Today’s success tip comes from Nik Halik.
Having completed a doctorate of music in the USA, Nik went on to develop a career as a stock market trader. Now he is a teacher and educator and spends his time climbing mountains and training with the Russian Orbital Space Program.
What are your top six stock market trading psychology tips?
To trade successfully, we need to dial into a frequency, or zone, of higher consciousness and prosperity. There are six important prerequisites to allow entrance into this zone:
1. Confidence - as a trader you must be confident in your trading method and believe that you will succeed if you implement your trading plan. This allows you to place your entries and exits promptly and thoroughly.
2. Focus - a narrow focus on the task at hand is required to get into the zone. Fears about the outcome and regrets about past losses do not exist here.
3. Visualisation - a successful trader pictures what success looks like and gets in the zone through a visual processing of data. Verbal cues can take a trader out of the zone.
4. Pleasure - those who view trading as work will struggle to find great trades, while those who love trading will feel in harmony with the markets and find opportunities more easily.
5. Relaxation - fear tends to take you out of the zone. Stay relaxed in order to stay in the zone.
6. Excitement - some tension can help performance, but too much intensity will create undue stress, and hurt performance. Remaining excited about what you are doing can ease that tension.
The other element traders need to dial into the zone is preparation. Larry Bird hit key shots under pressure in basketball games because he had practised dealing with this pressure; it became automatic for him and increased his confidence. Traders must do the same thing and spend time making trading skills ‘automatic’ and creating winning trading habits. Preparation and practise allow you to develop the skills you need to stay in the zone.
Until next time,
Allan Poole