196: How 7-Figure Traders Think w/ Pat Bailouni, Trading Mindset Performance Coach
Oct 12, 2022
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Pat Bailouni, a trading mindset performance coach, discusses the values and motivations of traders and the importance of learning from losses. Pat shares his journey from trader to coach and reflects on a turning point in his trading career. The podcast explores the relationship between procrastination and task importance, overcoming fear and greed in trading decisions, and reprogramming the mind for better results.
Trading success is more likely for those who prioritize trading and view it as their main focus.
Traders should focus on process-based decisions rather than outcome-based expectations to remain present with the market.
Recognizing and managing the drawbacks of trading funding can help manage expectations and boost confidence.
Deep dives
The importance of valuing trading
Traders who have a high value in trading and see it as their main focus are more likely to succeed. Trading as a means to an end is also valid, but may lack the same level of dedication.
The danger of expectations
Having expectations before entering a trade can lead to emotional reactions. Traders should focus on process-based decisions rather than outcome-based expectations to remain present with the market.
Managing emotions of fear and greed
Traders should transcend both fear and greed by seeing winning and losing as neutral outcomes to dampen emotional responses. Balancing emotions allows for consistent execution of an edge.
Goal-setting and drawbacks of funding
Traders should be aware of their most important values in life and link trading goals accordingly. Recognizing the drawbacks of funding and mitigating them can help manage expectations and boost confidence.
Transcending polarities
Being neutral on both winning and losing outcomes allows traders to execute their edge consistently. A solid trading plan and system-based approach complement a balanced mindset.