Resilience coach and martial arts expert Michael Licenblat joins Talking Trading to discuss how traders can tap into their innate resilience to conquer the markets. Michael discusses how to develop and ritualise habits and patterns of thinking which enable you to conquer self-doubt and bounce back fast.
RESILIENCE is an INNATE STRENTH within everybody but sometimes we need help to draw it out and build it up to make it strong and unshakeable in the face of circumstances and when the markets aren’t performing.
Resilience coach Michael Licenblat believes there are 6 fundamental qualities which help a person stay resilient.
1. DO NOT PERSONALISE FAILURE
Separate your worthiness from your trading outcomes and what you learnt along the way. Mistakes are simply the journey to getting things right.
2. KEEP AN OPEN MIND
As in martial arts strive to for a black belt but have a white belt mentality. When you remove the ego of I know it all or the fear of I have to know it all then you can progress.
Optimism is a tool to stay level headed and centred. It is having positive expectation and is a discipline of thinking of what can be done.
4. IDENTIFY PROBLEMS
Just like working a muscle you don’t toughen up by ignoring a problem you toughen up by identifying a problem.
5. IGNORE SELF DOUBT
Self-doubt is a POISON. It is a habit of making a negative assessment of your ability and is simply fear. Self-doubt is an old habit that keeps holding you back and bringing you down. DON’T counsel DON’T indulge it.
The key to RESILIENCE is developing habits you don’t have to think about consciously. Ritualise your habits so they become unconscious and you will bounce back fast.
To download Michael’s eBook – The Seven Ways To Prevent Getting Overworked Rundown and Stressed Out go to www.bouncebackfast.com.
Highlights of Talking Trading are also available on Louise Bedford’s Soundcloud.
Additional Music by Kevin MacLeod http://www.incompetech.com