and decision related study.
For those that have attended previous Larry Williams seminars, you may have heard him mention the Executive Monkey study and how it relates to trading.
That study has always interested me. It taught me how we can become better traders and how it relates to our own behavior as traders. Before moving ahead, let me explain that monkey study.
In 1958 James Brady and Robert Porter published an article titled “Ulcers in Executive Monkeys” in The Scientific American. The experiment placed two monkeys in separate cages. These cages were constructed so that both monkeys were randomly shocked with electrical current. (Before anyone writes and complains about me not being sensitive, let me assure you that I do not condone this treatment). A red light signaled that the shock period was commencing. One monkey could stop the electrical current for both monkeys if it pushed a lever. The second monkey had no control over the electrical shock at all.
According to the second monkey’s point of reference, it was being randomly shocked, but had no control over it and had no decisions to make. The monkey trying to stop the electrical shock (making decisions) ultimately developed ulcers and died. The monkey not controlling the shock or making decisions about being shocked (although being randomly shocked) remained healthy.
I should note that up until that time, there was no real proof that anything besides bacteria or viruses could cause diseases. This was one of the first experimental results that showed the impact of stress. There were finally actual “numbers” to describe the effect of decisions and stress upon one’s health.
This was the general opinion until a study in 1970 by Jay Weiss put a new light on decision making and stress. This study was considered a more complete study that showed under most circumstances, making decisions is actually good for us!
“Wait, I thought you just said that making decisions was bad for us, bad for our health, stressful?”
I did. However, I learned something new. I gained a better insight about how you can make decisions as traders and still be healthy, not stressed and possibly even more profitable.
The main difference between the Brady and the Weiss study was that the Weiss monkeys were given a warning alarm that a shock was coming. When alerted, the monkeys could push a lever that not only prevented the electrical shock but also silenced the alarm. They were given feedback to their decisions.
The monkeys involved in the Weiss study were able to cope with the stress and did not develop the ulcers or declining health that the Brady monkeys did. The Weiss monkeys learned they could control their situation. The Brady monkeys on the other hand felt little to no control.
What we can conclude from this is that pressure to perform with little to no feedback or feeling, no control, was the probable cause of the health problems that developed.
Weiss later repeated the monkey experiment utilizing rats in place of the monkeys. These animals had to respond approximately every 20 seconds. These animals developed large stomach ulcers just like the Brady monkeys did, despite the fact that they were warned.
Weiss varied the experiment where he spaced the decisions to 1 minute or greater. Weiss found that when the rats had to make fewer decisions, the number of ulcers the rats developed was reduced.
What can we learn from this as traders?
A lot if you take time to think about it.
These studies show that being in control of the decisions is a good thing if we can reduce the number of decision points, (take time off in between our decisions).
How might this apply to us as traders?
First we need to recognize that our trading environment in many ways is very similar to the conditions created for the rats and monkeys. We know that a challenge is coming in the next trade (coming electrical shock). We are making a decision based on our system, we trade, and we get immediate feedback on our decision. Sometimes we experience either a positive or painful result.
Brady’s monkeys didn’t know if their decisions were correct or not. The Weiss monkeys received close to immediate feedback, quickly confirming the outcome of their decisions. Remember, the animals that received and acted upon feedback, remained healthy.
We too may be unknowingly creating trading conditions like the Brady stress study or the Weiss stress study and getting similar outcomes!
What do I mean?
Consider these two points.
The Weiss experiments show us that time is a key to controlling stress along with getting and following immediate feedback. Brady showed rapid decisions, little time between decisions and little feedback caused massive health problems for the animals.
If you’ve been feeling burned out from trading, stomach acid problems, feeling overwhelmed, depressed with your trading, you might just have created these experimental conditions and not even realized it. You may be experiencing the same results as the monkeys did!
So, you have to ask yourself, as a trader, are you creating the Brady study conditions by:
* High frequency day trading, in and out of the market all day.
