the-daily-trading-coach-101-lessons-for-becoming-your-own-trading-psychologist-brett-steenbarger-_2009_-a23

Change 25as a relatively calm, patient person: it has become an integral part of myidentity.For more on how new experiences generate new roles and scripts,check out my blog: http://traderfeed.blogspot.com/2006/11/crosscultural-journey.html.So here’s your challenge and your assignment: Identify the person youwould like to be and then throw yourself into a structured social activity—arole—that requires you to enact those ideals. If you want to be more disciplined,take on a discipline: martial arts, work with a personal trainer, etc.If you want to be more patient and focused, undergo meditation trainingor work with young children that you care about; if you want to becomemore socially confident, immerse yourself in public speaking; if you wantto trade more aggressively, join a trading room that mirrors the style youwant to adopt and actively participate in its discussions. Create the rolesthat mirror your desired identity; live scripts of your choosing. If you canplace yourself in situations where you routinely practice being the personyou want to be, you’ll rapidly make that person your own. Change beginswith novel experience, but is sustained through repetition.COACHINGCUETo be the trader you want to be, consider taking on a student/trainee. Whensomeone is observing you and learning from you, you’ll be on your best behavior.With the teaching script, you’ll access behavior patterns that you wouldnever enact in isolation. Alternatively, take on a peer mentorship role. The socialmotivation to live up to your best for your trading buddies will enable youto access your best behavior patterns.LESSON 9: HOW TO BUILDYOUR SELF-CONFIDENCETrading is one of the most challenging occupations, because traders routinelyface working conditions that they cannot control. Psychologicalresearch suggests that one important basis for self-confidence is selfefficacy:the perception that we can control outcomes that are important tous. But how can we sustain self-confidence as traders if we cannot controlwhether we make money from day to day?