From Justin Werleins’ Webinar on 12/07/’24
Secret #1 - Why most traders are failing
1 crucial concept that’s holding most traders back from succeeding in the markets:
= DEGENERATE TRADING
- Emotions take the wheel
- Every decision is influenced by greed, fear, and desperation
- You either end up holding on to losing positions out of fear and stubbornness, or selling too early in fear of losing your gains
To solve this: you need to become a ‘Zen Trader’
→ This has been the biggest secret to my success over the years and I wouldn’t be anywhere close to where I am today without it…
What is Zen Trading?
- Approach the market with discipline, patience and understanding
- Stop “chasing” profits and let them come to you. You change striving (for opportunity, an outcome) for arriving, be the recipient of the opportunity that is being given by the market, simply be an observer. You are not focused on passing your P&L.
- Slow down and become obsessed with the “process” of trading instead of the outcome. Think about a pro sniper, he will not protect his men when he is about to take a shot thinking about how we will win medals, no. He is just focusing on protecting his men. So you need to be in the market trading, focusing on trading, not how you’re gonna make money, retire and buy a lambo. When outcomes like that start to get implanted into your head, your decisions start to shift. Because when you set an intention and expectation like that, your decisions will constantly reflect that. You are focused on the outcome, not on the process, and that’s why you become emotional and start making dumb decisions. You see opportunity that’s not there, because your decisions are going to reflect the environment in your head. So a “Zen Trader” is obsessed with the process, not the outcome.
- You don’t need to be taking so many trades - just a few sounder strategic decisions per day. It’s just being confident. No home-runs. 5-20 points a day that’s it. Because the beauty of trading is that it’s completely scalable. Trading is about being consistent with your confident and true convictions setups.
What are the Zen Trading Habits?