Are you too focused on your trading score? Discover an important concept and what to do to change it to improve your trading performance from a story that Lewis Howes tells in his book The School of Greatness: A Real-World Guide to Living Bigger, Loving Deeper, and Leaving a Legacy.
I use his story and relate it to trading to drive home an important concept that many traders miss in episode 26 of the Trading Performance Podcast. Click here or in the video below to discover the lesson.
If Lewis were to continue the same process of playing perfectly in the flow game after game, after game his team would start winning and he would be tremendously successful. Or he would be picked up by another team to help them win football games.
Unfortunately that wasn’t the way he evaluated this game. He beat himself up. He said he could’ve done better. Is that really true? Not according to his coach. He said he played perfectly. So what is Lewis’s negative, false self talk creating for the next game? He will do something different. He will change his procedure. Should he? No! Why?
There are many factors of a football game that are not in one player’s control. Really the only thing a player can control is their decisions and actions. The outcome of the game is much about luck.
It is the same way with trading.
Yes, your skill and ability has influence in your trading results BUT whether you actually win a trade or not is going to be highly dependent on luck.
An emotionally intelligent trader who trades well will celebrate that they did everything according to their plan even when they lose. A trader who is solely focused on the scoreboard, sadly, will often beat himself up for doing the right things and therefore get caught in a cycle of declining performance.
So the question is…are you TOO focused on your trading score?