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money, what are they focusing on? What materials are they studying? What aspects of trading do the vast majority of new traders mentally delete? Why am I really trading? What value of mine am I attempting to fulfill through trading? Can I fulfill it without trading? If I could ask the best trader in the world (alive or dead) for advice, what would I ask and what would I imagine the answer to be? What references could I imagine that this great trader would have?" |
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Six months is the average life expectancy of most commodity traders. They will lose so much money that they become disgusted and quit trading. In other words, it takes them six months to adopt beliefs that are so disempoweringthat attach so much pain to tradingthat the traders abandon the beliefs that originally got them into the market. Then for the rest of their lives they have their "war stories" to tell friends and family members. The vast majority of traders and people in general do not have the determination to take control of their ego or their belief structure. Many times you will know the right thing to do, in trading or in life, yet be unable to follow through. Always remember that it is your beliefs that are causing the hesitation. Often the hesitation occurs because your beliefs or values are themselves in conflict. Hesitation will always arise when discipline is lacking. Once you begin to understand the power that your beliefs hold over you, your newfound awareness will help you slowly overcome that power. Until you master your ego, it will continue to behave in a very egotistical mannermuch like a self-centered child. Your ego will always demand instant gratification. In fact, your ego will become very upset if gratification in the present moment is delayed even to achieve dramatically more gratification in the future. |
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As you read about the other virtues and beliefs in the rest of this book, and how important they are for the excellent trader, always keep in mind how they can help you create more empowering beliefs. Discipline is perhaps the best virtue to call upon in mastering your mental abilities. As you begin to realize how your mind creates a multitude of problems in your personal and trading life, you will become even more committed to controlling your mind by creating valid, effective, and empowering rules. As your level of understanding about the importance of virtues increases, remember that the largest vice a trader will confront is egotism caused by invalid beliefs. The other typical vices that must also be overcome are anger, resentment, greed, doubt, and fear. As you begin to trade with more effective beliefs, you will discover that the struggle eases. When your ego has been mastered and your belief structure is in place, you will be able to see, hear, and feel what the market is attempting to tell you. |
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