1. Getting Back on Track: The biggest job for us traders is dealing with uncertainty - it is where we live and breathe! However, most of our profitability relies on the ability to deal with uncertainty in a positive and relaxed way. Properly understanding market mood and strategy makes the getting back on track process a lot simpler.
2. Repetition: How much is too much - and how little is too little? We traders often look at problems in a way that makes them very difficult to solve.Trying to change hard wired repetitive behaviors through sheer force of will and self-discipline doesn't get us the results we need.
3. Core Concepts: The core concepts important to traders are Self Awareness and Rapport with yourself. Most traders agree that trading is a psychological game and the impact of a trader's mindset on their trading results is anywhere from 50% to 100%. Acceptance is a big part of rapport with self - adopt the "Anthropologist mindset" towards yourself as a first step.
4. Mindset: A well-defined, very specific mindset that becomes our natural state allows us to be relaxed and at peace, letting the market do the work. Relying on forced discipline to make us do what we should do can set up a scenario where we end up fighting our own brain.
5. Frustration: We create our own frustration - defined as the difference between reality and what we demand reality to be. The bigger the gap or difference, the higher our level of frustration. Rather than struggling to make reality bend into our expectations, we can become more competent in managing reality as it is.
6. Separation: How do we separate our trading lives and family lives? Our emotional state bleeds over on all our other activities and we end up bringing a mindset to an area that is not appropriate and this continues to happen, over and over again.
7. Human Mind Checklist: The core concept in sharpening the trading mind is awareness. There are several exercises covered here that increase awareness and traders use some of these as part of their pre-trading daily routine.
8. Mental Mindset Q&A: Members of TopStepTrader submit their questions about trading mindset to Rich in this session.
9. Holiday Stress: Holidays can be one of the most stressful times of the year, with old family issues and processes that no longer serve us coming to the forefront. We often have a tremendous amount of expectation during holidays which can result in disappointment if those aren't met. All of this carries through to our trading, of course.
10. Cognitive Dissonance: Traders with the ability to hold multiple points of view at the same time are best at predicting and assigning probabilities. Rather than seeing cognitive dissonance as stress, see it as an incredible gift and skill that can help you in your trading mastery.
Rich Friesen works with financial professionals, independent traders, business leaders and entrepreneurs who want to expand their mental game to make more consistent profits. With in depth experience as a broker, floor trader, financial software developer and entrepreneur, he brings concrete real world experience to his clients.
Rich founded Trade Management LLC, one of the most consistently profitable options and equity trading firms on the floor of the PSE. He created a way to visualize option values that enabled his floor traders to instantly execute trading opportunities.
Rich holds a B.A. in Philosophy, a Masters Degree in Clinical Psychology and is a graduate of the Gestalt Institute in San Francisco along with Master’s certification in Neuro Linguistic Programming (NLP). His background in psychology has been instrumental in his development of his Mind Muscles™ training programs that supports the financial and business community.