Loss is the futures trader’s bugaboo, that annoying little wisp of fear in the back of your subconscious that keeps you from pulling the trigger and achieving success. To succeed as a futures trader you have to squelch thoughts of previous failures and concentrate on learning the new skills that will lead you to success.
Learning is a four-step process, each step in the ladder building upon the previous step and leading us to the next step until we reach our goal. We move from unconscious to conscious knowledge and from incompetence to competence as we move up the learning ladder.
- Unconscious Incompetence: You Don’t Know What You Don’t Know!
Everyone starts out at this level. You’re curious about futures trading. You are mesmerized by the potential rewards (are those $$ in your eyes?) and think you can beat the high risks. It just doesn’t look that hard. We call this the babe in the woods phase. You’re totally clueless. You have no idea how much you need to learn to become successful. - Conscious Incompetence: You Know That You Don’t Know!
You’ve had a couple of losses and gotten the wind knocked out of your sails. You feel incompetent and realize just how little you know. You finally realize how much you have to learn before you can start trading profitably. You have entered the fire in the belly phase. You are driven to learn everything you can. You are totally focused on developing, practicing and perfecting your system. - Conscious Competence: You Know That You Know!
Magic! You’re winning! Your system is working and you’re on top of the world. But you are still conscious of every detail, watching every indicator constantly, working hard to keep everything in focus while you work your system. You are in the groove and working it. - Unconscious Competence: You Don’t Know That You Know!
You have arrived! You are trading in the zone. You are working your system automatically and effortlessly. You have become a master trader!
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About Bill
