*****David Blair, The Crosshairs Trader, is a blogger/trader/educator who does a wonderful job of sharing research on elite performance and how it relates to trading. Below is his latest post for the SMB trading community.***** — Editor’s Note
Traders make decisions under conditions of uncertainty. In doing so traders must face head on any number of fears related to those decisions. Whether in life outside the charts or the decisions made within, doubt will rear its ugly head, especially when risk of monetary loss is present. As traders, doubt can keep us from committing money to our edge, keep us in losers longer than planned, keep us in winners longer than necessary, and keep us from sticking with a process when things are not going so well. The following resources can help us gain the proper perspective on doubt as we realize that doubt may never be eliminated but it can be managed.
Almost everyone has serious moments of self-doubt at some point in his or her career.
When doubting yourself rears its ugly head, here are ways to put down the monster.
It makes sense that if your parent continually told you that your thoughts and feelings were wrong, that you were too sensitive, that you should not question that parent, that you are not good enough no matter how hard you try… you might still be somewhat haunted by self-doubt.
If we’re being overcome with doubt our minds have a habit of looking for supporting evidence to back itself up, giving our negative inputs legs.
Neuro-imaging studies have shown that when people consider problems mindfully, they use additional brain circuits beyond those that simply involve problem-solving.
After you find a stock you like, but before you place the trade, doubt can creep into your decision. And you begin to second guess yourself.
The best way to eradicate fear is to begin by understanding the distorted thinking that causes it to appear in the first place.
When your account and confidence have taken a sizeable reduction, there’s a ton of doubt to get past, so let’s look at 5 ways to do that.
This is the fate of those who are unwilling or unable to live with doubt.
David Blair
THE CROSSHAIRS TRADER
www.thecrosshairstrader.com
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