Mind Gym!

It getting to the end of the year!

Part of my Trading Plan involves periodic review of old books and materials. At year end, I have a ritual to browse my trading library; dust off some old technical books. With each passing year, not only do I get a greater insight into the markets, (and myself for that matter,) but also read old materials with a fresh perspective. I am always surprised how differently I can discern the writer’s points with each annual review. Experience enables me to review the same materials and yet come away with different nuances I didn’t perceive from previous “reads.” Seeing old ideas and concepts in a new light is all part of the journey of trading. Like the Nike’s slogan, “There is no finish line” in trading either, but just higher levels of objectiveness, perspective, awareness and clarity.

Recently, I pulled a book from the psychology section of my library that I highly recommend if you haven’t read it.

Mind Gym by Gary Mack

Instead of providing an overview of this book in sports psychology, I thought I would just provide some excerpts. (Especially poignant for those of you that often, at times, are hesitating when pulling the trigger, or are not taking profits when they present themselves.) Review a brief sample below and think for yourself how useful they may be in your trading.

“More than 80% of professional athletes in a study, in describing their greatest moment in sports, said that they had no fear of failure. They weren’t thinking of the performance. They were immersed in the activity. They were ‘in the zone’. The probability of achieving the outcome you want increases when you let go of the need to have it.”

“Everything gets interpreted. Pressure is in the brain of the beholder. Learn to view pressure as a challenge to meet rather than a threat of defeat.”

“You can’t control your performance until you are in control of yourself. What you’re thinking. How you’re feeling. “

“Seek progress, not perfection.”

“Motivation gets you going, Discipline keeps you going.”

“You have to learn how to be comfortable with being uncomfortable.”

“Learn from the past, prepare for the future. Perform in the present.”

Hope everyone had a great 2007, keep some of these quotes in mind as you do your trade plan for 2008!