Fear(less) log Nr 15 - Anonymous Trader
I talk to people close to death. They are the best teachers.
Greetings Fellow Traders,
It’s been a while, yes, now we have received feedback from another great and very successful trader again. This trader though asked us to remain anonymous for various reasons, but I can guarantee you, it’s someone EVERYONE in the trading world has heard of because of his success, and someone who has been trading for many decades. I guess what I am saying is that it’s worth your while reading his (I can tell you that much) answers and maybe reflecting on how this could help you on your journey.
Please…first things first. If what you read resonates, or you believe someone could benefit from this, I'd appreciate it if you could hit the share button down below. Your support goes a long way. Thank you!
Anonymous Trader
Given that he prefers to stay anonymous there’s not too much for me to add. From his answers you can gauge that he has been around for a long time, trading on the exchange floor in the commodities sector where fear was not something that people were ‘allowed’ to show. Excerpt from below: “It would be like ‘grow up’ or get a different job…”
Let’s dig in:
When did you first become aware of fear while trading? Was there a particular trade or situation that triggered it?
“Everyone is scared when facing an uncertain future. I became aware of successful traders trading through fear. Fear is omnipresent.
People out of balance experience fear. You teach them to remain in balance and act through fear. The sense of accomplishment is real growth.”
What specific fears did you experience while trading? How did they manifest? The most common fears include fear of losing money, fear of being wrong, fear of losing out on the dream, fear of not being respected, fear of keeping up with expectations, or just fear of losing.
“My experience was on the exchange floor. The community was very strong and masculine. It was very much aligned with the Marlboro man image. No crying in commodities. Fear was for little girls and boys. I believe you are overweighting fear in your understanding of where trading came from historically.
Fear of the govt taking away markets through political means. Loss of the American dream. Those are my fears.”
How did you initially deal with those fears? Did you try any specific techniques or methods?
“I noticed I was holding my breath with size on in the ring. I wrote BREATHE across the top of every single trading card every day.”
Did you seek out mentoring or support to help you deal with your fears? If so, what kind of support did you receive?
“Nobody publicly would admit to fear or being overwhelmed. Nobody period. You obviously never traded in the ring? Fear did not even get the time of day on the exchange floor. It would be like "grow up" or get a different job.
Exchange offers tough love. Very grateful to see grown men dealing with fear ina real world real time stiff upper lip. Embracing fear.”
Were there any resources (books, courses, etc.) that helped you better understand and cope with your fears while trading? If so, which ones?
“I talk to people close to death. They are the best teachers.”
Have you ever paid attention to your body signals, such as heart rate, while trading? If so, how did you use this information to manage your fear?
“Holding your breath is a mental function. Sweating. the lack of ability to 'zoom out'
Breathing has been a good indicator.”
Are you now fear-free while trading, or do you still experience fear from time to time? If you still experience fear, how do you manage it? Does it motivate you, or do you try to eliminate it altogether?
“I am afraid of the political financial class very much. I trade less when I know they have an agenda.”
What advice would you give to someone who is experiencing fear while trading? Is there anything you wish you had known when you first started dealing with fear in trading?
“Trade smaller, or get a different job.
Listen to your fear. If you don't you will eventually be a dead gunslinger.”
Final Word
Even though the answers are short, I have hardly seen so much condensed power in such few words. Worth reading again IMO, just to take it all in slowly.
He also mentioned to me that I might be overweighting ‘fear’ and perhaps by focusing on it creating a negative loop. My point is not to make you even more fearsome by focusing on fear, my point is to make everyone aware that we all have it, and that it is not only ‘somewhere there in your head’ but actually a physical condition which we are able to observe by focusing on our body during trading (the whole point of the Traderistic App). We can reframe it to ‘acting through fear’ but the point is, it is something to be aware of, natural, and everyone has it - in one form or another.
That leads us to the final comment from this trader which is about as true as it can get:
Experienced traders make money from people living a fear-based existence. (don’t be one of them).
Please get in touch if you would like to share your story, and don’t forget to check out the other Fear(less) logs - links below.
PS: Your wish is my command, so we decided to implement the Apple Watch with the Traderistic App for measuring your HR/HRV. We are not there quite yet, but it will be implemented soon. In the meantime, download the App and use it for free on our site www.traderistic.com.
Thank you!
Chris
crk@traderistic.com
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