The Good Enough Trader*
In our discussion so far of the seven different filters, we touched on the Defeated Trader Syndrome and the Revenge Trader. Both of these filters have been very catabolic, or have negative energy, associated with them. Remember, the 7 different levels are neither positive nor negative but they have a negative or positive quality to them. With our next level, the Good Enough Trader, we are starting to enter the more anabolic or positive quality.
The Good Enough Trader
The Good Enough Trader has the ability to rationalize everything. Think of this level like walking around with a pebble in your shoe. Instead of taking the pebble out, you change the way you walk so that you don’t notice it. Ignoring the pebble isn’t the same as dealing with it. As a trader, because of the nature of trading, we often rationalize our trading to “that’s the way the market works.” It becomes “good enough” because the market is unpredictable and $#!+ is bound to happen. But just because the market is capricious, doesn’t mean we have to be with our trading decisions. Here are some thoughts about the nature of this filter.
Some of the thoughts of this level:
- Being very tolerant.
- Willing to compromise.
- Settling or “good enough” on what results you’re getting.
Some actions that result in this level:
- Worry – making sure that things work out.
- Judgment – is this really the best situation to be in?
- Analytical – trying to think your way out of a situation.
The Good Enough Trader is very contemplative, spending a lot of time in their heads. Because of this contemplative nature and the fact that this level is about rationalization, it’s very easy to stay in that loop of always saying that whatever your results, it’s good enough. This is where a lot of traders find themselves maintaining a breakeven type of trading result. They don’t have big losers, like when they were learning to trade, but the winners aren’t really that big either. There’s a certain amount of maintaining the status quo. Nothing too big either from a winner or loser point of view.
In the next posting, the Good Enough Trader Fired Up, we’ll talk about some of the things you can do to inject some passion in your trading and boost your trading profits. If you would like an opportunity to talk about igniting some fire in your trading, sign up for a complementary exploration coaching call. Click this link to find an available time to meet. Please include a brief description of your particular challenge in trading.
*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.