Some background on Dr. Andrew Menaker?
Dr. Andrew Menaker is a licensed clinical psychologist with a PhD in psychology. He is, in my opinion, the leading authority when it comes to trading psychology and has been recognized worldwide for his work in the fields of emotion management and emotion development. He has coached some of the world's top traders since 1995.
Following his interview on the Desire To Trade Podcast in episode 34, Andrew accepted to be part of a live Q&A session, which turned out to be highly actionable and instructive for all levels of trading experience.
Watch the Q&A session:
A few things covered:
- When and how to jump to a live trading account
- What's the problem with expectations
- How to set great goals
- The best resources Andrew recommends for traders (they aren't trading books!)
- How to be aware at all times as a trader
- Action steps to take TODAY!
- And much more…
Here are a few important point from the Q&A session:Trading is all about identifying opportunities while simultaneously managing your risk. @Andrew_Menaker Click To Tweet Our trading careers are defined to how we respond to discomfort. @Andrew_Menaker Click To Tweet Most people did not go into trading realizing what trading really involves. @Andrew_Menaker Click To Tweet
At the end of this Q&A session, Andrew proposed a very clear action step you can take right now to improve your trading. After all, whether you trade Forex, stocks, futures, or something else, you need to be aware of your actions.
Way too many people go into trading with understanding themselves. They think the goal is to pull the trigger to make money as soon as possible.
Something happens when you start to understand yourself and become aware of why you do what you do.
The #1 action you can take from now on is to use a journal. Write in it before the start of every trading day.
In short, your journal should include:
- How do I feel right now? What's coming through my mind?
- Why do I feel that way?
You will soon realize the fact that your trading results are almost perfectly guided by your state.
Have you implemented any advice mentioned by Andrew Menaker? Comment below or in the Facebook group!