What sets truly successful stock options traders apart from those who never realize their dreams? Is it a particular set of habits or special rules? An increased appetite for risk? Skill at charting? Plain old smarts? No doubt each of these factors plays a part in a day trader's achievements, but perhaps underlying all of these differences is a particular and profoundly powerful mindset.
The fundamental difference between the wildly successful and the merely mediocre stock option trader is not any inborn characteristic or individual learned behavior, but how we think about skills and learning in general.
Can People Really Change?
Some folks, it seems, think that, basically, when it comes to skills and abilities, you get the hand you're dealt, and that's that. You are, however smart you are, however hard working, and there's little to nothing you can do to change these fundamental characteristics of your personality. That's called a "Fixed Mindset".
Other people know differently. Those with the opposite view, called a "Growth Mindset", believe that with effort, training and perseverance, you can expand your knowledge, broaden your daytrading skills, improve your odds, and overcome reversals. The key to successful trading is not inherited talent, or skill, but good, old-fashioned hard work on their skills and attitudes. Guess who ends up more successful?
If you haven't guessed yet, successful stock options traders generally have a Growth Mindset, a fact proven in large part by the research of renowned Stanford psychologist Carol Dweck. In a lengthy and fascinating article in INC . com, Dweck wrote: "It's all about your mindset. Successful daytraders tend to focus on growth, solving problems, and self-improvement, while unsuccessful people think of their abilities as fixed assets and avoid challenges."
In this insightful course, the team that brought you Udemy's top Stock Options Trading courses team up to cover the "Inner Game of Successful Trading".
The course includes revealing insights from experienced daytraders.
Stock Options Traders usually don't give up their secrets or failures. You'll notice more than a few, don't appear on camera. They value their privacy but we were able to get them to share their hard-won insights.
In these interviews with Allen, they share their heart and wisdom. The mistakes that took years to correct are explained in simple bite-size conversations.
When you enroll in this course, you receive life-long access as well as Udemy's 30 day satisfaction guarantee. With over 9,000 happy students and 210+ 5 star reviews, we are confident you will learn a ton and improve your success in all aspects of life that you apply this course to.
Click the "take this course" button, top right, now ... every hour you delay is costing you money ...
Human beings have some unique combinations of talents and skills, but we also share in some common patterns for success and failure. We're not asking you to change your personality. Keep being you. Here we can learn from other people's mistakes (many of them are common mistakes that become habits). We can learn from success patterns too.
The human factor affects day trading very much. A trader can do very well for a long time and suddenly not follow a proven system. This course explores this common phenomen and offers simple solutions to prevent it from happening to you.
Habit is anything repetitive (good or bad). When a good trader makes occasional mis-steps outside their plan, we call that a "Trading Habit".
These habits are interfering with success on a semi-random occurrence, or can be predominant problem.
Learn more about your instructors, Allen and Scott.
Steak will satisfy you. The sizzle gets annoying without the steak.
Awareness of the habits will help you identify them in others and your own trading. Know it - Name it - Prevent it.
It is very easy to procrastinate. Do you get a certain way into the process then never take the risk of actually putting money into a trade?
Treat paper trading like real trading. What habits are you developing here?
Do you take the profit given to you? Or do you want "a little bit more"?
Many losses are caused because of greed. "Never enough" versus reality and gratitude.
Does desperation make you pick trades (when there aren't any good trades available now)?
Hope: I hope this bad trade turns round. Not having a tested plan means you are hoping... not sticking to a proven system.
Counting on Luck: Having a trading plan that's NOT repeatable. Sort of like art without the skill. Many people will remember when they were lucky and ignore the times they weren't.
Gunslingers shoot money on the table to get the 'drop' on the market when they don't have confirmation of a good trade. It can be an expensive mistake.
Getting into trades too late means you get in when you should get out. And the buyers are already walking away.
The most important bad habit of them all. Getting out when a trade is going against you can be very difficult..
You may find The System is too easy. No drama. This brings up need for excitement causing then to feed their need to tinker. Day Trading only takes 30 minutes per day, just do that.
LAZY IN THE WRONG PLACES
- Need to do the testing. Prove it out. Not needing to re-invent the wheel, just see what you can do and master the tools.
- Millionaire tip: "You have to make shortcuts, but which shortcuts to take and which ones to not take is the key."
This short video gives you a feeling of being in the mind of an emotional trader. The checklist (rules) isn't used for Entry. The places to Exit isn't used. It's all about the feelings.
All the people being interviewed have been trading some financial instruments (Forex, stocks, Options). They were anonymous interviews to help promote candor. What really happened? Most traders are reluctant to tell their secrets (especially failures).
Here we see the problems they encounter and some of the solutions too.
This trader had experience for a couple years. He used better tools and became successful more consistently. However, he stopped using the better tools for a while. Why did he do that?
Keith is an experienced trader. He's learned the value of following his plan. He puts things in place to ensure he doesn't stray (via temptation) from his plan. His plan works 100% of the time.
