The trading business attracts people who tend to be mostly logical and scientific. But even the most logical and scientific trader must admit that the biggest challenge in trading is not the system but the emotions, psychology, and the distortion of the mind through stress.
I have been saying for a while that traders should focus on personal development, reprogramming the subconscious mind, relaxation, yoga, etc You might want to see what Bloomberg has to say about it in this article, “To Make a Killing on Wall Street, Start Meditating” and the Financial Post.
It’s no secret that I practice Taoist qigong for 2 hours every morning followed by meditation. By the time I start looking at charts I am already relaxed and seeing things without the static interference of stress. The need to totally get rid of the sense of urgency is so important that I now see in our community that this is the biggest challenge that traders face. If you can remain calm and have no sense of urgency you will always win. But as soon as you feel that sudden excitement and urgent need to act you are already beaten by the market. The wise trader can become like a zen monk reacting calmly to any situation.
One of my favorite meditation programs is the Art of Meditation, a course by the Art of Living. Just try it and see for yourself whether or not your trading results improve.