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Conquering the Eight
Roadblocks to Successful Trading
Mastering your
Inner Game
Mindful Trading: Learning
Peak Performance Trading
Presented by Rande Howell, MEd, LPC
Author of:
Mindful Trading:
Mastering Your Emotions and the Inner Game
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If You Know HOW to Trade,
What Stops You From Breaking Through
to the Next Level?
Where Are “You” in Your Trading System?
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The Components
of Successful Trading Trading System
(Platform)
Methodology
(risk management)
Trading Psychology
(State of Mind)
Without integration of each component, you are an
incomplete trader – risk is stacked against you.
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What Produces Trading Success?
“The Holy Grail of Trading is not found
‘OUT THERE’ – It is within you, waiting
for you to discover it.”
80% of trading is in your head
How do you develop the mindset of a
peak performance trader?
The Purpose of This Presentation:
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What Your Brain Sees When the
Untrained Mind Experiences Uncertainty
Biological Fear and Psychological Discomfort are not
Separated by the Brain and the Psychology that comes from it.
You have to re-train the Brain/Mind.
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What is Emotion?
the body/brain/mind’s triggering to any
disruption to familiar status
Components of an emotion (fear)
1. Arousal – the body cranking up
2. Feeling - subjective experience of the
emotion. Thinking is compromised.
3. Motivation – what the emotion is telling you
to do (avoid, attack, approach)
4. Meaning (the assumption that becomes
wired into your brain as belief)
5. Temperament -- genetics
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Separating Uncertainty, Worry and Fear
• Uncertainty – nothing can be
predicted with absolute certainty –
only in degrees of probability. Yet
your biology and brain are biased
to predict with certainty.
• Worry – negative attribution of the
future. Your brain is a negative
assessment machine.
• Fear – All thought is hijacked.
Visceral experience of avoidance.
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The Mind You Bring to Trading
Fear Based
Trading
Impulse Based
Trading
Triggering of
Uncertainty and Risk
Self Limiting Beliefs:
Psychological Organization of Self
Mindful
Trading
Attack:
Historical
Pattern
Avoid:
Historical
Pattern
(Run, Hide,
Freeze, Submit)
Approach:
New Pattern
Creation
The Goal! 90% of Traders Lose Money Here
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I. The Impact of Emotions
on Your Trading
The Brain on Fear
Until Mastered,
Fear Blocks
Development of
Potential
To Develop as a Trader, Fear has to be Confronted to Change
Your Established Pattern of Reacting to an Uncertain World
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The Brain and Mind on Fear
• Your brain is a negative assess- ment machine (harmful intent bias)
• Your brain does not distinguish Uncertainty from Fear
• It organizes you to avoid uncertainty and fear (comfort zone)
• Then, it forms self-fulfilling patterns based on the avoidance of fear and uncertainty
• The patterns go on automatic and dominate your state of mind (you find what you fear).
• You trade from avoidance or greed rather than from calm impartiality
This is the “You” That Trades. Biology has to be overcome
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The Roadblocks that Dominate a Trader’s Mind:
The Thinking You Brought into Trading IS NOT
the Thinking That Will Make You Successful
1) Fear of uncertainty (hesitation)
2) Fear of loss (pulling the trigger)
3) Fear of missing out (impulse and exits)
4) Fear-based urgency to make up for prior losses (revenge trading)
5) Fear of not being right (making a mistake)
6) Fear of inadequacy (external validation)
7) Fear of self sabotage (blowing yourself up)
8) Fear of success or failure
9) Fear of Growth and Change (the box of your comfort zone)
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The Cost of a Fear-Based Mindset What Happens if You Don’t Address This?
90% of traders lose money because they do
not know how to conquer their fear.
Emotional
State
State of
Mind (your
thinking)
Perceptual
Map (what
you see as
possible)
The Actions
You Take
The Reality
You Create
(profits and
losses)
Emotional
Regulation
Feedback Loop
Leaving Your Emotions at the Door is NOT an Option
Instead, You can Design which ones Create your Trading Mind
(Your
trading)
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You Must Manage the Biology of
Emotion Before You Get to the Mind
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II. Becoming Mindful of our Thoughts:
Who is Doing “YOUR” Trading?