The key to having patience is discussed.
Dave is a good trader and follows his rules most of the time. When he follows his rules, he makes money. When he follows an old trading habit, he usually has lower success rate (50 50 chance of success). Habit of entering a trade late.
NOT STARTING. Interview by Allen with Jim, Mike and Bruce: a coach and two people wanting to start trading.
- low cost explorations are needed.
- how to overcome the fear of starting.
Susan has good information for new traders. Be focused on trading when you are trading.
Jim has years of trading experience and offers his best tips for staying clear headed.
This Steve (different Steve than the other two) is a very experienced trader. A master trader. He has developed his rules the hard way over many years. You get the key insights to his success. See the contrast between his habits and other trading habits.
Ray started trading at 18. He's had success and challenges.
He gives his best insights for overcoming challenges.
When your intelligence rises, and emotional trading is removed, your trading income will naturally rise: the tide lifts all boats.
Auto-dismissive attitudes will not get the benefit here. It is simple to learn facts, and it takes mild repetition effort to get the benefit. If you brush your teeth, or have a shower/bath, then you can also get the advantages in this course.
Hearing great ideas is only the start. WILL YOU DO IT? There are different levels of commitment.
Higher IQ is install better programs.
Look at two trades: GS and BABA
Follow the rules, or not? What happened?
Peter and Dave are both golfers. They both love the game, but have very different focus on getting to their goal of having time for golf. The focus and choices have vastly different intermediate activities. The power of choice and spending time in designing their lives is explained clearly here.
Can you change the design or the "plumbing" of your brain and body? There are mechanics / wiring that are part of your design. You can change your robots, your car, your diet, etc. We expect we can change everything. Plastic surgery won't make your neurologically different.
We can change WHAT we think about and slowly learn new ways to think, but you can't change the critical parts. It's best that we learn the things we can't change and how to work around those immovable things.
Cant change the plumbing of your human brain, but you can do other things to "re-wire" the reactions.
Humans have great capacity when we learn how to access our full range. Animals have a lesser range of actions they can take. There are unique aspects about being human and how that affects our moods and results.
What is a hu-man?
Note: Setting boundaries so that toxic people stay away isn't the same as being angry at someone for 30 years. Holding anger towards another person is unhealthy for us. In contract, having a boundary "I don't go to my sisters because I dont want a fight" is healthier until the peace can become normal.
So far we have talked about Emotional and Cognitive trading. Here is the easy "test" to help you know it's an emotional or cognitive trade that is about to happen. If you use this test, you can prevent many emotional (random) trades.
Please use this test to help you in all future trading.
Tony Robbins presents materials (from NLP) and also Richard Bandler (co-founder of NLP) show that fears can be banished in 30 minutes.
This quiz is a recap of the major points.
Need to keep the process alive. The bad habits can be removed if we use "awareness of feelings" habit.
Habits are patterns that repeat. They are stopped by a shift in perception. Usually people use pain as the motivator. That's not necessary if we get disciplined and with making a commitment.
Fail; recommit; until you have success.
The theme music for this course is by Anthony Madani. The song was selected for it's up beat music but also for the lyrics. Here we meet the singer / creator and find out the importance of lyrics and music.
Music, like all expressions, can be positive or evoke other emotions. Since you know that emotions are a key driver in our lives, it's great opportunity to hear a music creator talk about his work and mindset.
Learn more about successfully trading options.
This shows how normally hope or panic would happen in Live trade (real) examples. And how being calm and following rules made losses minimal.
Reducing some bad habits that cost money. With Steve W, becoming more evolved human.
Allen has been a master programmer and a profitable day trader most of his life. He shares how you can follow a few simple rules and use an easy to understand program to make consistent 10% gains in 10 minutes. Nothing is 100%. He teaches the greatest challenge to your financial success is YOU. Self-sabotage behaviors derail more investors and traders than any other factor. Trading in options is a battle between 'Fear' and 'Greed'. Powerful emotions that you learn to control with experience and training.
Scott Paton has been podcasting since the spring of 2005. His podcast "Weight Loss and The Mind" hit over 375,000 subscribers in its first year and over one million downloads. He has executive produced and/or co-hosted over 35 podcasts. An internationally renowned speaker, Scott has presented to audiences from London, England to Sydney, Australia, from Vancouver, BC to New York, NY, from LA to Rwanda. Thousands of entrepreneurs and NGO's have changed their public engagement strategies based on Scott's sharing. We hope you will, too!
Scott has over 66,500 students from 176 countries taking his courses.
Scott joined Udemy in 2013. In late 2014, one of his clients inspired him to make a video course on Podcasting. He revisited Udemy and got very excited at the potential. After his course went live, Scott told his clients and many decided to make courses but needed help, so he has become a co-instructor with them, while continuing to support and build his own courses. His co-topics all include areas of life-long learning by Scott, including Stock Option Trading, Alternative Health, EFT, and Relationships.