The Defeated Trader Syndrome Empowered.*
In the previous posting, we discussed how these filters have a positive and negative quality to them. This bears repeating because when we’re in the throes of a really bad trading session, it’s very easy to place all sorts of judgments on ourselves, our abilities, the market, and in some extreme cases, life in general. The phrases, “I’ll never get this,” or “I’ll never make a living at this” have negative connotations and can lead traders to a variety of impulsive actions. Have you ever figuratively thrown up your hands and abandoned everything you’ve been using because “it’s just not working?”
Congratulations! You’ve just identified your version of the Defeated Trader Syndrome. And if you have been trading any length of time, this is something you have experienced. Being immersed in this filter can be all consuming and feel like there’s no way out. This is perfectly normal.
The key to overcoming this syndrome is to, first be aware. To do that, you will need to “feel” your feelings. Yes, I said the word “feel.” I know this is a four letter word in the trading world, but it’s the only way to move forward. It’s not the feeling of despair, frustration, or inadequacy that you need to avoid, but rather embrace to get out of this state of mind.
Once you become aware of what you’re feeling, the next step is to acknowledge it. You’re acknowledgement could be as benign as a few choice words to something more physical. (I knew a trader that would throw his wireless mouse across the room when he got very frustrated. He kept Logitech in business because of it.) However you choose to acknowledge the feeling, the important part is to take the awareness to the next step, which is to take action.
Taking action is the way you alter your state of mind and change how you’re trading at that moment. The simplest way to take action is to step away from the computer screen. Physically get up and walk away. That simple act of walking away has amazing recuperative properties. It allows you to change your perspective and your state of mind. It gives you a fighting chance to change your decision process and make a new set of decisions.
There is obviously much more on the subject, but this is a beginning. Remember, these are generalities. How this will show up for you is very unique and may not always be the very obvious. If you would like to talk about your particular brand of the Defeated Trader Syndrome, sign up for a complementary exploration coaching call. Click this link to find an available time to meet. Be sure to give a brief description of how Defeated Trader shows up in your trading results.
In the next posting, we’ll talk about the next filter that many traders fall victim to, The Revenge Trader Syndrome.
As always, Happy Trading to One and All
*The educational material contained is gratefully adapted from the training received at the Institute for Professional Excellence in Coaching (iPEC), its founder Bruce D Schneider, and his bestselling book Energy Leadership.