The Realities of Trading
A trader needs:
A trading strategy that works
A good money management plan
A probabilistic way of thinking about the market, risk, and opportunities
But that’s not enough.
A trader also needs a good trading psychology strategy that helps:
Tame anxiety and blind reactivity
Maintain stability of mind during both winning and losing streaks
Minimize cognitive biases and errors in judgments
If you don’t have such a strategy, you don’t have a competitive edge in this field.
It’s simple as that.
Mindfulness ―A Highly Effective Trading Psychology Strategy
There are many trading psychology strategies out there―writing, NLP, tapping, affirmations, just to name a few―but the one practice that I personally chose as my main mindset strategy is mindfulness meditation.
Mindfulness a radical and science-based solution that puts you in charge–you as the scientist of your own life.
Paul Tudor Jones, Ray Dalio, Daniel Loeb, and many others are all part of a growing number of Wall Street traders/investors who are fine-tuning their brains–and upping their game–with meditation.
In fact, many trading and investment firms are now urging their traders to pick up some kind of meditation practice–meditation classes at Goldman Sachs have a waiting list of hundreds.
Learn And Practice With Me
As someone who’s spent a rather considerable amount of time practicing and studying mindfulness and its epistemologies (on and off intensive months-long retreats), I can only attest to the practice’s life-changing, performance-boosting dimensions.
At the most basic level, meditation helps make you more aware of your emotions, urges, thoughts, which in turn helps you better manage them.
As a trader, that alone should make you stop and think of the implications.
That said, let me issue a caveat: Mindfulness isn’t some sort of quick fix; it’s not some panacea to all of life’s problems. Instead, it’s a practice that helps you deal with your thoughts and emotions in a more productive way.
Below is a list of meditations. Maybe give it a try with an open mind and see if it works for you.