Janice Dorn, MD, PhD
Neuropsychological Trading Coach
Janice Dorn, M.D., Ph.D., has been a full-time futures trader since 1994. Doctor Janice holds an M.D. in psychiatry and is board-certified by the American Board of Psychiatry and Neurology in general psychiatry and addiction psychiatry. She holds a Ph.D. in brain anatomy. A graduate of Coach University, she is a pioneer market psychiatrist and financial neurobehaviorist. Doctor Janice has written over 500 articles on the financial markets and coached over 600 traders worldwide. She is the Global Risk Strategist for Ingenieux Wealth Management Group, Sydney, Australia.
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The difference between the impossible and the possible lies in a person's determination …Tommy Lasorda
Last week, we began counting down to the end of another year with the topic of A = Acceptance. In response to the many wonderful emails I received on this topic, I posted on the Message Board (November 25) some specific steps you can take to get into the brainset of acceptance. If you haven't seen them, I encourage you to check them out.
This week, we continue the countdown with the letter “D.” There are so many words beginning with “D” that apply to trading, but I have selected the two I believe are most powerful and relevant. They are “determination” and “discipline.”
Through the years of writing these Trading Wisdoms and interacting with thousands of traders, there is one phrase that has become a mantra for me. It is this simple: When you are truly, madly and deeply dedicated to excelling in the art and science of trading, you will feel the forces of the universe rushing through you. I have heard traders tell me that they knew they were totally dedicated and committed because “the earth moved.”
Dedication and the passion that comes with it are so powerful that they are epiphanous. You know—absolutely and with no question or hesitation—that you are 100% dedicated to your trading success. Nothing will stop you from achieving your goal. You are driven by this determination to make yourself better, stronger and more profitable every day. You are willing to sacrifice the person that you are today for the person you know you will be. This is the essence of determination. The difference between the impossible and the possible lies firmly and incontrovertibly in the realm of determination.
An invincible determination can accomplish almost anything, and in this lies the great distinction between great men and little men…Thomas Fuller
Part and parcel of determination is discipline. It is not enough to be determined. You must take that determination and put it into action in the markets. This requires discipline, and the majority of people do not want to hear about discipline. It reminds them of their childhoods or other times when they were told what to do or how to do it. The difference is that we are no longer children. We have grown into adults and have choices. We have the power to take our determination and blend it with discipline to get ourselves to trading excellence. If it sounds like sacrifice, it probably is. However, the rewards are immeasurable, both for the bottom line of your equity curve and the quantum leap into the evolution of your authentic self. Discipline strengthens the mind in such a way that it is able to overcome the powerful influence of fear. The discipline of training and entraining successful synaptic brain strategies is the most powerful way to push through the debilitating emotions of fear and greed.
How do you begin to take your determination and meld it with discipline? The easiest way is preparation. Preparation occurs in three areas: mental, technical and physical. Mental refers to the brain synaptic strategies that we have discussed repeatedly and that are outlined in my paper titled “This Is Your Brain On Trading.” It also includes nourishing your brain with clean, healthy food, adequate REM sleep and abstaining from mind-altering substances that negatively impact your trading.
Technical preparation is done in large part for you by the brilliant analysis of John Lansing, founder of www.trending123.com. All you need to do is listen and watch the updates for guidance, then do whatever due diligence you require to bolster and reinforce John's analysis. You are responsible for your trades, so be sure you understand any and all technical guidelines before you enter or exit a trade.
The final step in discipline is physical. It takes a lean and strong runner for a long race. The life of a trader is a marathon, not a sprint. Prepare yourself by regular exercise to a sweat and weight training, and remember to do stretching and flexibility exercises. Recent research has shown that exercise strengthens the brain, both by increasing blood flow and nutrients and by causing the growth of new brain cells. Train and strengthen your brain by training and strengthening your body.
Be determined. Stay determined. Take that determination and continue to add discipline. You are on your way to trading excellence and to the next chapter of counting down: Inspiration and Intuition.
A culture of discipline is not a principle of business; it is a principle of greatness…Jim Collins
Until Next Time,
Good Trading and (Revitalized) Brain On!
Janice Dorn, M.D., Ph.D.
janice@thetradingdoctor.com
P.S. Every week, I send you a Trading Wisdom designed to make you better, smarter, more balanced traders. Today, I want to ask you, “How are you doing?” Please join me and your fellow traders at the message board and tell us which of my Trading Wisdoms have been most helpful in getting you on a path to profitable trading. How have you used my methods and insights to make big money or avoid huge pitfalls? Tell me what you think, and your favorite Trading Wisdom may be featured in my upcoming book! Stop by today!
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