Janice Dorn, MD, PhD
Neuropsychological Trading Coach
Janice Dorn, M.D., Ph.D., has been a full-time futures trader since 1994. Doctor Janice holds an M.D. in psychiatry and is board-certified by the American Board of Psychiatry and Neurology in general psychiatry and addiction psychiatry. She holds a Ph.D. in brain anatomy. A graduate of Coach University, she is a pioneer market psychiatrist and financial neurobehaviorist. Doctor Janice has written over 500 articles on the financial markets and coached over 600 traders worldwide. She is the Global Risk Strategist for Ingenieux Wealth Management Group, Sydney, Australia.
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A man can be as great as he wants to be. If you believe in yourself and have the courage, the determination, the dedication, the competitive drive and if you are willing to sacrifice the little things in life and pay the price for the things that are worthwhile, it can be done…Vince Lombardi (a great coach!)
Last week, I told you the story of Old Harry and how I learned to turn off all the negative voices and listen to my own. Every experience in life brings with it a gift. We may not think it does because it is painful or hurtful. However, when we step back and look objectively, we realize how many lessons have been learned.
The month I spent trading every day in Old Harry's basement taught me enough lessons for a lifetime. I learned a lot about charts and technical analysis, because all we did was look at charts. Old Harry had collected and annotated thousands of them for 50 years. I learned that the futures markets were complex, interrelated and subject to certain cycles. I also learned how to interpret the COT reports and became very interested in learning more about this, as well as the microstructure of the financial markets. I began to see the financial markets as a living, breathing entity with multiple moving parts and interactions. I began to think of the markets in the same way that I thought about the human body. Once I left Old Harry, I knew exactly what I had to do to become a successful trader.
Please indulge me for a few sentences so I can put this into perspective. I went to medical school in Mexico where I learned lessons that applied to all aspects of my life. The school was structured such that the first two years were done in Mexico, and the final years in the U.S. It was called the "Special Program" because it was for people that already had Ph.D's and wanted to be M.D.'s. I don't have words to tell you how special it was! First, everything was in Spanish. Second, we were told there would be tests, but were rarely told when they'd be administered or the subject matter they'd cover. I had to learn to speak and to write in a new language as well as learn the language of medicine. All of this occurred in an atmosphere of extreme uncertainty where anything could change instantly, with little or no warning. There were 40 students in my class and they came from all over the world. We were confused beyond belief because we had no idea what to expect. However, we were united in our absolute passion for medicine and determined that nothing was going to stop us from achieving our dreams of becoming medical doctors.
A group of graduates from this medical school organized and provided to new students (for a cost, of course) the best way to navigate through the first two years of what might best be described as a maze of chaos and confusion. I spoke with a number of people who recommended I pick the best one from this group and pay him to mentor and coach me. I did a lot of research and found the person who I thought would best guide me through the first two years.
For two years, I learned Spanish and the language of medicine and worked closely with my coach. I did nothing but study and exercise for two full years. Without the coach and my sheer drive to learn and overcome every obstacle, I would not have made it. Fifteen of the original 40 participants dropped out and went home.
I used this same method when I approached the financial markets. I had seen enough charts and indicators to know that there had to be thousands of different ways to trade. What I needed was a coach. I needed someone who was successful and whose way of thinking resonated with mine. I went on a very long search to find someone and was rejected at every turn. Nonetheless, I kept going. I reached out to famous traders, to traders that had developed indicators and to those who were often cited in the material I was reading. After being rejected by 35 people that I considered to be master traders, I found one that was willing to help me. I leaped at the opportunity and made it my first priority to do as I was told.
After two years of struggling and losing, my trading turned around. By constantly analyzing the markets, I started to win. It was slow at first, but I stayed with my plan and my coach. By the end of the third year, I was winning much more than I was losing. I have not had a losing year since 1997 because I devised a plan and stick with it–through all the ups and downs. My coach never abandoned me, although I am sure he considered it. More importantly, I never abandoned myself. I kept going, just as I did during those challenging first two years of medical school in Mexico. The lessons from Old Harry and Medical School taught me that I could not do this alone. I refused to be deterred by those who rejected me, and I found someone that believed in me until I could believe in myself.
If I can do it, you can do it!
A good coach will make his players see what they can be rather than what they are…Ara Parasheghian (another great coach!)
Reading Assignment: The Law of Success in Sixteen Lessons by Napoleon Hill
Until next time,
Good Trading and Brain On!
Janice Dorn, M.D., Ph.D.
www.thetradingdoctor.com
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