Transforming Trader Self-Talk by Adrienne Laris Toghraie
Traders can talk themselves into disastrous losing scenarios. Here are the steps to avoid the problem.
Self-talk controls your trading destiny. Self-talk is that inner voice that interprets what is happening and how you feel about it. Your self-talk can be positive, optimistic and encouraging so that it gives you the energy and confidence to stay the course in the face of
the most overwhelming odds. Unfortunately, however, most of the traders with whom I have worked, regardless of their level of success, engage in negative self-talk, which results in their failing to achieve their ultimate potential.
Negative self talk is destructive, demoralizing and depressing. So why engage in it? It is a habit. As humans, we like to confine ourselves to familiar patterns, even when they are negative. The familiar is comfortable and predictable, and even when painful, it is what we know. And for traders, comfort is not risking failure in new territories. You can keep losing in areas in which you are familiar.