How to develop a trading mindset?

What are the most important things in performance is state and how we are feeling state underpins performance is state-dependent that's the main message from we are going to look at in this blog we need to get ourselves.

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High-performance trading. 

Two keys to trading success essentially we have got two things that are very important to being a great trader we need to have a trading strategy with a positive expectancy with some king of edge that over time generates profits. we also though need the ability to consistently execute the trade trading strategy. the skills the knowledge the strategy and then the inner game the trading psychology and its a combination of those two that's really important and when people come 

 learn we need to understand what is the need is ti a really psychological challenge they are having or is it perhaps maybe the trading strategy isn't are watertight. 

What type of trader are you?

Strategy with positive expectancy/ Good skills and knowledge  

No strategy/untrained skills and knowledge 

Trained trading psychology and discipline 

Untrained trading psychology and discipline 

Four types of traders 

1. If the trader has a strategy with positive expectancy/good skills and knowledge and trained trading psychology and discipline  you are a high performing trader you \ve got the skills the strategy and you got the psychology and the discipline
2. If the trader has no strategy/untrained skills and knowledge and trained trading psychology and discipline you are a high potential trader
3. If the trader has a strategy with positive expectancy/good skills and knowledge with untrained trading psychology and discipline he is an underperformer.
4. If the trader has no strategy/untrained skills and knowledge and also untrained trading psychology and discipline he is a beginner.

The main challenges are consistency and sustaining performance. Ask yourself 

1. What is your edge/competitive advantage?
2. What is it you have got that can enable you to make money to be profitable?
3. Does your strategy have a positive expectancy?
4. Find out what is the expectancy of your strategy and if you are using multiple strategies test it on the different strategies and you will find that some have much higher expectancy than others so it's a good calculation
5. Another thing to consider is this concept of a niche are you trading in your niche?
6. Finding the right style of trading, type of market, time frame which best suited them with their personality that combination of the trader and the strategy. There are three variables when we get those three things rights we get the sweet spot in the middle and that's where your best potential for being profitable is going to come from.

The performance cycle 

1. The performance cycle is the high-performance trading cycle as we called it. Three components planning execution evaluation but all held together from the central part the mindset your mindset. Influences out into all those three areas so mindsets are critical.
2. Planning is all about creating the conditions and the opportunities for success We are trying to put the odds in our favor we can't ever guarantee success but we want the odds to be in our favor 
3. We then implement our plan our goal in executing is to flawlessly execute our trading strategy to follow our rules to be disciplined as we do that we will get feedback 
4. The great thing about trading is there is plenty of feedbacks its very visible and its very instant and that makes the potential for improving performance greatly because when we get that feedback if we use that feedback then we can move forward to get the feedback
5. We need to look at what the feedbacks can learn from the feedback and then we can leverage it to utilize that gain momentum come back into the planning stage and we are back around and if we keep in that cycle then we get continual improvement.
6. Ask you to consider and reflects on in your own trading how much time and intensity you put into each of those three key outer sections there the planning the execution and the evaluation and again in the workbook there is a good little activity in there which I would encourage you to do which get  you to think about if 10 is the best I could be doing how wold I rate myself on planning on execution on evaluation 
7. If you consider mindset as well then you will get yourself a score of 40 and it's a good activity to do because let's say for example planning is you gave yourself 7 then the big question is what would make it an eight what the on the thing you know is there something you could do to make one point higher if the execution is a six or seven what could you do to make it a seven or an eight 
8. If the evaluation is five or four how could you make it a five or six always think about that you know trying to make one point higher on the scale because it's going to give you very qi\uick simple actions to do so 
9. Sometimes we are looking for that big massive improvement  and its so hard sometimes to find it or to do it that it almost outs us off we stay we are but if we can look at this incremental approach 
10. If you could improve your planning by a few percent and your execution bu\y a few percent and your evaluation by a few percent and you improved your mindset by a few percent suddenly then you do get that big shift in performance but it's breaking it down and taking those small steps which are really key  
11. It's the small steps done consistently over time that often have the biggest and longest-lasting success.

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