Exposing Ideas to the Envelope of Serendipity

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Monday, April 20, 2009

by Dr. Brett, The Daily Trading Coach, page 190

"Look in the mirror and tell yourself how you're the best trader,  how you're going to make so much money, etc. This process is not positive thinking: it is delusional. It also reinforces unrealistic  expectations, setting traders up for disappointment.

Rather, positive thinking is thinking that leads to constructive responses to challenging situations. For instance, a trader may make a rookie error and might chide himself for the mistake, using the incident to firm up his execution and attention to detail. This is very positive. A trader might also simply tell himself, "You're really not trading well; you can do better than this." That might be an accurate assessment and a prod towards greater motivation.

"Positive thinking is not, necessarily optimistic thinking: it is constructive thought."
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