Today was one of those gifts the market hands us every so often. The kind of day that can make your month if you're positioned well and push the trade. On the other hand it can be the kind of day that can blow you up if you haven't learned to work with your mental monkeys.
I view this kind of day as a special kind of gift that supercharges my journey of mastery. It has an amazing way of provoking every mental monkey and pushing them to the edge. If I ignore them and let them run loose the results are often destroyed capital, both financial and mental. But if I choose instead to listen to their screams, step into the discomfort, embrace them and learn from them, I emerge a stronger, better trader.
Today my plan was solid, my lean was short, the levels were good, and my roadmap was giving a clear view ... but my setups didn't show up to let me in for the ride. Instead I was getting long setups which put me in the position of playing defense. With the initial selling pressure and no setup to get in, I had to step back and regroup. My routine and daily practise of working with my mental monkeys kicked in. I leaned into them, listened to their urging to jump in, to chase, to their screams of "OMG you are missing out". I let them know I was hearing them, settled them down and got focused on trading my methodology.
In the chat room, we stepped back and looked at the bigger picture to regroup and regain our focus. It's a tool to help us stay grounded and to remind our monkeys that this is not the very last trade opportunity there will ever be in our lifetime as traders. I often tell those I'm coaching that IF they believe this is the very last opportunity they will ever have to take a trade, they better take it ... at all costs. Most often they laugh at me, since saying something like that out loud sounds absurd. We know that there will be more opportunities. In fact one of my beliefs is that it is the markets job to constantly serve up trading opportunities and because I have that belief, I do not need to chase the ones that I miss.
So after regrouping and settling down the monkeys, I settled into waiting for price to come into my bigger roadmap levels where I looked for long setups. It took energy and focus to practise patience to wait for the levels, for setups that provided an edge I could manage and discipline to apply my methodology. I spent the day trading against my lean and against the direction of the market. In the end, I managed the monkeys well, I followed my plan and yes I took long trades in a day where the easy money would have been made on the short side.
I am ending the day with profit, but more importantly with the increased confidence that comes from embracing the monkeys, working with them and using a day like today to become a stronger better trader.
Did you accept the gift the market handed us today? Drop me a comment ... I'd love to hear about it.
by Cindy Ryland - Trader | Mentor | Coach
"Winning is a habit. Unfortunately so is losing." ~ Vince Lombardi