Consider this your brief survival kit.
You have to have a philosophy that to prepare for the details of every possible outcome is just about impossible so you need to let go of that.
Before you begin the prep to be prepared for anything: simplify your time, possessions, and get your health in order.
Here are the seven steps to being prepared for anything:
- Mindfulness – This is the foundation. Without mindfulness, you won’t be able to do any of the other skills.
- Watching your internal responses – Guide responses to external events externally by noticing of how you react internally.
- See what your holding onto – When you have a difficult emotion or anxiety, get to the root of it and see what ideal you may be holding onto that is creating the negative response because it doesn’t fit reality.
- Letting go of what your holding onto – Give grace to yourself and let go of the ideal that doesn’t fit the reality.
- Respond appropriately – Accepting that an ideal doesn’t fit reality doesn’t mean you don’t do anything. Take action, but act appropriately.
- Stay in the moment – We make it worse when we replay the past over and over. Don’t say, “I woulda or shoulda.” Take the information from the moment to inform the next time.
- Always be grateful – Accept moments for what they are. Find what you can learn to inform the next decision. The greatest value is in the journey, not the end result.
Put together a game-plan based on these steps. Trading is a hard business. Getting your head and emotions in the right place is perhaps the most important component of your overall trading strategy.
Markets can be unpredictable and irrational. If you are experiencing anxiety and difficult emotions in your trading, give us a shout. Let’s go through this survival kit and put together a game-plan to be prepared for anything.