Hello Everyone,

 Trading is a bit of a roller coaster ride regardless of how long you've been trading.  I posted this article awhile ago for some of my private coaching clients and want to share it with all my readers.

 Read it a few times as you will pick something new up each time.

Featured Trading Article:  Don't Be So Grandiose

A confident, optimistic attitude is required to achieve lasting
success as a trader. Even solid, reliable trading strategies are
fallible, and one is bound to face losses. And for the trader
without the proper mindset, losses conjure up extreme feelings of
disappointment. If you can't objectify the trading process, and
stay calm and rational, your emotions will fluctuate with your
account balance.

The best way to deal with the ups and downs of the market is to
build up your trading skills to the point that you can trade
profitably in a variety of market conditions. Once you develop
solid, robust trading skills through extensive practice and
experience, you'll also gain the indisputable sense of
self-confidence that comes with it.

It will be hard to do. It will take time, effort, and persistence,
but it's the only way you'll be a consistently profitable trader.
Some people have rock-solid self-esteem and are able to meet the
challenge. But others have more wavering self-esteem. When they've
tried a new activity, they have often failed. And they carry this
failure and low self-worth with them throughout their lives, and
into the trading arena.

It's hard to cope with the double pressure of feeling personally
inadequate and trying to master the chaotic and unpredictable
markets, which even the most exceptional people have trouble doing.
To cope with the uncertainty of success, powerful, dynamic
psychological strategies are used to protect one's ego.

For some people, it's just too difficult to face their limitations,
so they conceal their inadequacies. They feign trading expertise
and tell themselves statements like, "I'm a natural born trader,"
so as to bolster their self esteem. These grandiose images of
themselves are used to defend their weak egos. It's like
unconsciously thinking, "I'm not incompetent; look at how
self-assured and naturally skilled I am."

But such people are not genuinely confident. Indeed, they are
anything but confident. Since their grandiose thinking is merely a
way of protecting their brittle, fragile ego, they are especially
prone to feeling extreme emotions when they fail. Each failure
dramatically contradicts their grandiose view of themselves, and
they react defensively with anger and frustration. 

Psychologists Rhodewalt and Morf (1998) illustrated this
psychological process in an innovative study. Participants were
diagnosed with regard to their grandiosity and placed into one of
two groups: grandiose view of themselves or accurate view of
themselves. They were then asked to complete two separate
intelligence tests, one right after the other. Since the items on
the tests were quite difficult, participants didn't know if they
answered correctly. This allowed the researchers to manipulate the
feedback given to the participant.

Researchers told some participants that they failed on the first
test while they succeeded on the second test. Other participants
were told they succeeded on the first test and failed on the second
test. People who held a grandiose view of themselves responded with
extreme anger, frustration, and disappointment when they failed
compared to people with an accurate view of themselves. They were
especially emotional when failure followed success.

People with a grandiose view of themselves changed their self-view
radically when a failure followed a success. Whereas they thought
highly of themselves after a success, they felt completely
devastated after a failure. This study shows how individuals with
chronically low self-esteem, who disguise their low self-esteem by
puffing themselves up, are vulnerable to extreme changes in mood
and feelings of self-worth.

These dynamic, defensive coping processes can hamper trading, where
failures often follow successes. Under these conditions, the person
with chronically low self-esteem can rapidly shift from feeling
invincible after a win to feeling extreme despair and hopelessness
after a loss.  
 
The best way to address a grandiose view of oneself is to first
acknowledge that one is shoring up one's ego by exaggerating one's
competence and abilities, and then, one must take steps to develop
a view of oneself based on accurate assessments of competence. One
of the most foolproof ways of evaluating your trading skills
accurately and objectively is by keeping a trade diary.

Record your trades, and keep accurate figures on your performance,
such as a win-loss ratio. By taking an honest look at the record,
you can see precisely how well you are doing. There is no need to
rely on subjective self-assessments, which are often biased, and
may reflect the need to protect one's ego. It is essential to face
your inadequacies and build up your trading skills to compensate
for them.

Trying to hide them, or trying to hide from them, will prevent you
from identifying your limitations. It will also sap up precious
psychological energy as you try to defensively protect your ego. By
admitting your faults, and taking steps to correct them, you will
free up psychological energy and build the skills you need to be a
consistently profitable trader.

OK… Let's get to my MARKET REVERSAL LEVELS…

Please jump down below to find the newest reversal levels.

Until next week, peace and prosperity,

Jeff Wilde

here is the link:To watch click here… Note you can save it t

to your hard drive so that you can watch at your leisure,