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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Keep on going, and the chances are that you will stumble on something, perhaps when you are least expecting it. I never heard of anyone ever stumbling on something sitting down…Charles F. Kettering
Once upon a time, two frogs found themselves over their heads in a large bowl of cream. Clearly, this was not a good situation because the frogs were at risk for drowning unless they could find a way out of the large bowl. Although I am not fluid in frog thought, I can imagine that both frogs were initially confused and frightened. The first frog decided that the situation was hopeless and he was going to die. He swam for a little while and then gave up. The second frog, seeing the demise of his friend, became determined to find a way out of the bowl. He started swimming. He swam harder and harder until his little legs were burning. Despite the fatigue, the pain and the seeming futility of it all, the second frog kept turning, battling, fighting and pushing through. Suddenly, in a blaze of glory, the brave frog found himself sitting right on top of a large bowl of butter. Through sheer persistence and in the face of enormous obstacles, this frog had not only saved his life but succeeded in turning cream into butter!
Today, there is a powerful force of nature moving among us. Not unlike the triumphant frog in the bowl of milk, this force has surmounted every barrier in its way to take itself to greatness. When you see this force in action, it is indescribable. It evokes a visceral feeling that is a combination of shock, awe and disbelief. This force is nearly 23-years-old and built like a seal. It is flexible and double-jointed with size 14 flippers and a wingspan three inches longer than its height. The metabolism of this force is unique in that it has the ability to recover from muscular exertion more rapidly than 5000 of its competitors.
This force is Michael Phelps, the greatest swimmer of our time and perhaps the greatest swimmer that ever lived. The world is watching and waiting to see him compete at the Beijing Olympics in August as he attempts to break all world swimming records. He stands to make a million dollars if he can match Mark Spitz's record of seven gold wins. Rumor has it that his goal is to try for ten gold medals – but Phelps isn't talking about this with anyone but his coach Bob Bowman.
Phelps is never satisfied with his performance. Like everyone who has achieved greatness, he pushes himself to continuously improve. He attributes his success to genetics, his relentless determination to be the greatest, and the coach he has had since age 11. Like Phelps, Bowman is a determined perfectionist who is never satisfied and is always looking for new ways to improve Phelps's skills. Phelps swims and trains for five hours a day, and changes his routines frequently so that his entire body stays in condition. Mentally, he is completely focused when he is training or in competition. But once it's all over, he's your regular laid back, klutzy, video-game loving guy.
Next to his bed stand are the races he wants to enter and his goals for Beijing. No one but Phelps and his coach know what they are, and he won't tell his mother--no matter how much she prods him. His goals are in his brain at all times. They are the first thing he sees in the morning and the last thing he looks at before falling asleep. The eyes and ears of the world are on him and he has to be at peak mental, emotional and physical state to deal with what is going to happen as we approach the Olympic Games–not to mention the media hysteria that is likely to erupt around him in Beijing.
Traders can learn a lot from Michael Phelps and the frog that churned cream into butter. Traders who are aware of the world around them know that the best way to win is to learn from and model winners. The trading lessons here are clear and simple but perhaps not so easy to follow:
- Know your goals. Write them down and study them every morning and every night. Constantly review and upgrade them. Burn them into your brain and keep focused on them during the trading day.
- Have a fabulous and dedicated coach who will push you to be the best you can be. Stay with the coach that is with you all the way, that believes in you and never stops thinking of how to make you a better trader and a more humble, kind and grateful human being.
- Take care of your body, mind and spirit. Remember to trade hard and then relax and "chill" like Michael. Have a full and rewarding life outside of trading as this will sustain you through many down days in the markets and remind you of your authentic self.
- Make a million mistakes but never make the same mistake twice. Trading and excellence in sports is about learning and training those parts of your brain and body to remember mistakes so as not to repeat them.
- Find your own rhythm. Learn what works best for you as a trader. Learn what fits your brain style and risk tolerance and stay with it. Not everyone is cut out to be a day trader and not everyone is a good swing trader or investor. Find your niche and keep working on it until you know it better than anyone else and have repeated success. If you are good at trading just one stock, future or commodity, stay with that and don't try to do it all.
- Learn to relax and focus deeply in the heat of the trading day. Continually raise your level of performance to meet the challenge in front of you.
- Never be satisfied. Do not settle for mediocrity or "just good enough." Constantly push yourself to be better today than you were yesterday. There are no limits to the greatness you can achieve if you apply yourself diligently and with intense purpose, principle and practice.
Most of all, no matter what -- KEEP SWIMMING. Don't stop. Chase your dream steadfastly, wholeheartedly and passionately. Remember the frog that turned cream into butter. Remember Michael Phelps. Remember, here and now, that you are the trader and the person you are now becoming.
I think that everything is possible as long as you put your mind to it and you put the work and time into it. I think your mind really controls everything…Michael Phelps
Until Next Time,
Good Trading and Brain On!
Janice Dorn, M.D., Ph.D.
janice@thetradingdoctor.com
P.S.—Take a sneak peek at my new book, Personal Responsibility: The Power of You, published in January, 2008, at www.personalresponsibilitybook.com.
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