Hi Traders, my name is Celeste and I am the new FTMO Performance Psychologist. In the upcoming weeks, I will be publishing articles and videos which can help you on your trading journey. I hope I can help a lot of traders with trading psychology and support you on your way to success. Here's to a great relationship between us!
The three traits a trader must have to become profitable
Trading is both science and art.
There are innumerable logical steps that can be taken depending on the trader that can help them arrive at the kind of results they hope for.
It's still a probabilities game, however. But with mitigated risk, a tested process, and a proven system, it works out over the long run.
But there is also room for intuition. Just like dancers that are free to change their movements according to the music's beat, traders sway to the rhythm of the market.
If there is one word that constantly re-emerges when we talk about what traders need to succeed, it's discipline.
We've heard it again and again, this field holds no mercy for those who do not have the discipline to:
- Execute their plans
- Improve their character
And the numbers are scary, most traders will lose.
Average traders lose money, good traders break even, and the great ones continuously profit.
What mental edge can we have to join the Greats?
It is Discipline.
Eventually, those who commit to succeed will find it in them to reflect the discipline that is needed for their bottom line.
But it doesn't end there. After all, if the rigidity of robot-like trading is what makes for profitable trading, then all automated trading should be profitable.
This isn't the case. The fact is, discipline can only take you as far as turning good actions into habits. Once the habit is formed, the trader autopilots his actions.
What creates the edge of a human being over a machine is something else, and this is where great traders face a barrier they can not overcome.
It is the inability to adapt.
Just when a trader though he has gotten the pulse of the market, the market changes.
A number of problems stem off this. One example is the disbelief that the trade went wrong, hence forging a path straight to Revenge Trading (or trading just to prove themselves right after suffering a loss).
But why is adaptability suddenly so hard to insert in a system?
It's simple because Discipline worked. At least for a while.
A trader must first have the discipline and the humility to learn, the discipline to execute what he/she has planned, and the discipline to optimize the Self for the trading day.
This creates a gap between the traders who repeatedly do self-sabotaging actions even if it makes them lose money and them, the disciplined traders who tidied up their act.
They see the difference it made. Their trading is much better. Their routine is professional.
There is evidence that it is WORKING.
This becomes the issue. When human beings see evidence, they remain fixed to it. No longer wanting to explore another route, they want to stick to what they have built.
Emotional fixedness is when we get attached to our actions.
"If doing this got me the results I wanted before, then I must only do it again."
We identify to what made us the Trading Rockstars, and then afterwards, turn a blind eye to alternatives.
We tend to forget that markets change. One after another, there are regimes that reign for a period of time.
There are 6 market conditions:
And not ONE strategy can work on all conditions, but it is entirely possible to find different STRATEGIES for each condition that can bring home the bacon.
If there is one thing I have seen every trader wants, it is Freedom.
Discipline will lead to freedom. We stop enslaving ourselves to our impulses and become more in control of our life and trading.
Adaptability is the expression of freedom from our own limiting trading beliefs that stops us from being the master of innovation. Instead, we become victims of market change.
Having both is allowing yourself to react according to what is happening rather than what we are hoping for.
And just like a dancer, you can gracefully play to the market's beat or opt to bow out before the music stops.
Those who want to book a session with me, fill out the form at https://ftmo.com/en/psychologist/