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Sedona Method - Getting Out of Touch & Dealing With Fear
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Sedona Method - Getting Out of Touch & Dealing With Fear

  #21 (permalink)
Trading Apprentice
Chihuahua, Mexico
 
Futures Experience: Advanced
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richtobey View Post
By understanding that you truly know what you are up against to be consistently profitable. Here is my updated list.

I'm long and I want price to go higher.
I'm stalking a long and I want price to go lower for a better entry.

I'm short and I want price to go lower.
I'm stalking a short and I want price to go higher for a better entry.

I'm in and I want to tighten my stop and protect my profits or get out.
I'm stalking and I want it to retrace so I can enter.

I wish I had gotten in at x price. I missed the move.
I followed my system and I missed the trade. There will be another entry.

If it goes a little lower, it will reach my target.
If it goes a little lower, I can get long.

If it goes a little higher, it will reach my target.
If it goes a little higher, I can get short.

It just missed my target and turned around.
It blew past my target and I left profit on the table.

It's not going to reach my target. I should get out to protect my profit.
I got out before my target and it reached my target.

I want to be profitable.
I want to have losses.

I want to be in the market.
I want to be out of the market.

To also summarize from "You are not your brain" here are my notes that I have put into the beginning of my trading plan.

Purpose:

It is my goal to be a consistently profitable day trader. To do this I have a plan and follow it. Because I'm in it for the success and not the enjoyment of it, I make trading decisions based upon who I am (core values, goals, and system rules) using my mind. On the other hand, my brain with its chemistry, generates faulty messages as thoughts, impulses, urges and desires that are inconsistent with who I am. They occur in everybody and I am not responsible for them. However, I am responsible for what choices I make when I experience them.

.

Hello Rich, it is very interesting what you wrote:

I only have some doubts:

a) why did you choose that list to be mentioned. Some of those mentions reinforce what the the brain brings into our thougts or minds and make us engage in bad habits. Or to say it other way, those exactly the thoughts that comes to our mind and make us feel uncomfortable, so why to say them or mention them again if they are already in our minds making us feel upset.

b) Do you repeat or think on those mentions or do you read them? I ask this, because we know that the market is dynamic and most of the times you do not have time to think deeply in order to take your next decision. For example, you tighten your stop loss to break even and the market hits the stop loss and then the market returns into your direction, you need to act fast to make another entry fast, and you do not have time to think in your emotions or on the mentions you stated. An many times it was a correct decicion to take another entry right away, because your indactors are telling you and the mistake was to tighten the stop loss, so as I said, you need to take the deccision right away without thinking, if you think the market is gone.

c)The purpose that you included in your trading plan, do you read it often to have it presence in your mind, and if so, how often and at what time?

d)The Deceptive Brain Message and the uncomfortable sensations you stated are the ones the I think we all experience, so how do you specifically apply the four steps you mention of "you are not your brain" I mean, how do you relabel the negative brain message, how do you reframe it, etc.


I have started to listen to the audo e-book "you are not your brain".

I think this is the key for us to become master or pro traders.

Thanks again.

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  #22 (permalink)
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You are not your brain


jgomez74 View Post

a) why did you choose that list to be mentioned. Some of those mentions reinforce what the the brain brings into our thougts or minds and make us engage in bad habits. Or to say it other way, those exactly the thoughts that comes to our mind and make us feel uncomfortable, so why to say them or mention them again if they are already in our minds making us feel upset.

I bring them up in pairs only. The one your identify with and it's opposite. By switching between the two, you begin to see the illusion in both. As a trader, we shouldn't identify with any of them... Even "I want to be profitable."


jgomez74 View Post
b) Do you repeat or think on those mentions or do you read them? I ask this, because we know that the market is dynamic and most of the times you do not have time to think deeply in order to take your next decision. For example, you tighten your stop loss to break even and the market hits the stop loss and then the market returns into your direction, you need to act fast to make another entry fast, and you do not have time to think in your emotions or on the mentions you stated. An many times it was a correct decicion to take another entry right away, because your indactors are telling you and the mistake was to tighten the stop loss, so as I said, you need to take the deccision right away without thinking, if you think the market is gone.

Well, the only real mistake is to not follow your trading plan. (I think. It's a pretty broad statement. Probably I could criticize it. But anyway..) If everything is in your plan, and it probably should be, then you remove the thinking from your trading and can focus on getting into the zone. For example, my plan says, move stop to BE after a close beyond the 5 min pivot. But as it approaches the pivot, I start to have a thought that says ... "I'm in and I want to tighten my stop and protect my profits or get out," but my plan says don't do it yet. The thinking is a deceptive brain message because it takes me away from who I am (which is defined with my mind) as stated with my goals, values and trading plan. By being cognizant of what my automatic habitual thinking is (which comes from my brain), then using Sedona method to think about it and it's opposite, the thoughts begin to lose their grip on you. Then you remember your trading plan and regain self control to follow you plan.

It's when your having the thoughts and not able to observe them that you are tempted to not follow your plan. However, being aware is not enough. By using the four steps you can disengage it's grip on you. With trading it particularly difficult because it's addictive by it's nature. Our brain biology and chemistry lends itself to bad habits that feel good.

You can act fast without thinking when you are in the zone. Your brain quiets down and you don't have all of these thoughts. Your plan helps you do this. Trading is reduced to, what does my plan say. And once you know that as a habit, there's not much to think about. So i agree, there should be no thinking. But if there is, use Sedona or the four steps to help the thoughts lose their grip on you and get back to no thinking.


jgomez74 View Post
c)The purpose that you included in your trading plan, do you read it often to have it presence in your mind, and if so, how often and at what time?

I review my plan in the mornings about two times per week before I trade.


jgomez74 View Post
d)The Deceptive Brain Message and the uncomfortable sensations you stated are the ones the I think we all experience, so how do you specifically apply the four steps you mention of "you are not your brain" I mean, how do you relabel the negative brain message, how do you reframe it, etc.

Relabeling it is just going through the cognitive step of telling your self that it is a deceptive brain message that is driven by chemistry. It (the message) is nothing more. Remind yourself that you are defined by your mind, not your brain chemistry.

With revalue, your focused on the urge behind the defective brain message. This may take a little work and planning to sit with the thoughts and find the emotions behind them. I listed what mine were. "Fear of failure" etc.

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The following user says Thank You to richtobey for this post:
 
  #23 (permalink)
Trading Apprentice
Chihuahua, Mexico
 
Futures Experience: Advanced
Platform: Ninja Trader and Sierra Chart
Favorite Futures: TF
 
Posts: 32 since Dec 2011
Thanks: 25 given, 25 received


Well, Thank you very much Rich.

Those were very wise and useful comments and suggestions.

I see you have already grasp very well all these concepts, and I have now a better understanding of those concepts now with your answers. I really appreciate it.

We must keep in our minds what we really are, and not what our brains tell us with those deceptive messages.

As you said we must follow our trading plan and act accordingly and not with impulses or messages that our brain sends us telling us to act against our trading plan.

Therefore, it is very important to have a trading plan as complete as possible and if it is a tested and successful trading plan, we only need to follow it.

Thank you very much.

Jorge

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