Mind and lifestyle of a rich trader
Lifestyle of a rich trader
I Dare You to Treat Your Body like Crap
Go on. We dare you.
Eat whatever you want. Never get enough rest. Load yourself up on a diet of negative thoughts. Do all the stuff you know you should not do.
Now trade.
After treating your body and mind like garbage, are you surprised that you will not be a very good trader? Most traders think of the following when they plan for success:
- The perfect system.
- Great money management principles.
- A lot of money to put in their account.
But most traders never consider that what they put into their mind and body is going to have an impact on their trading.
Well, we have a message for you:
What you put into your mind and body has the greatest impaction your success as a trader.
That’s right. The single greatest factor to your success is probably something that you have never considered before.
The Supercomputer between Your Ears
Your brain holds 10 trillion neurons. A neuron is the functional, “computing,” unit of the human brain.
These interconnected neurons are thought to be capable of ONE QUADRILLION operations per second.
ONE QUADRILLION = 1,000,000,000,000,000
That is roughly the amount of hamburgers that McDonald’s has sold to Rob’s next door neighbor. It is also the number of pips that Kim lost on his first trading account.
This also means that your brain (really, we are not making this up) is probably 5 x 10(35) – 10 to the 35th power – times more powerful as today’s desktop computer running at 4mHz.
Put that in your smoke and pipe it for a second. Think about that. You’ve got people running around using computers to run a bunch of numbers to find out really good buy and sell trades; when all along, your brain is so much more powerful than the computer in the first place.
While it’s possible that one day scientists can create a computer to mimic human thinking accurately, they have not accomplished this yet. If you want to read more about this effort, you can look up books by Jeff Hawkins (“On Intelligence”), or Ray Kurzweil (“The Age of Spiritual Machines”).
Read on, and we’ll start tying this all together.
The Supercomputer between Your Ears, Part 2
Your brain works as the neurons transmit stuff in between themselves. They do this via electrical signals, just like your Pentium 4 processor. They also do this via chemical signals – specifically “neurochemical signals”.
These neurochemical signals are made up of sweet, delicious chocolate syrup.
Ok, maybe not. But we do want to say that your brain’s proper function is HIGHLY dependent on the neurochemical functions. And guess what? Those neurochemicals are working hard (hopefully) every time you test a trading system, plan a trade, take a trade, or build a new indicator. And guess what else?
The neurochemical’s ability to function is altered by your lifestyle.
Now we’re getting somewhere.
The proper functioning of your brain’s neurochemicals, in other words, is dependent upon a balance of a bunch of hormones, proteins, neurotransmitters, and other chemicals (possibly including chocolate syrup).
Neurotransmitters
Neurotransmitters are perhaps the most important of chemicals that affect your brain’s ability to function properly (and take good trades). They are highly important for human emotion, and as you know, emotion plays a huge part in trading, whether we like it or not. Emotion affects both problem solving and learning. Have you ever taken a bad trade and then been so emotional that you have been unable to manage the trade properly?
Now read this:
Neuroscientists are increasingly convinced that cognition and emotion are not separate processes
This belief is beginning to take hold through research that shows that individuals who have lost the connection (through surgery or trauma) between the cognitive and emotional areas of the brain are VERY INEFFECTIVE decision makers.
Thus, we can reflect upon a quote from Dr. Alexander Elder, from Trading for a Living:
“Emotional Trading is the Enemy of Success”
And we can see that Dr. Elder (as smart as he is) missed something.
You can’t avoid emotions in trading!
But we can say that the following statement is true. Or at least much more true than Elder’s quote:
Optimal decision making in trading may be highly dependent on your emotional state.
Does that make sense? Now we’re moving on, and it gets a bit more scientific from here, but please stay with us:
We are about to confuse most of you
But don’t give up.
Remember that Neurotransmitters are chemicals.
Two of the best-researched neurochemicals are endorphins and serotonin.
Endorphins are the body’s natural pain killers. They produce a sense of well-being. Often, they are produced during and after strenuous exercise.
