Ten emotions of power

...continued from yesterday...
And Tony Robbins lists 10 “emotions of power”:

1. Love and Warmth
2. Appreciation and Gratitude
3. Curiosity
4. Excitement and Passion
5. Determination
6. Flexibility
7. Confidence
8. Cheerfulness
9. Vitality
10. Contribution

Tony Robbins covers the same ground in a more entertaining way. Van Tharp’s materials are specific to trading and investing. I recommend getting both and using both. For most people, I think starting with Tony’s stuff would make learning Van’s stuff easier because of the non-trading/investing examples and applications in Tony’s stuff.

...back next week...

Copyright 2007 Raymond T. Lee. All rights reserved.
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10 Disabling Emotions

...continued from yesterday...

Similarly, Tony Robbins, lists 10 disabling emotions that are “calls to action” in his book Awaken The Giant Within:

1. Discomfort
2. Fear
3. Hurt
4. Anger
5. Frustration
6. Disappointment
7. Guilt
8. Inadequacy
9. Overwhelm
10. Loneliness

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Money-making emotions

...continued from yesterday...

According to Van Tharp, Emotions that facilitate profitable trading and investing include:

Confidence
Inquisitiveness
Motivation
Happiness

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Money Losing Emotions

...continued from yesterday...

According to Van Tharp, emotions that are not supportive to profitable trading and investing include:

Anger
Anxiety
Impatience
Frustration
Regret
Feeling Stuck
Compulsiveness

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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State control

Recently, I was reviewing Dr Van Tharp’s famous course entitled Peak Performance For Investors and Traders.

You can get it at
http://iitm.com/products/course/peak_performance_crse.htm

Today, I’m on Volume 4. Volume 4 has some interesting lessons in it on “state control”. No, it’s not about the encouraging the government to get more intrusive into your life. It’s about how your emotions can enable you to trade/invest more profitably and how your emotions can also disable you from trading/investing profitably.

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Self-esteem item 7

...continued from yesterday...

7. Be optimistic.

...away until Monday next week...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Self-esteem items 5 & 6

...continued from yesterday...

5. Keep a journal about what you did. Notice when and what you do things right. Remember moments when you felt good about yourself.

6. Give gifts to yourself including giving yourself time for yourself.

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Self-esteem items 3 & 4

...continued from yesterday...

3. Take care of your bodily health. Exercise. Eat healthily.

4. Forgive yourself for all the bad and stupid stuff you’ve done.

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Feel loved

...continued from yesterday...

1. Tell yourself “I love you”.

2. Let yourself feel your own emotions, don’t suppress them.

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Self-esteem for trading sucess

Emails from readers indicate that many of them have taken a course given by Van Tharp called “Peak Performance for Traders and Investors”. One topic in that course is that peak performance as a trader or investor depends on high self-esteem.

Van has some suggestions in his course on how to elevate self-esteem.

Here’s seven suggestions by success-guru Anthony Robbins
from his Power Talk audio newsletter (Vol 13).

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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I'll be back next week, don't worry!

...continued from yesterday...

You’ve got all weekend now to worry about what the FOMC will do or not do on Tuesday next week :)

...back on Monday next week...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Practice worrying

...continued from yesterday...

Did you take the Worry Test mentioned in Monday’s article this week?

If your test results show you have a low Worry Index, you can increase your score. Here’s a list of things you can worry about.

Are more oil pipelines in Mexico going to get blown up?

When and how will Al-Qaida strike next?

How much suffering will people in Sumatra go through as a result of this week’s earthquake there?

What will happen in Iraq after the US military withdraws?

When will the foreclosure flood going to hit my neighborhood?

Is my bank going to go bankrupt and steal my cash?

How far and how fast will the US Dollar fall?

Are oil prices going up or down?

Is the world running out of oil?

Is the world headed for recession?

What will Iran do if the USA invades?

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Stop Worrying: change what you think or do

...continued from yesterday...

Two main categories of strategies for dealing with worries are:
1. Changing how you think about the problems that cause you to worry; and
2. Changing what you do about the problems that cause you to worry

Strategies that address how you think about the problems that cause you to worry:
1. Pencil and paper method mentioned in yesterday’s article.
2. Worry transplant thoughts method mentioned in yesterday’s article.

