The Empowered Trader by Mark Fechner

Learning to Respond to the Market, not just React

The Good Enough Trader Fired Up!*

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The Good Enough Trader explained what many traders experience, a sense of maintaining the status quo. Things are “good enough” when it comes to the trading results. Another way to look at it is a sense of breakeven, not too big either from a winner or loser point of view. This can result, for lack of a better description, in a malaise of mediocrity.

Please don’t mistake the description of “malaise of mediocrity” as a negative. It’s an imperfect way of describing what you might be feeling in your trading results. If you are generally happy with maintain status quo, then you don’t need to read any further. The malaise of mediocrity I’m speaking of is a sense discontentment regarding your trading results.

Generally, most traders that talk about a break-even result are not happy. They have envisioned some sort of result that will propel them into another type of reality, be that lifestyle, tax bracket or bank account. But somehow the dream of making a bunch of money hasn’t been realized. A way of remedying this situation is to create a passion about your trading.

Awareness & Acknowledgement

The awareness and acknowledgement are kind of in the same thought process. By acknowledging that you’re not happy with your results is also the awareness that your results are not what you expect them to be. So, unlike The Revenge Trade Calmed or The Defeated Trader Empowered, there isn’t the same need to step back and make the awareness that something is amiss that requires you to pause and acknowledge the feeling. The Good Enough Trader is more contemplative. Since this is a level that is very much “in your head”, it’s very easy to get stuck there and not able “think” your way out.

Action

So what is required is to utilize some of the Revenge Trader to spark a fire about your trading. The focus of that spark is directed toward the question, why are you trading? I addressed this in my posting The Difference Between the Will and the Way. Understanding what the purpose of your trading is will go a long way to inspiring you to make trades that feed a specific purpose. As an example, I trade not because of the money, but because what I’m able to do with my life. My priorities in my life are my family and my community. Trading has allowed me to pursue a type of lifestyle that allows me to work from home and be very present to my family. I use the Revenge Trader to fight for that lifestyle and create trades that support those goals. If the trading didn’t serve that purpose, I would most likely find something else that did. Another way of looking at this is that I’m trading for a living not living for trading. The strategies, my style of trading, all support the priorities in my life.

A suggestion would be to examine your reasons for trading. Create some clarity about your reasons for coming back to the market day after day. Making money can be achieved by many ventures. What is it about trading that is different from say opening up a coffee shop or starting a consulting business? How does trading support your lifestyle?

If you would like to have some assistance regarding your trading goals, sign up for a complementary exploratory coaching call. Click this link to find an available time to meet.

The next condition we’ll examine is The Altruistic Trader.

*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.

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Written by etradingcoach

February 14, 2014 at 3:00 am

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