Do What You Know
We are looking at why traders ‘not do what they know they need to do’ to succeed. Recall I said that success is dependent on:
- Identify the core problem
- Know what to do
- Do what you know
In Pig Wrestling, we tackled ‘the core problem’. In The Dreaded Ebb, we looked at why traders fail to do what they KNOW they must do. Today, I’ll consider how to overcome the psychological barriers.
The solution, in a word, is ‘to feel, but not act’.
Neuroscience is clear: we cannot control our need to feel. Neither can we deny, suppress or even reframe. These ‘solutions’ ensure that the emotions we suppress will explode to the surface, usually at the worst possible times – probably why so many newbies blow their account in the first three to six months.
So how do we feel but not act? Use three tools:
- Defusion
- Expansion (Acceptance)
- Preparation
For Defusion and Expansion, see Six Principles of Acceptance and Commitment Therapy
Preparation: Before executing emotionally, accept the loss the trade may entail. Take the actions necessary to ensure that your loss has a circuit breaker in place – whether that is a ‘stop-loss’ order (hard stop) or the knowledge you will act to exit should certain events occur (soft stop) or both.
I have found that taking the time to accept the loss emotionally is a key strategy. Too often newbies set a stop loss with the paramount unconscious emotion being ‘I won’t lose’.
In the next piece, I’ll take a short detour to answer questions readers have sent in. Then I’ll look at ‘know what to do.’
The post Do What You Know appeared first on Ray Barros’ Blog for Trading Success.
Source: http://www.tradingsuccess.com/blog/do-what-you-know-6603.html
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