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You Can't Become Rich In Your Pocket Until You Become Rich In Your Mind | ||||
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In regards to trading, if you are constantly making trading mistakes and not acting in your own best interest, then it seems obvious that the failure mechanism is at workTHE SUCCESS MECHANISM AND THE FAILURE MECHANISM Weve previously discussed the servo-mechanism, the goal seeking mechanism that is inside of all us. We know the servo-mechanism works like an electronic computer to help us reach our goals. But the servo-mechanism can either be a success mechanism or a failure mechanism. When it is working as a success mechanism, it is helping us to reach the goals we want to help us improve our lives. As you already know, we use our creative imagination to vividly picture these goals, and our success mechanism helps us to accomplish these goals. On the other hand, if we vividly picture the things we are trying to avoid, the troubles we are having and, in general, our worries, then it only makes sense that we will receive more of the same negative things in our lives. Like we said a little while ago, our servo-mechanism is completely impartial. It takes what we vividly picture and works extremely hard in making those pictures reality. If you picture positive goals, it will work like a success mechanism and help you to reach those goals. But if you picture negative things (like many people do most of the time), it will work just as hard at making those negative pictures come true, and that is the failure mechanism at work. An example that Dr. Maltz uses to help you understand the success mechanism is the way a squirrel knows to look for nuts when winter is approaching. You see a squirrel or any animal for that matter has a success mechanism inside them to help with survival. The squirrel does not need to be taught to find nuts for the winter. It is an instinct that the squirrel has inside him to help him cope with the environment. Even a squirrel that is born in the summer (and has never seen winter) knows that he must gather nuts before winter comes for him to survive. This success mechanism inside the squirrel allows him to survive. The only difference in animals and people is that animals do not choose their goals. But, obviously, man is different. He can and does choose his goals. Man can use his success mechanism in conjunction with his creative imagination to set and reach his goals. But it is up to you whether you use the success mechanism or the failure mechanism. In regards to trading, if you are constantly making trading mistakes and not acting in your own best interest, then it seems obvious that the failure mechanism is at work. On the other hand, if you are acting in your own best interest and avoiding most trading mistakes, then it would seem as equally obvious that your success mechanism is hard at work. In Psycho-Cybernetics, Dr. Maltz lists the basic principles by which your success mechanism operates: 1) Your built-in success mechanism must have a goal or target. This goal or target must be conceived of as already in existence now either in actual or potential form. It operates by either (a) steering you to a goal already in existence, or by (b) discovering something already in existence. 2) The automatic mechanism is teleological, that is, operates or must be oriented to end results goals. Do not be discouraged because the means whereby may not be apparent. It is the function of the automatic mechanism to supply the means whereby when you supply the goal. Think in terms of the end results and the means whereby will often take care of themselves. 3) Do not be afraid of making mistakes or of temporary failures. All servo-mechanisms achieve a goal by negative feedback or by going forward, making mistakes, and immediately correcting course. 4) Skill learning of any kind is accomplished by trial and error, mentally correcting aim, after an error, until a successful motion, movement or performance has been achieved. After that, further learning and continued success is accomplished by forgetting the past errors and remembering the successful response so that is can be imitated. You must learn to trust your creative mechanism to do its work and not jam it by becoming too concerned or too anxious as to where it will work or not, or by attempting to force it by too much conscious effort. You must let it work rather than make it work. This trust is necessary because your creative mechanism operates below the level of consciousness and you cannot know what is going on beneath the surface. Moreover, its nature is to operate spontaneously according to present need. Therefore, you have no guarantees in advance. It comes into operation as you act and as you place a demand upon it by your actions. You must not wait to act until you have proof - you must act as if it is there, and it will come through. FORGIVENESS One of the biggest problems I see with traders is that they refuse to forgive themselves for trading mistakes. This causes a much bigger problem than most people realize. You see, when you make a trading mistake, you need to forgive yourself for making that mistake. But the thing is many people do not forgive themselves for their mistakes. In fact, they do quite the opposite. They beat themselves up and continually picture what they did wrong in vivid detail. This is the very worst thing you can do after making a mistake, trading or otherwise. Forgiveness is a key concept in Psycho-Cybernetics. As weve just learned about how our subconscious works, we know that if we continually picture in vivid detail something, it causes that picture to come true for us. Or it at least makes it much more likely for it to come true. So it only makes sense that if we make a mistake, we must forget that mistake and forgive ourselves completely. If, on the other hand, we dont forgive ourselves and relive the mistake in our minds again and again, what do you think is going to happen? Its obvious that we will repeat the mistake. This happens because our subconscious does not care whether we give it good or bad information, it simply sees the clear pictures we give it and tries to act it out in our lives. Obviously, it can only act this picture out if its within our capabilities. And I think we all know that making trading mistakes is quite within our capabilities. This is the reason it is so important to forgive ourselves when we make a mistake or an error. If we dont, we are likely to relive the mistake in our minds and then most likely project it onto our trading. This will cause big problems. If you think back, Im sure can you think of times where you made mistakes and beat yourself up for it. Not forgiving yourself, no matter what the mistake, will bring out the worst emotions. Remorse, regret, self-doubt, and guilt all come with not forgiving ourselves for a past mistake. Youve heard it all before. Im sure youve been told to forget a past losing trade and move on to the next one. Emotions are used correctly and appropriately when it applies to something in the present time. Since we cannot live in the past, we cant appropriately react emotionally to the past. As Dr. Maltz says, The past can be simply written off, closed, forgotten, insofar as our emotional reactions are concerned. We do not need to take an emotional position one way or the other regarding detours that might have taken us off course in the past. The important thing is our present direction and our present goal. We need to recognize our own errors as mistakes. Otherwise, we could not correct our course and steering or guidance would be impossible. But it is futile and fatal to hate or condemn ourselves for our mistakes. One of the biggest reasons people get into losing streaks while trading is because they confuse their losing trades with themselves. In other words, we conclude that because we had a losing trade or a series of losing trades, we are a losing trader. But the important thing to remember here is we are not our losing trades. Losing trades are part of trading. There isnt a single trader in the world who doesnt have losing trades. The only way to avoid them is not to trade in the first place. You cannot be a successful trader until you take mistakes and losing trades for what they really are. They are simply by-products in the trading game and need to be used to gain learning and understanding. But in no way do they define us as a person. But that is where the big problem comes in. Many people let their losing trades and mistakes define them. If theyre having trouble and have had a series of losing trades, they start to think of themselves as a loser. They continually think of themselves in that way. As we know from before, this kind of thinking will just bring on more of the same. Forgiving yourself completely is the only way to avoid this trouble. You are not your mistakes and losing trades. You must put the past behind you and go forward. Holding a grudge against yourself only hurts yourself. Forgive yourself, its the only way to be successful. |
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