Avoiding self-sabotage with Brian McAboy

Sometimes as a trader, you just want to punch the air you feel so good. You can picture your future and it is so close to being perfect, you could cry tears of happiness.

Wouldn’t it be great if we could stay in that state forever? Unfortunately, it usually doesn’t work out exactly like that. I've been a trader for more than 3 decades. Unfortunately, I’ve noticed that often my biggest losses have occurred after my most consistent cluster of wins. 

Sometimes this ‘victory state’ as a trader can throw you off kilter.

If you’ve ever had trouble handling a period of success, this interview is for you. Or, if you’ve experienced the tendency to self-sabotage your success, then you need to listen to every word in this interview.

I’m about to interview Brian McAboy from insideouttrading.com. For over 16 years, Brian has been empowering traders to overcome obstacles and trade with confidence and peace of mind. His backgrounds in Business, Engineering and Quality Assurance let him approach trading in a completely different way than most trading educators. 

Today we’re going to delve into the importance of keeping your cool when everything you touch turns to gold.

Welcome Brian…

Questionnaire

When traders are making windfall profits, what happens to their mindset? 

What are the risks when a trader experiences a cluster of wins?

I’ve seen that when traders are on a winning streak, their ego can really create some problems for them. Have you seen this, and what can be done about it?

What are some tricks to help you stay ‘hungry’ even when your account has grown?

How do you handle the emotional storm that comes when you pass a benchmark in your mind about how you define a ‘big account’? For me, when I made more money in one trade than I made in one year of working my job – it messed up my mindset. What would your advice be here?

I’ve seen traders used to dealing with a smallish portfolio, but then… they inherit a large amount. What should traders do to adjust upwards so they don’t struggle with this much larger equity base?

Some traders get to a level where they meet their definition of ‘success’, and they can’t seem to move beyond it. What would your advice be to them?

After a run of success, how do avoid the self-destructive tendency to give it all back by making losses in the markets?

Do you have any advice for traders about the need to continuously reset their goals?

Is there any research on this topic in relation to traders? 

Do you have a ‘try this at home’ tip?