An Inner Calm And Focused Space
Investing and trading is 50% learning and maintaining good skills, as well as technique. The other half is controlling emotions, or what I call “being centered.” To me, being centered is to have an inner emotional space that remains calm and constant. This is a place where you are always calm, positive, and able to focus. It is important to work on developing this, because it will serve in good stead in other aspects of your life as well.
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It is having a well-defined personal center that provides an “eye in the storm” so to speak. The stock market is full of distractions and is a complex multi-layered environment. If you can develop a well-defined personal center then no matter what happens or how unusual an event seems, you can return to that calm space and think positively, rationally, and with logic rather than emotion.
It requires effort to incorporate this into everyday life and starts at the beginning of each waking day, when you rise and say to yourself, “It’s great to be alive.” Live each day positively and as if it was the only one. Compliment individuals you meet in the morning, because saying something kind to others creates a positive mood for everyone. End each day with positive thoughts. Compliment your spouse, appreciate your children and grandchildren, enjoy the fact that you are alive and well, capable of tackling the challenges that lay before you tomorrow. Most people do not appreciate what they have until they lose it.
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Take pride in the tasks of investing and trading. Keep a work space environment neat, and well organized. Treat it like a job. Keep accurate investing and trading notes. Most individuals derive a good deal of self-esteem from their work. However investors and traders can make the mistake of placing self-esteem alongside the bottom line of points gained. A person doesn’t sit at their desk in an office and stop at 10 am to think, “Wow! I just made $187 so far today.” So why do that with your investing or trading job?
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Sure it’s important to make money. However, self-esteem from work comes not so much from the money earned, but rather from doing each part of a job well done. For example a small business owner takes pride in their business services offered, quality support for customers, or a product they have designed. An artist is driven to paint or sculpt not because they think it will make a lot of money, but because they derive great pride and self-esteem from their creations.
So think of your investing and trading along the lines of self-esteem for a job well done. When taking the TechniTrader Methodology Essentials course, make time to fill out the chart analysis forms and write down your thoughts in the trading journal along with the numbers from futures and scans. Take pride in each aspect of the work day. I believe you will find that your bottom line increases on its own.
Regardless of your trading style whether its intraday, day, velocity, swing, position trading, or long term investing learning how to read Stock Charts is a critical skill. When you can interpret a Stock Chart correctly you will be able to anticipate the direction the stock will take, how long the run will sustain, and how fast the stock will move. With this information you can determine the correct trading style to use, the strategy to use, the correct entry price, stop loss placement, and your exit strategy before ever entering a stock.
Martha Stokes CMT
Chartered Market Technician
Instructor & Developer of TechniTrader Stock & Option Courses
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