(You and Your Thoughts Are Not the Same)
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Becoming MINDFUL Begins Here
• If you ignore the internal dialog, a good trading plan is wasted
• No one escapes the internal dialog
• Learning to manage the fear-based internal dialog is fundamental to successful, mindful trading
• Managing and expanding the internal dialog is the essence of a strong psychological trading plan.
YOU must become the
Author of your Story
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The Self Limiting Beliefs
Behind Your Presenting Fears
Fear Based Thinking Shows Up in Our Mind as Thoughts
Our avoidance of them is what keeps us fused to them
1. A sense of Inadequacy – “I’ll never be good enough,
smart enough. I can’t make mistakes. Mistakes are proof of my
inadequacy.”
2. A sense of not mattering – “I only matter based on
what I do, not what I am.” Self loathing or Arrogance.
3. A sense of being unworthy – “I have to prove
myself by performance to have value.”
4. Powerlessness – “Nothing I do seems to make a
difference. I’m doomed.” Victimhood.
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Dance of the
Internal Dialog
The Trading Committee of the
Fear-Based Internal Dialog The Inner Critic
The voice that judges you
The voice that criticizes
Never measuring up
Never good enough
Tempts (You need more)
Predicts Doom
The Adapted Voice
The Doubter (I never win)
Chicken Little (negative appraisal)
Gambler (leave no money on table)
Perfectionist (win every time)
Entitled One (greed)
Con (lying to yourself)
Fraud (pretending to look good)
Orphan (missing out)
Saboteur (Blowing Things Up)
Alpha (have to win to prove worth)
You are born into these self-limiting beliefs,
but that’s no reason to stay stuck there.
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III. Developing the Mind to
Become a Successful Trader
Managing the Inner Game for Profitable
Trading
Awakening the Heroes Transforming Your Internal Dialog and Possibility
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Building a Brain/Mind for Trading
The Mind is where a Rivalry of Competitors Struggle for Dominance.
This requires a new understanding of the Brain and Mind.
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The Inner Game:
Your Mind as a Committee Meeting
Where Your Beliefs Are Traded!
• The Internal Dialog controls the story you create about trading
• Being mindless of the voices on the stage of the self leads to fear-based or impulse-based trading
• Disrupting the grip of fear opens you to the potential living within you
• You have the power to reinvent the conversations of the self
Who Controls Your
Trading Committee?
If you remain
mindless, you
continue trading from
self-limiting beliefs
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Changing Self-Limiting Beliefs • Most psychological systems change your surface
material for short term gain (NLP, general meditation, bio-feedback, etc.)
• The core material that triggers our primitive patterns of fear must be addressed for long term re-organization of the self.
• Compassion is the emotion that reorganizes the self for internal validation rather than external validation.
• Re-building the Committee of the Mind Creates a New Playing Field for Competition.
Beating yourself up doesn’t work, and continues self-limiting beliefs!
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The Stages of Long Term Change
Stage 1
Emotional
Regulation
Stage 2
Mindfulness
Stage 3
Disrupting the
Internal Dialog
Stage 4
Developing peak
performance
elements of self
Stage 5
Re-organizing
the trading mind Peak Performance
State of Mind for
Trading
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With an empowered
Mindset, you approach
uncertainty from a
position of Discipline,
Courage, Patience, and
Impartiality...
rather than Fear.
Who is going to populate your trading committee?
Rande Howell Traders State of Mind
Who’s in Charge of the Organization of
Your Trading Mind?
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The Mind You Bring
to Trading
Impulsive
Fear Based
Mindset
Emotionally Regulated
Calm Focused
Mindset
Mindless Trading
Blind to the Internal Dialog
Mindful Trading
Command of Internal Dialog
Inner Critic
as Source of
Self Limiting
Beliefs
Adapted Voice
Reacting from
Fear or
Impulse
Ruler (discipline)
Sage
(impartial)
Passion
Warrior
(courage)
Patience
Unaware of other Potential
Trader’s State of Mind Loser’s State of Mind
1.
2.
3.
The Mind Designed
for Trading
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www.tradersstateofmind.com
Be the Change.
How Do You Move Head Knowledge of How to
Trade to Performance-Based Mindset?
1. What you learned here?
1. Brain/emotion/mind
2. Naming your fear
3. Your Voice of Fear
2. Lots of good stuff on the website
to further your journey
3. 20% discount on Mindful Trading:
Mastering Your Emotions and the
Inner Game
4. http://www.tradersstateofmind.com/c
atalog/item/7367304/9809436.htm