CHAPTER 3 ENTRY:
W - The consistency you seek is in your mind, not in the markets. It's ATTITUDES & BELIEFS about being wrong, losing money, and the tendency to become reckless, when you're feeling good, that cause most losses - not technique or market knowledge.
A - We have to develop a Traders Mindset with proper attitudes & beliefs to become consistently profitable traders.
A - For me this resonated very early on...what had always worked didn't work here and I felt bad about it. Hence; my dive into Trading Psych:)
W - A psychological zone is not a condition you can will yourself into, the way you can will yourself into a feat of endurance. It is a state of mind you find yourself in that is inherently creative, and usually if you start thinking about your actions at a rational or conscious level, you pop right out. Even though you cannot force yourself into a zone, you can set up a kind of mental conditions that are most conducive to experiencing "the zone" by developing a positive attitude as expecting a positive result from your efforts, with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better.
A - It is not like trying to win a game or a prize - we cannot "will" ourselves into the "mental zone." The outcome just points to positives and areas we need to improve in our performance - it is not about winning/losing.
A - If we can fully accept risk and the outcome with a positive attitude as a mirror or ourselves and where we are in our trading and humbly take the constructive criticism without being emotionally upset/stunted by the experience; we can continue to learn and grow and not feel so much pain from trades that did not work out. As counter intuitive as it sounds; all losses are merely opportunities to learn and grow in trading.