Given the coronavirus lockdowns most of us are under, and the market meltdown that happened in the past couple of weeks (which is still going strong while I type), I thought I’d bring back market mindset expert Richard Friesen to help us navigate these unusual times.
In the show Richard gives you 3 useful tips that’ll hold you in good stead, not just during these extreme events, but when trading returns to normal (if that is even possible).
Richard even drops a 4th technique in the short video we shot after the podcast.
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[09:17] The real change comes with real time experiences.
[09:40] It’s only in the moment that we can make a difference.
[11:06] And then that “Yes” turns into “I’m okay as a person. I’m valuable. I’m smart. I can do this.” and then when the market shifts all of the sudden, not only does your system break down but their identity and all their beliefs in these processes that they developed, break down.
[16:38] When you start playing that mind game you’ve got a neurochemical shift in your brain.
[17:36] When we create the thoughts and have the physical sensations (just like you outlined so well) and we get those negative neurochemicals in our brain; then it becomes very difficult to shake that off.
[18:34] If the world doesn’t provide that particular set of parameters, I create them.
[20:41] Rather than saying, “Oh, I can’t go there” and we create a struggle… I say, “Okay, you’re aware of it. Great, let’s accept it and let’s go with it.”
[25:45] I’ve always been fascinated by extreme events.
[29:03] There’s a lot of things I’ve done a long time ago to prepare for an extreme event.
[30:19] So many people are out of control and they don’t know what to do because they haven’t thought about it, but if you’ve taken some early steps it allows you to think more creatively.
[34:39] Learning to go from step 1 to the other and doing it intentionally can change your life.