Serotonin:
- Simply put, serotonin is a chemical which optimizes emotional and functional brain health.
- What we know of serotonin comes primarily from studies of serotonin deficiency.
- Depression, eating disorders, anxiety and eating disorders are tightly affected by serotonin levels.
There is little doubt that optimizing our body’s endorphin and serotonin levels will likewise optimize our cognition, emotions and our trading.
Wow! So how do we do that?
3 Lifestyle Habits Rich and Savagely Pipped-Out Traders
Here are 4 things you can do right now to increase your brain’s supply and use of the good neurotransmitters – and thus increase your good trades. We promise.
What doesn’t work
- Most of us would like to simply take a “smart pill” in the morning and be done with it.
- However, despite the claims of multiple Web hucksters, no scientifically-validated brain booster/cerebral enhancer exists.
- You cannot take oral endorphins by mouth—they would be destroyed by stomach acid and enzymes.
- Likewise, oral serotonin is not available and would probably get digested as well (tryptophan may be useful–read on).
What does work?
Much of our information on cognition and decision-making comes from deficiency states (in summary, your mother was right).
- Proper sleep
- Inadequate sleep can negatively affect glucose regulation, bloodPressure, and growth hormone.
- Also associated with memory and cognitive disturbances, especially
- Affecting complex decision-making.
- The National Sleep Foundation found that healthy adults who had gone 19 hours without sleep tested significantly worse on performance/alertness than those with a blood alcohol level of 0.08%
- (Legal intoxication level in most states).
- Exercise
- Strenuous exercise provokes bodily release of several beneficial
- Natural chemicals, including serotonin and endorphins.
- Studies presented at a recent San Diego Society for Neuroscience indicate that young healthy individuals who began a running program scored consistently higher on intellectual tests.
- Reinforced by a study at Duke University which demonstrated “significant improvement in memory and other mental skills” in a study group of seniors.
- Laboratory of Neurosciences researchers at the National Institutes of Health have indicated that exercise can increase the brain’s resistance to neurodegeneration.
- Animal studies from several laboratories strongly suggest that exercise enhances neurogenesis, the process of “growing” new brain cells. You are going to need all the brain cells you can get if you want to trade profitably.
- Proper diet
- Diets rich in simple sugars and starches produce enhanced absorption of serotonin precursors as well as bodily insulin production; this produces a transient “sugar high” in many people and can lead to cyclical craving/bingeing.
- NIH researchers have also described neuroprotective states based upon caloric restriction, “which can increase the resistance of neurons to dysfunction and death (in several disease models).”
- A 2003 paper in the journal Neuropsychopharmacology reported that depletion of tryptophan (a critical dietary precursor to serotonin) unhealthy volunteers resulted in a negative alteration of their decision-making skills.
- A 2004 animal study from Cambridge (UK) also suggests that impulsivity is increased with lower levels of brain serotonin.
Did you read that? Impulsive trades can be tied back to low levels of serotonin.
Your Mom was right: Get your sleep, eat right, and exercise. And brush your teeth.
Can we increase our brain serotonin levels? Probably…if the level is low. 1. Methods for increasing serotonin
- High glucose/starch loads will provide a transient increase but are not recommended.
- Strenuous exercise. Get out and go walking! Running! Get your lungs and muscles working!
- Sunlight (or full-spectrum indoor lighting) increases brain serotonin levels (this explains why many develop seasonal affective disorder [SADD] during winter months).
- Appropriate balanced diet will provide nutritional support for the body to synthesize all necessary neurotransmitters.
- Oral tryptophan (a serotonin precursor) with a multivitamin may be of use (see below).
Most of you want to know about systems. This is normal. Most of us want to find the answer to profitable trading in someone’s new “system”. But the system that matters most is your body and mind. We promise this.
This can be you, as a trader, if you do some really simple things: You need to eat better. You need to get more sleep. You cannot expect to be a great trader in the long term if you harm your body and mind.
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