Saturday, February 24, 2007

A positive trading attitude

Last night I had a strong motivating insight. I took an honest look at my performance and results for the past two weeks. I probably lost around 200 bucks which is not a big deal. I realized that I have been having frequent negative thoughts. The lack of confidence in my trading ability probably further dampened my performance.

I am a big self help junkie and I have read about the law of attraction before in a couple of books. I also purchased a copy of the T.A.D. Principle a year ago, based on Trader-X's recommendation. One of my weaknesses is failing to follow through and really stick to something. I was all riled up and probably practiced with dedication for a period of time and then my enthusiasm slowly faded away. It is not because I did not see results, I think I just got preoccupied with other things.

Then one day Trader Mike posted a link about the law of attraction. Flatwallet also talked about it in one of his posts. That got me to take some action and do research on it again. I was checking out Elitetrader one day and saw a post about The Secret. A member shared a website where you can watch the Secret for free. It is an older version but the message should be the same. The documentary was motivating and it got me excited again.

I had a conversation with my wife about the Law of Attraction and she helped me figure something out. I saw how I have used the law in my life. I am sure all of us have used the law but we may not have realized it. I will give one example. Trading is a tough business and the percentage of people succeeding is not that high. When I started I lost money and did not make anything for around 8 months. I kept trading and I held on to the belief that I would become a profitable trader one day. I can clearly see myself making money and eventually my vision came true. I did not know I was applying the law of attraction at that time. Then I saw many other instances where I found success with the law of attraction.

I started reading The 7 Habits of Highly Effective People and I can see why this book is a bestseller. I just finished the first chapter and I see strong similarities between the T.A.D. principle, law of attraction and the 7 habits. I know what I must do now in my trading. I am going to have a positive trading attitude. I will monitor myself daily and make sure I practice this habit. Even when the going gets tough, I will focus on having a strong faith in my success as a trader. I picture myself as a patient trader who take only quality setups. Instead of fearing bad trades, I will embrace them because they are good learning experiences.

6 comments:

bp said...

This is a very good post, for me. Years ago I realized I needed an attitude change, and things turned around once I realized I could have anything I wanted... Im not talking about materialistic things... it is a more spiritual inner thing.... I have never been exposed to the law of attraction, but I think it is what I realized back then. Thanks

Bubs said...

Great post. I think I need a attitude change as well.

Flatwallet said...

Bad Ass,

Good post, but you need to stick to it. I have been monitoring my thoughts (probably 10%) and it amazes me how much junk I think about every day. 80% of my thoughts are either negative or meaningless junk. Even if I could change a small fraction of it, I would be a much better person. I too bought the TAD and along with the secret it has had a huge impact on me. Huge. I catch myself thinking negative or junk and I stop it immediately. In less than 1 month, I have become a more positive and calmer person.

Just stick with. I think you are on the right path to success. I know you'll make and I hope we can share some stores over a beer one day.

LP

Marko said...

Two things...

1. If I had to sum the entire thing up, it's that the Law of Attraction
is all about alignment. You've got to do the "work" if you want to
bring something info your life.

This is where I think people mess up, which gives the entire thing the
"MLM/Amway" kind of vibe. You can't just sit around eating junk food
and watching reruns and expect to live on the beach...regardless of what
the infomercials say.

People like Joe Vitale are out working. Bob Proctor is out working.
James Ray is out working.

2. I found a FREE book (yes, FREE) that helped me figure out all of
this. http://www.receivethebook.com/ has it and it's well worth the read.

And like I said, it's FREE. So you can't argue that the guy is trying
to take advantage of people looking for a "magic pill" or whatever else
I've been hearing over the last 2-3 weeks since this thing hit Oprah.

http://www.receivethebook.com/

onebadtrade said...

Thanks for sharing Marko. I just downloaded the ebook. I will read it soon.

goo said...

Great info.

I watched the Secret DVD a few months ago and got another book on Law of Attraction,
but it didn't really start happening for me until I wrote down my intentions. I found that to be
VERY powerful.

http://www.amazon.com/exec/obidos/ASIN/0975436171/ is a book I just got, which makes
planning out your Law of Attraction goals easy. Just fill in the blanks and you've got a road
map to follow. Has been working well so far.

About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.