Article author Randy Hovell is a licensed therapist and trading mentor. The main direction of his work is learning to manage his emotions, make conscious decisions and apply Jung’s ideas in the field of trading.
He is the author of four books, including Mindful Trading: Mastering Your Emotions and The Inner Game Of Trading.
In trading, there is a gap between trading results and consistent profits. What does a hardworking and purposeful trader lack in order to become successful?
Even after years of market research and hard work, most traders consider consistent profits to be illusory. They see how other traders who use the same trading systems succeed and believe that they will succeed too. They admit that it is enough for them to find a problem and solve it in order to become just as successful.
Strictly adhering to the ethics of trading and completely focused on solving this problem, these traders work even harder, resort to new methods, new systems, follow new market gurus, study new markets, or apply everything new that promises them success.
The gap between trading results and consistent profits has persisted to this day. If traders are relentlessly striving to achieve success, then what are they lacking?
DO NOT UNDERSTAND/SEE WHAT YOU PRINCIPALLY CANNOT UNDERSTAND/SEE
The problem with such a trader is that he does not have a clear vision: his “myopia” will not allow him to see the forest for the trees. Traders have an unspoken assumption that the key to understanding the problems of their trading failures lies somewhere in there. And when they find it, the success that they have been striving for all this time comes to them. This preconceived notion prevents the trader from objectively looking at the problem from a different perspective.
The problem is that there is a big gap between how traders develop their skills and how they learn to trade. This chasm prevents many traders from making consistent profits.
The ability to manage your emotions gives the trader the opportunity to develop the ability to control the strength of his emotions so that they do not take over his mind.
Traders constantly hone their skills, so they have a reliable advantage in the trading process and, as a result, do not pay attention to personal development. When they stop improving their mental faculties, their trading technique begins to fail due to the fault of the emotionally driven mind, which is designed to accurately predict based on the recognition of market patterns, and not to control the probability necessary for successful trading.