Strategies that address what you do about the problems that cause you to worry:
1. Scheduling time to worry mentioned in yesterday’s article.
2. Scheduling time to take action directly on whatever it is that you are worrying about.
3. Learning and using relaxation techniques including but not limited to meditation.
4. Distracting yourself from worries by engaging in physical activity such exercise, sports, reading non-worrying books, watching non-worrying (e.g. funny) television programs.

For an article that further discusses worrying along these lines, see
http://panicdisorder.about.com/cs/gadbasics/a/chronicworry.htm

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Worry properly

...continued from yesterday...

Assuming you sometimes do worrying, here are some Internet free resources for reducing your tendency to worry.

University of Idaho has these suggestions. Here’s my understanding of their suggestions.

1. Use Worry Transplant Thoughts. Pick a pleasant thought. Whenever you start thinking about anything that makes you feel worried, stop thinking of that and start thinking of the pleasant thought you picked to replace it. Practice this and make it a habit.

2. Use pencil and paper. When you start worrying, write down what you are worrying about. Some worries result from information overload. You’re trying to mentally solve a problem that has too many components and you need to write down the components so you can manage the information without being mentally overloaded. Get a big piece of paper so it won’t get overloaded!

3. Make an appointment with yourself to worry. Do it at a regular time of day. When you start worrying, remind yourself that it’s not time yet to worry and that you have indeed scheduled time to worry.

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Worried about your investments?

Your tendency or predisposition to worrying is one of the components of your psychological composition that affects your success as a trader and investor. A high tendency to worrying detracts from your ability to trade/invest profitably.

Trading coach Van Tharp has a test that includes as one of its components your tendency or predisposition to worrying. It’s called the Investment Psychology Inventory Profile and you can get it at http://www.iitm.com/products/course/profile.htm

Or you can take a free test provided by Psychology Today magazine at http://psychologytoday.psychtests.com/tests/anxiety_r_access.html

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Wallet Process, LeisurelyCashFlow Version

...continued from yesterday...

Other techniques currently popular are circumlocutory and time consuming compared to the Wallet Process mentioned above. With the Wallet Process, you deal directly with the emotions you have in relation to money instead of round-about values elicitation and belief restructuring practices commonly found in other techniques.

Here's my version of the Wallet Process. For the original version, see Ask And It Is Given

1. imagine you have a wallet loaded with cash;

2. shop for things you would like to have if you had an unlimited amount of cash. You can do real shopping or imaginary shopping.

3. imagine buying the stuff and using the cash from your imaginary wallet to pay.

4. imagine enjoying the stuff you just bought.

The Wallet Process is quick, easy, and can be done conveniently.

...back next week...

Copyright 2007 Raymond T. Lee. All rights reserved.
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The Wallet Process

...continued from yesterday...

Ask And It Is Given, a book written by Ester and Jerry Hicks, contains an excellent program for changing your relationship with money so that you can trade profitably. After you get the book, skip directly to Part Two and start with exercise #15, the Wallet Process.

Then work backwards from exercise #15 towards exercise #1. The reason you have to work backwards is that the 22 exercises in Part Two are arranged in reverse order of progress.

Absolute Beginners in money relations need to start with exercise #22 and work up to exercise #1. If you’re an experienced trader, a suitable place to start is around exercise #15. If you’re curious, you can read Part One of the book for the reason that the authors put the exercises in reverse order.

The exercises described in Part Two of this book are straightforward and easy to do. I have noticed quick results, far quicker than other techniques that I have tried.

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Self-sabotage with money

...continued from yesterday...

Or how about this? You steadily build up profits in your trading account to a level you are proud to have. You celebrate your success. Then suddenly you lose it all on the next few trades. You start over, reach the same profit level, celebrate your recovery and then trash your account again!

If these or similar things have happened to you, then you need to change the emotions you feel about money. Or better yet, change your entire relationship with money including your emotions about it, your beliefs about it, and all other aspects of anything you have to do with money.

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
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Emotions About Money Can Sabotage Trading

Emotions you feel on the topic of Money often sabotage trading success.

Has this ever happened to you? You carefully write out a Trading Plan. Your Trading Plan includes trading rules for entry, exit, money management and so on.

One day, for whatever reason, you feel you’re short of cash. So you trade more aggressively, ignoring your own trading rules. You take entries that don’t fully match your entry criteria. Or you exit with a small profit prematurely, contrary to the holding period required by your exit rules. Or you plunge, betting the entire account balance on the next trade!

...cont'd tomorrow...

Copyright 2007 Raymond T. Lee. All rights reserved.
Leisurely e-Mini Futures Trading
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