Thursday, April 23, 2015

Trading is a Game – Focus on the Execution of the Task

Canada had one of the worst teams in the world when I first stepped onto a bobsled track. I quickly realized the difference between the best athletes in the world and myself and believed that I could develop to a level that would compete with them.
I spent years refining my skills, building teams and acquiring the proper resources that would position my team to compete with the best. As time passed, we worked our way up the ladder in World Cup competition, eventually, we were placing in the top 10, then top 5 and soon found ourselves in a race where we could win Canada’s first World Cup medal.
We were in 3rd position following the first heat of a two-heat race. What do you think was going through my mind following the first heat of the race, knowing that we could win a medal after the completion of the second heat? What may go through your mind is how wonderful it would be to win a medal! One could think about all the newspapers and TV stations that will publicize the story! The prize money will certainly be nice! The medal sure will look great when it is hanging on the wall! Perhaps a lot of girls will be impressed with our medal winning performance! These are certainly thoughts of doom and failure! The only possibility of winning a medal in that race is absolute focus on perfect execution of the task of driving the bobsled down the track as fast as possible. The task is defined by the perfect use of the physical and psychological skills that have

been developed specifically for the discipline at hand.
The primary objective of trading is to make money, as the primary objective of Olympic sport is to win medals. Thinking about how much money can be made on a trade will interfere with enabling the psychological resources required to put on a good trade and manage it effectively. Thinking about the end result (the money) will inspire emotional, subjective, irrational thoughts that will cloud your view of the market and may drive a poor decision and ill management of a trade.
The “making money” part of trading is simply a byproduct (end result) of a focused and precise utilization of our trained psychological and mechanical resources to successfully find and manage trades. Under the most intense circumstances, the best results will be produced only with a deep concentration and focus on the task at hand.
When managing trades in forex, it is wise to target profit-taking and stop-loss levels based on pips rather than equity. I do not watch equity on my trading platform, only +/- pips.
If I were to name one attribute to achieving success, “Focus on the Task” would be it. Focusing on the task will utilize all your developed resources to achieve the best result within your capabilities. As a result of every experience, you will move to a higher level of consciousness and have developed even more resources to draw from when you

embark on your next experience. In time, you will challenge both ends of your psychological spectrum and learn the best response under new conditions. That is how you develop as a trader!

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