4-Bar Setup | Be AWARE
Awareness is the key to understanding ourselves and the world around us. This same key fits the doors to success both in trading and in life.
Earlier in the series, we explored some definitions of the word aware. If you’re interested in the theory, you should really start with those.
In this 4-Bar Setup, we will focus more on the “do” of the Be-Do-Have framework. Doing is the action that manifests from whatever we choose to be.
Let’s talk about 4 simple and effective actions to help you Be (more) AWARE:
1. Practice mindfulness and meditation:
The first bar is eerily similar to the first bar in our last setup. Funny how that seems to keep happening between Be Present and Be Aware. Nevertheless…
Mindfulness and meditation can help you focus on the present moment and increase your awareness of your thoughts and emotions. By incorporating this simple centering exercise into a routine, traders can stay focused and reduce stress, allowing them to make clearer and more informed decisions.
2. Keep a journal:
Writing down your thoughts and emotions can help you reflect on your experiences and identify patterns in your behavior. As traders, keeping a trading journal can help us reflect on past performance and identify patterns in our own decision-making, which can lead to improved outcomes.
The KBWS Trading Journal is a perfect tool for this extremely valuable exercise! Have you been using yours?
3. Seek feedback from others:
Ask trusted friends, family, or coworkers for honest feedback on your behavior and how it affects others. This is speaking strictly about personal and some front-facing business relationships.
Traders can benefit from seeking feedback from mentors, colleagues, or trading coaches. This can provide constructive input and objective insights to help better understand our strengths and weaknesses. The honest feedback on your behavior in this regard, is more about how your actions affect you.
4. Engage in self-reflection:
Take some time each day to reflect on your thoughts, emotions, and behavior. Ask yourself how you can improve and what changes you want to make in your life. Regular self-reflection can help traders evaluate recent performance, identify areas for improvement, and set goals for future growth.
By improving awareness through these steps, traders can make more informed and confident decisions, reduce stress, and ultimately achieve better outcomes. It is important to remember that success in trading, like any other discipline, requires patience, perseverance, and a willingness to continuously learn and grow.