* Not following any clear, consistent rules or trading system.
*Randomly following your gut, randomly over riding your system due to “whatever”.
* You enter a trade and immediately suffer a loss but you ignore your stops and let it ride.
*You’re suffering losses yet never review your trades.
*Hoping this trade is in the right place, the right time and guessing?
*Ignoring money management guidelines and rules.
Do you see how much this trading behavior looks like the Brady study where the monkeys developed ulcers and died?
So what would the Weiss study conditions be for a trader? Pretty much the opposite of what I’ve listed. Yes, I know you probably already know that you should get a system, trade that system, use stops and review your trades, probably reduce the amount of your trades, but are you doing it?
As the saying goes, “We know what to do, but are we doing what we know?”
At the end of the day, we all need to look at our trading to determine if our trading conditions are creating a Brady study or a Weiss study. Hopefully, you’ll realize that making trading decisions is great for you under the right conditions. Under the wrong conditions it could be a setup for failure, stress related illness, even possible death.
We will never eliminate loosing trades, never eliminate the shocks. We need to understand that we will continue to experience these “electrical shocks”-losses. But we won’t experience much harm to our systems if we take time between shocks to monitor ourselves, respond to the feedback we receive and act accordingly. We can and should apply this to our whole lifestyles, not just trading.
Remember, being in control and making informed decisions is what makes healthy rats, monkey’s AND traders.
Good Trading and Good Health
My best,
Todd
would you like 1000 pips with that turkey?
November 29, 2010
Euro Weekly Pattern Sell hits target 1
Profit targets and Turkey. Does it get any better?”
Traders this was sent to me by a Scholarship student
November 16, 2010
and I wanted to share it with you. I have his commitment that his level of effort will be equal to that shown here. NOTE the blindfold and consider the LIMITATIONS for each of you that are SELF IMPOSED due to a set of beliefs that you currently hold…Here the blindfold BLINDS him of his limiting beliefs through limited sight allowing him to…well just watch
http://www.youtube.com/watch?v=lSM1mvMypWU&feature=player_embedded
the SST system and the 300 pip challenge
November 11, 2010
IF this model can’t produce 300 pips
This Video follows up on the STS model and more on Expectancy, live trading signals as well as the power of trading filters and back testing. Also, on our SOS 4 sell on the Yen look for trgt 1 and then extended targets into 76.5 if we take out the lows[CLIENTS should be tracking the SOS 4 sell signal at our KPP from today] Be sure to note the end of the training where we show the power of position sizing and the affect it has on the Position Trading systems profits this year..
Thanks for the time investment and Your entry for the LIVE Training is just below I’ll see you in the morning.
USE the link below to enter the OmNovia room: (if the link doesn’t work just COPY and PASTE it into your browser)
CLICK HERE TO ENTER
PASSWORD: letsgolive
Trade what you SEE!
did the signals produce the 300 pips we projected?
November 10, 2010
AND THEN SOME!
This Video introduces the STS model and more on Expectancy, live trading signals, Ratios and the power of training your Trading Brain. Aud is rolling over and the Yen hit all targets [CLIENTS should be tracking the SOS 4 sell signal at our KPP from today] We SHOULD get 1-2 more solid trade setups AND we’ll tie the last 3 lessons together and close our training with one of the most powerful pieces of your trading business…the POWER of Position Sizing which will show you how to increase profits 5-10 fold
2010-11-10_LIVE coverage of the STS Model
I’ve REALLY enjoyed the time in the room this week and appreciate all of the great comments. Thanks for the time investment and Your entry for the LIVE Training is just below I’ll see you in the morning.
USE the link below to enter the OmNovia room: (if the link doesn’t work just COPY and PASTE it into your browser)
CLICK HERE TO ENTER
PASSWORD: letsgolive
Trade what you SEE!
I’m teaching you how to build a trading system on Monday
November 6, 2010
Special Situation Video
Trade what you SEE!
