Counterfeit and Genuine Confidence in Trading

Here's an observation I've made regarding developing traders I work with on a regular basis at SMB.  Because I've worked with them from the very start of their trading in most cases, I can clearly see what has led to their success and what hasn't.

The less a success ones begin with said self belief and need to convey what they recognise to trading.
The more successful ones start with an awareness of what they don't know and produce an open thoughts to trading.

The less a hit ones are undercapitalized and feel a need to become worthwhile fast.
The more a hit ones strive extraordinary markets, time frames, and trading patterns, make lots of mistakes, and steadily discern out what they recognize and do well.
The less successful ones engage in minimal reviews of their trading and set very broad goals.  They do not keep statistics on their trading to monitor whether their goals are being met.

The more successful ones review their trades daily in great detail, actually re-viewing the trades made and how those could have been done better.  They use statistics on their trading to hold themselves accountable for their goals.
The less successful ones look to psychology to assist their trading, as they get annoyed after they don't make money.
The extra successful ones use their satisfactory buying and selling to help their psychology.
The much less a success ones speak about self assurance in terms of the "setups" they're buying and selling.
The greater a hit ones ground their self assurance of their getting to know and buying and selling processes.
The less a success ones develop a counterfeit feel of self belief primarily based on how they have got finished recently.
The greater a success ones broaden real confidence primarily based upon the time and effort located inside the getting to know technique.

Perhaps I can provide an example.  One trader sent me his monthly review of his trading.  It was two pages, had no specific reviews of trades, had no detailed statistics on his trading, and finished with a general goal to be more selective in the taking of trades.  Another trader sent a review for the same month. It ran over 200 pages.  It detailed every trade made, what was done well, and what could have been done better.  The first trader meets with me occasionally.  The second one has been meeting with me every week, focusing on the most recent lessons learned and improvements made.  The first trader is looking to make money.  The second trader is like the flower:  just blooming.

My son Macrae and I have been taking lessons in archery.  It's an interesting sport; one I've never given much thought to.  A big part of success is learning the correct form for each phase of the shooting process and then replicating that form with precision.  There are adjustments to be made when changing distance, changing targets, etc., but the key to success lies in unusual self-control. 

Psychology is important to archery performance, particularly in stilling the mind and staying focused on the target.  But psychology cannot substitute for good form and continuous learning and  practice.
So it is inside the trading world.

Further Reading:

The Motivations of Successful Traders

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