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Forex Trading Psychology Futures Trading Education

[VIDEO] Process vs. Outcomes in Trading with Dr. Andrew Menaker

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On average, 70% of traders place substantial importance on trading psychology as part of their overall strategy. Still, only 10-20% of them take the time to put the work in to make the necessary improvements. That's where our old friend Dr. Andrew Menaker Ph.D., comes in to play.

Dr. Menaker is a licensed clinical psychologist with more than 25 years of experience coaching traders, money managers, corporate executives, and entrepreneurs from all over the world on trading psychology and emotion management.

In a recent webinar hosted by Topstep, Dr. Menaker sat down with John Hoagland, Topstep’s lead performance coach, to discuss how most traders tend to exhaust themselves, focusing on the outcomes of their trading when instead, they should be concentrating on the process. He believes that long-term goals should not be put aside in exchange for short-term needs for gratification.

Process vs. Outcomes in Trading 

 

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Focus On What You Can Control

Dr. Menaker's best advice is to "focus on what you can control; the process, and don't focus on what you can't control; the outcome." Strictly chasing profits will most likely lead to a poor outcome in the long run. It’s essential to make quality decisions consistently, even if they turn out to be wrong. Instilling the discipline to not act from your emotions will keep you in the game longer and eventually improve your chances of achieving your long-term goals.

From a psychological standpoint, it is possible to survive taking a loss; it just takes time to recondition the way you react to a bad trade. Try to remember, putting on a bad trade does not make you a bad trader, but not learning from your mistakes and improving on your weaknesses will eventually lead to bad trading.

Dr. Menaker will be popping in from time to time to offer more insights and coaching techniques to help guide you through your journey to professionalize your trading, so keep checking back!

Trade Well!

 

Posted by TopstepTrader on August 12, 2020
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