Let’s continue the last article on master trader minds. There are a few other features that distinguish great traders from losing traders.
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STEP 5: Being In the Zone
MASTERY is a psychological state of mind where there is no fear or desire, but only the chance to exist. The master trader should empty himself/herself of ego and fear and concentrate on the larger objective, not being concerned what others are thinking. The master trader should put all his/her efforts on the process of change, or becoming what they are really capable of becoming. In other words, entering the realm of the unknown. The master trader should forget about perfectionism. Rather, he/she should embrace the unpredictability of the future. As a master trader, you should learn to trade in a new way- one that makes you keep inventing the pathway as you move along towards the desired position where you have reached your targets emotionlessly.
STEP 6:Being Honest With Yourself
TO be in the zone, you need to be honest with yourself. You must step outside the self-doubts and fear of uncertainty. Trading to win is forcing you to act outside the comfort zone and being able to grasp opportunities whenever they present themselves. The master trader is able to align reality with the consciously designed vision, rather than imaginary beliefs. The master trader is able to move beyond the past and concentrate on his/her pure vision with discipline and honesty. The master trader knows that the best thing to do when results are not consistent with their objectives is to be completely honest with himself and avoid the process of covering up the breakdown. If things don’t work out as planned, there is no reason to feel guilty- this is not a reflection of you, but a measure of where you are standing in relation to your goals. In such circumstances the master trader is not blaming “bad luck” or the market, but looking closely to see what has been the mistake done and how it could be rooted out. Yielding to reality releases the master trader from some early learned behavior patterns of trying to appear to be someone other than himself/herself.
STEP 7: Turning Breakdowns into Breakthroughs
BREAKTHROUGHS occur when you can see the world around you in a new light. This is the moment when you do give yourself the permission to express your vision effectively. In such moments that a master trader is consistent with his/her commitment to their vision and can express it in the form of a new trading idea. Such breakthrough moments occur when the master trader decides to consider what has been going wrong in the past and decides to take the “honest” route and acknowledge the problem and take full responsibility for his/her actions. Such moments are a great experience and they do differentiate the master trader from the hobby-trader. In short, handling the breakdowns in the context of new perspectives produces breakthroughs.
STEP 8: Control Anxiety and Euphoria
THE master trader knows how to tolerate profitable positions and does not allow feelings of euphoria to throw in. Such feelings might be as destructive as feelings of fear and withdrawal. Feelings of triumph and euphoria might trigger anxiety and guilt (if one feels undeserving) or cockiness and a relaxation of discipline, which will keep the master trader from reaching the ultimate goal. Satisfaction should come from the development and implementation of trading strategy/skill and not just from profit and loss statements. Feelings of euphoria are detrimental because of one more factor- unnecessary risk taking. It has been pointed out in the previous part of The Master Trader that one should be able to keep the momentum and here it really important that you will be able to keep this balance. You should get rid of the dangerous habit of thinking that you have stretched yourself too far or that you won’t be able to do this again. But before all that you need to let go of negative self-concepts, as well as negative ideas about making money.