Examining other disciplines often reveals information relevant to basketball. Steve Burns shares "10 Keys to Winning Mentally" at NewTraderU.
In most fields, winners have an edge, risk management, and a willingness and discipline to apply that edge relentlessly. For example, the gaming houses in Las Vegas have a 3-4 percent edge that guarantees them to win. Yes, customers do win money, but it's not the same as 'operating the casino'.
As a player or coach, what is your edge? What 'assures' that you succeed? I remember Dave Landry telling a story about a husband-wife couple who were outstanding bodybuilders saying they had just bought some trading software and planned to make a killing. He said he then pounded down some shrimp and a couple of beers and they asked what he was doing. He replied, "starting my body building program." What could possibly go wrong?
Burns' highlights:
To win you must have...
- Faith in yourself.
- Faith in your system.
- An understanding of what trading size you can handle.
- An understanding of the level of losses you can deal with mentally and emotionally.
- A love and passion for trading.
- The belief that it is possible to win in trading.
- The belief that all your hard work will be worth it
- The belief that you are a trader, that is what you do.
- The perseverance to have your butt kicked over and over but keep coming back.
- The stubbornness to keep trying until you are successful.
Substitute basketball for trading. Exchange basketball player for trader. We all have disappointments and face adversity. Jerry Lynch reminds us in "The Way of the Champion"
Focus away from the results and more on the process. Focusing on the results creates anxiety, stress, and a good deal of tension. Focusing on the process allows you to relax and feel confident in what you can do.”
Think about the acronym FAST (fear, anxiety, stress, tension). We need to overcome negative or counterproductive thoughts, to focus, and find balance to see and refine our performance.