In this episode we are going to take a look at what I feel is one of the core psychological challenges facing traders, and one which underpins many of the common decisions errors such as running losses, taking profits early and not pulling the trigger,that traders make – seeking comfort in the short term at the expense of increased returns in the long term. I finish by sharing three ideas for ways in which you can develop your own ability to get comfortable with the uncomfortable, to trade with poise.
Key themes covered include…
Losses, regret, uncertainty, being wrong, missing out and other aversions
Aversions and the flight to comfort
The short term v long term comfort pay off
Learning to accept and get good at being uncomfortable
How one traders insight that 'discomfort is normal' enhanced his trading performance
The research with FX traders that showed that the best way to get good at discomfort is to get lots of practice at being uncomfortable
Developing poise – taking effective action when it is uncomfortable
The importance of training the psychological skills to deal with discomfort
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