Tolerating Discomfort While Trading
02/17/2015 6:00 am EST
Andrew Menaker, PhD, of AndrewMenaker.com, discusses how, in his experience as both a trader and a coach, when it comes right down to it, trading success has less to do with the ability to analyze charts or numbers and more to do with how a trader can tolerate discomfort.
The ability to tolerate discomfort determines your ability to make money as a trader. It's not enough to be able to recognize a pattern, what matters more is your ability to act in your best interest.
The ability to analyze charts or numbers has very little to do with how much money you will make as a trader. The amount of money you will make (or lose) as a trader has much more to do with your ability to tolerate discomfort.
Everyone has a goal to be more in the flow or the zone while trading. The reality is that you don’t have to be in the flow or the zone all the time to make money. Tolerating discomfort to the point that you can control your actions to be in line with your plan is critical for all traders.
In my experience as both a trader and a coach, I see two major areas of trading psychology. First, there are strategies to increase the odds we get in the zone and stay in it longer. Second, there are strategies designed to increase our ability to tolerate discomfort.
How much time and energy do you put into increasing your ability to tolerate discomfort?
Have you ever noticed that trying to get in the flow often takes you further away from it?
Successful traders have strategies for both tolerating discomfort and being in the zone. And what works for one trader may not work for another trader.
By Andrew Menaker, PhD, AndrewMenaker.com