You’ve done your homework.
Countless hours of seeking out the right guru (or piecing together your own system). Weeks of monitoring your guru’s daily trade picks (or paper-trading and back-testing your homemade system). You’ve done it by the book.
No seat of the pants trading for you!
OK, now you’re confident. It’s time to put your money where your homework is.
You’ve had your coffee and your first trade signal is before you.
Confidence high. Trade made. First loss. Not a problem.
You understood before you started that successful traders both win and lose and “losing is part of the overall winning”. You’ve also heard more then once that “successful traders don’t win on every trade.”
Moving on, still confident. Next trade made. Another loss, but…
This one hurt your pride a little because you got stopped out early in the trade, and then the market rebounded and would have hit your profit target if you weren’t stopped out.
You double check.
Yep, you placed the stop where your trading system told you to place it.
You kind of had a feeling that the early weakness in the market was just profit-taking from the previous day’s trading, but you’re trading a system and you must stick to it. Wounded, but resilient.
After a good night’s sleep and a few mouse clicks, your new daily trades are in front of you.
Hey, this one looks good! It’s a little bit more risk than yesterday’s trades had, but look at that profit potential!
With a smiling face, the trade is executed. With a nice start to the trade, you’re feeling good and you’ve moved your stop to breakeven, just like your system said.
Surprise piece of news! Market reverses – blows through your stop – an “unexpected” loss.
Is something wrong with the system?
Has the overall market “personality” changed, affecting your system to the core, rendering all your back-testing irrelevant?
Your confidence turns to doubt.
You decide to “watch” the next trade… I mean, isn’t it wise to make sure the system gets back on track before you “throw good money after bad?”
Isn’t that what a conservative trader does?
Trade watched. It wins!
In your head, you beat yourself up a little because you know that when you started your “live” trading, you made an agreement with yourself to take the first 10 trades “no matter what”… and here you wimped-out and missed a big winner that would have gotten you even.
What’s happening?!!
What’s happening is that you are out of control. Your emotions are ruling your trading.
The above scenario plays out in every trader from time to time... newbie and veteran alike.
The winning trader senses what is happening and nips it in the bud. The winning trader spend time EVERY DAY, working on “the discipline of trading”.
He/she reads a chapter in his/her favorite psychological trading book, scans the “ten commandments of trading” that hangs on the wall over his/her desk, listens to his/her mental training software for traders…
Something… Every Day… before trading begins.
There are many more losing traders than winning traders… and it’s seldom about the trading system.
In my career, I’ve come across at least 50 systems that I consider A+, yet I know for a fact that MOST traders that have traded these systems have lost. Why? They were not in control of their emotions. Are you?
Chapter Addition By David Jenyns
The astute reader may have noticed this ebook has now gone full circle. We began with “you and your mindset” and now we’re going to finish with you and your mindset.
The reason for ending on “you and your mindset” this is simple, to fully master your trading, you must master your emotions. For many, this is a battle they will never win… or so I thought. In fact, I used to be of the belief that you were either born a trader or you weren’t. In my journey to make the most difficult trading procedures simple, I discovered I was wrong.
It was Jake Bernstein, and his work on mental training for traders, that help me see the errors in my thinking. Now I’m a little skeptical when it comes to this area of trading because never before have I seen a mental training executed to my liking.
Thanks to some of my clients who got me interested enough, I began to dig a little deeper into Jake Bernstein’s TradingMind Software.
What I have found is that Bernstien has created something so exclusive it is a must-have for anybody who wants to maximize their trading potential. His work truly is ground breaking and, best of all, it’s simple!
All you have to do is pop his software on and let the software do the rest. The only click you'll have to make is choosing the mental training session you'd like to run. Then sit back and relax. That's it!
Here’s just a few of the areas his training works on:
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| Gain the strength to take your losses without wavering |
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| Eliminate fear, doubt and hesitation |
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| Avoid the dangers of over-confidence |
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| Develop a winning mindset based on the mental/emotional rules of a winning trader |
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| Eliminate the emotions that can sabotage your success |
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| Reverse bad habits and replace them with good ones |
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| Live in the reality of your system and level your emotions |
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| Establish clear, specific, time-based goals - then reach them! |
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| Learn to maintain discipline |
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| Reduce the stress associated with trading gains and losses |
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| Visualize Success like a champion trader! |
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| Travel your chosen path with confidence! |
When all is said and done, I hate to say it, but even after following the Ultimate Trading Systems up to this point, some people still don’t make it to the top 1% of traders who are successful in the market. Why? Because they haven’t mastered the most important aspect of trading… themselves.
Be one of the rare few who make it using Jake Bernstein's TradingMind Software. Purchase it online by clicking here.
Let’s get your psychology right.
| MUST DO ACTION STEPS:
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Where to from Here?
Congratulations! Most people never see this page because they gave up somewhere on lesson 2 or 3. You are the exception. However, this is not the end. This is, as they say, “only the beginning!”
It is my goal throughout this book to give you the required steps to develop your own trading system. Armed with this knowledge you should be able to find your style and develop your system around that.
Nobody is born with killer trading skills. However, if you have passion, commitment, and the right education, you can become a great trader. Trading is not a get rich quick philosophy. It is a profession that, when mastered correctly, will profit. Seeking the proper instruction, with practice, patience and commitment, you will master the skills needed to make a comfortable living.
A statement made by legendary trader Ed Seykota, “Whatever you put your mind to, whatever you expect, be it positive or negative, you tend to draw into your life.” Only you control your destiny as a trader. If you are to be a successful trader, you must have the expectation that you are going to be a successful trader.
When you get right down to it, making money trading should be a by-product of adhering to your trading system. It should not be your main objective as a trader; your energy is better spent concentrating on the execution of your trading system. A trader’s job is to follow their trading system. If it has been thoroughly back tested and is proven to be profitable, a trader will get paid.
I will not wish you luck in your endeavors to become a successful trader, as luck has no place in trading. I do however hope that you recognize the importance of a trading system, because without one you are unlikely to consistently profit as a trader.
Remember, If you think education is expensive, try ignorance.
Your trading profits coach,
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