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People www.tradersonline-mag.com 04.2014 Focus on winning stocks if you want to generate outsized performance. calming effect on me. I also like to read and write, both for my blog and also in my own journal, which helps me to process and expand any thoughts or feelings that I may be having. Lastly, I listen to guided visualisations that I created for myself, which help to manage my emotional state and also for goal-setting. Usually, I put them on before I go to sleep and drift off to the sound of the visualisation. Richard Chignell: Have you always done this Bower: Not all of those things. I have always been quite active in keeping a trading journal, which has been a critical resource for me from the beginning. The other stuff, like praying, have just grown over time as I found that they improved my overall life. The guided visualisation I’ve learned as a result of some unique training I’ve had. Richard Chignell: If not, how have you learnt to deal with the feelings that come up when trading Bower: The first is just experience. As you go through the ups and downs of the markets, you become gradually de-sensitized. The second way was through conscious training. I’ve actually studied two related psychology fields, NLP and Hypnotherapy. What piqued my interest was that if you read Market Wizards or New Market Wizards, it’s worth noting that all of the trading psychologists that they profiled had trained in those fields! And indeed those tools are used widely in other demanding fields like professional athletics. The third step was just learning to trust my methodology. It’s like jumping out of a plane – if you don’t believe in the parachute, you’re going to be very anxious, but if you trust that the parachute will work and focus on opening it properly, then you will be fine and even enjoy the ride. Richard Chignell: Can you describe a time in your trading life which really rammed home the point that so much of trading comes down to psychological factors Bower: As I once documented in a popular blog post called “What I Learned From the Best Trader at Citibank”, I started out my working career in a great seat – as a prop trader at a big bank. I sat next to a brilliant trader and learned as much as I could. Unfortunately, I was making lots of mistakes and lost money. By the end of that experience, I was actually quite depressed, because I knew that it was a golden opportunity and that I had screwed it up. I swore to learn everything I could to achieve complete mastery in this field, so as never to feel that way again. Richard Chignell: If you could give aspiring traders one piece of advice about emotionally handling the market what would it be Bower: As Dr. Steenbarger likes to point out, most trading psychology issues are actually trading issues. For instance, if you take too much risk, then your P&L will have big swings, leaving you more susceptible to greed and fear. Similarly, if you don’t have a consistent methodology, then you will end frustrated with trading. As glib as it sounds, the solution is to trade better. Focus on defining a methodology that works for you and to keep your risk limited, so that you know you can execute your methodology and you can’t blow yourself up. In the process, you will learn to trust your system and your emotions will naturally calm down. We’d like to thank Bruce Bower for sharing about the way he tackles the market from an emotional/mental side of things and for his willingness to allow me to post this as a free resource in the hope that traders who have been in the market for less time or are thinking of entering can perhaps pick up some A-HA’s. If you are interested in finding more out about Bruce Bower you can find him: » On twitter: @HowofTrading » At his website: www.howoftrading.com « 70
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TABLE OF CONTENTS PEOPLE 68 The Pro
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ADvErTOriAL Unlock your trading pot
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Coverstory That’s exactly what ha
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Coverstory revealing the line-plott
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