{"id":23408,"date":"2013-01-20T11:10:31","date_gmt":"2013-01-20T16:10:31","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=23408"},"modified":"2013-01-20T11:10:31","modified_gmt":"2013-01-20T16:10:31","slug":"you-are-not-a-consistently-profitable-trader-yet","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/you-are-not-a-consistently-profitable-trader-yet","title":{"rendered":"You are not a consistently profitable trader YET"},"content":{"rendered":"

I made a mistake the other day. \u00a0I told someone from SMBU that everything he touches gets better. \u00a0I demotivated him with my words.<\/p>\n

I have written in a past blog post, Do Not Say Practice<\/a><\/em>, about the power of language to motivate traders. \u00a0This idea was discovered from the work of Dan Coyle<\/a> on his blog The Talent Code<\/a>. \u00a0We said that new traders practicing should be told they are training or rehearsing as opposed to working hard. \u00a0I can be caught writing, “Keep working on your game!” \u00a0 This may be wrong. \u00a0Better for me to say Keep rehearsing your trading game. \u00a0<\/em>Introducing the idea of work or practice demotivates students.<\/p>\n

Expanding on the power of language when teaching new traders, we should teach the new trader to say he is not good at trading YET.<\/p>\n

You are not a great trader YET.<\/p>\n

You cannot hold my winners YET.<\/p>\n

You do not size up in my best trades YET.<\/p>\n

You are not a consistently profitable YET.<\/p><\/blockquote>\n

Dan writes is a recent blog post<\/a><\/p>\n

Kids love to announce that they\u2019re not good at something. They usually do it just after they try something new and challenging, and they say it with finality, as if issuing a verdict.<\/p>\n

I\u2019m not good at math!\u201d or, \u201cI\u2019m not good at volleyball.\u201d<\/p>\n

At that moment, our normal parental\/teacher\/coach instinct is to fix the situation. To boost the kid up by saying something persuasive like, \u201cOh yes you are!\u201d Which never works, because it puts the kid in the position of actively defending their ineptitude. It\u2019s a lose-lose.<\/p>\n

So here\u2019s another idea: ignore the instinct to fix things. Don\u2019t try to persuade. Instead, simply add the word \u201cyet.\u201d<\/p><\/blockquote>\n

Why would this work?<\/p>\n

The answer has to do with the way our brains are wired to respond to self-narratives. That\u2019s where our friend Dr. Carol Dweck and her work on mindset come in. Through a series of\u00a0remarkable experiments<\/a>, she\u2019s shown how small changes in language \u2014 even a few words \u2014 can affect performance.<\/p>\n

Her core insight is that the way we frame questions of talent matter hugely. If we put the focus on \u201cnatural ability,\u201d kids tend to be less engaged and put forth less effort (after all, if it\u2019s just a genetic lottery, then why should I try?). When we put the focus on effort, however, kids tend to try harder and are more engaged.<\/p><\/blockquote>\n

Keep rehearsing your trading game!<\/p>\n

Mike Bellafiore<\/p>\n

One Good Trade<\/a><\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I made a mistake the other day. \u00a0I told someone from SMBU that everything he touches gets better. \u00a0I demotivated him with my words. I have written in a past blog post, Do Not Say Practice, about the power of language to motivate traders. \u00a0This idea was discovered from the work of Dan Coyle on his blog The Talent Code. … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[2470],"class_list":["post-23408","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-mike-bellafiore-one-good-trade","no-post-thumbnail"],"yoast_head":"\nYou are not a consistently profitable trader YET | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/you-are-not-a-consistently-profitable-trader-yet\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You are not a consistently profitable trader YET | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I made a mistake the other day. \u00a0I told someone from SMBU that everything he touches gets better. \u00a0I demotivated him with my words. I have written in a past blog post, Do Not Say Practice, about the power of language to motivate traders. \u00a0This idea was discovered from the work of Dan Coyle on his blog The Talent Code. ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/you-are-not-a-consistently-profitable-trader-yet\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-20T16:10:31+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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