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Robin Dayne
"The Trader's Coach"
18 years as a trading and life coach
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The Number ONE Reason
Trader’s Don’t Make it
By Robin Dayne
Trading Situation:
Trader Background: Charlie
has been a trader now for almost 10 years and at first he
did really well and was fairly profitable early on in his
trading. Then he right when he was doing so well he had the
biggest loss of his trading career, in one day. He lost 10
thousand dollars in one position. From then on his trading
suffered and getting back the money was always on his mind.
He had the “beat yourself up” mindset, started
over trading, was doubling up on size and the losses became
bigger and bigger. It came to the point Charlie where he was
in so much fear that by the time he contacted me the exact
words on the phone were: “I’m frozen, paralyzed
and can’t pull the trigger.” I need help.
Method is designed to:
· Definition of “Emotional Blocks”
· Identify if YOU have them
· Review some solutions
· Get you back on track
· Decide if you need help
Trader Comment:
“I don’t know what’s happening
to me. I’m a good trader, I was doing really well and
all of a sudden all has gone off. I have been losing now for
awhile and in the last two weeks I find I can’t take
a trade even if I see the perfect set-up. I feel frozen even
paralyzed and I can’t pull the trigger. What’s
wrong with me? Charlie - NYC
T- Trader C- Coach
C – The first thing that I asked Charlie
was: “So how much did you lose in one trade and all
together?
T- “I lost 10k in one trade a few months
ago and ever since then I have been constantly losing. But
in the last two weeks things have been getting progressively
worse. Then last week when I went to trade I saw a great set-up
everything was perfect, the market was moving, all the planets
were aligned and I froze. I just couldn’t pull the trigger
and I missed out on the trade of the month.
C- Please know that this is the most common
thing I hear from traders on a regular basis and I am convinced
it is the number one reason traders fail or leave the business.
I have never heard of a trader that hasn’t faced the
emotional block at one point in their trading.
T – “I don’t know what’s
happening to me. I’m a good trader, I was doing really
well and all of a sudden all has gone off.”
C- Most traders don’t realize what’s
happening to them at this point. They don’t realize
that the block is the problem. After all we do not get a normal
education on how our minds work. We have little or no skills
when it comes to our conscious minds fight with our sub-conscious
mind. When the block takes over and becomes very strong, a
trader’s only recourse is his or her own will power
to overcome it. An emotional block has strong physical repercussions
especially on trading reactions.
So, how do you know a block is effecting your
trading? Well that’s the easy part, it’s when
your conscious mind wants to do one thing and you body reacts
differently. Their reactions are filtered through the emotions
of fear, hesitation, apprehension and uncertainty whether
you want it or not.
Some typical trading reactions that stem from
a block are:
- Jumping into a trade when there are no good
reasons to take it
- Exiting a good trade when all signals are
good
- Having a great set-up where all indicators
are lined up and not taking the trade
- Seeing a great trade and hesitating on the
entry
- Having feelings of uncertainty
- Experiencing many losses over and over
- Stop trading and having the feelings of fear
after a large loss or many small ones in a row
……these are just a few of many that
exist.
T- “I have been losing now for awhile
and in the last two weeks I find I can’t take a trade
even if I see the perfect set-up. I feel frozen even paralyzed
and I can’t pull the trigger. What’s wrong with
me?
C – Blocks are insidious they tend to
grow and accumulate or gather strength like a snowball. All
along have greater impact on each trade and trading results.
Many traders not getting some outside help end up thinking
there is something wrong with them and end up giving up. The
pressure and stress are too much for them to take. Also much
blame has been put on a great trading strategy when the trader
is really reacting from a block and not the method they were
taught. Read More
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