COACHING
FX Exercise : Resiliency Rating Self-Assessment
Answer each one of the following statements either TRUE OR FALSE 1.
excited about achieving. 2.
loss or an error. 3.
I have future trading goals which I feel motivated and I find it easy trade again (in a disciplined way) after a “I can think of no psychological characteristic I don’t give up when progress is slow or get put off
achieving an objective by tasks I find boring or unpleasant. 4.
I find creative ways of rising to challenges. 5. 6. Under pressure I rarely feel helpless or fatigued. I don’t let difficult periods, with few wins, affect my
confidence. 7.
When challenged, I am able to summon a wide range
of positive emotions engage my fighting spirit and maintain a sense of humour.
8.
tions. 9.
I know how to motivate myself under adverse condi- If I start out badly, with a losing trade for example, it’s
easy for me to stay positive, confident and disciplined. 10.
I can see slumps in performance as temporary.
The more TRUE answers you have the greater your resilience . Total up the number of times you have answered TRUE and then multiply by 10 to get a percentage score e.g. 6 True = 60%. This is your current Resiliency Rating.
Make a note of your rating and also the areas where you an-
swered FALSE. These are key areas for development. Which one if you could change the answer to a TRUE do you feel would have the biggest positive impact on your trading perfor- mance? Make this your primary resiliency development goal.
Think back over the last few months of your trading. When, and how, have you been resilient?
MINDSET : THE MIDDLE MAN OF YOUR EXPERIENCE
Psychological resilience is a mindset – it is about how you mentally deal with tough situations. What you chose to think and say to yourself in those events and what beliefs, attitudes and perceptions you have that underpin them.
The diagram below shows how your mindset operates. An activating event such as a loss is filtered through the traders mindset in terms of their beliefs, attitudes, perceptions and this
FX TRADER MAGAZINE October - December 2011 17
more important to long-term trading success than psychological resilience. Resilience has been defined in a number of ways, sometimes as a process, other times as a trait. In all cases, resilience presumes exposure to stressful conditions and an ability to maintain high levels of social, emotional, and vocational functioning throughout this exposure. My experience with traders
suggests that even the
most successful ones go through periods of drawdown. Sometimes these drawdowns are extended, either in time or in the amount of money lost. Some traders bounce back from these losses; others don’t.” Brett Steenbarger,
traderblogspot.com
Trading presents you with much challenge, pressure and often periods of adversity. Traders lose, they make mistakes, they encounter tough periods in the market, they go through drawdown and they have setbacks. What separates those who ‘bounceback’, who keep going and eventually make it through and those who get beaten by their situation? Toughness – resilience is the deciding factor.
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