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Janice Dorn

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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Trading Wisdom
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June 5, 2005
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Stock Market, Futures Trading, and Option Trading Wisdom

 

  • This is the end of worry, at least for this month. Please go back and review the two previous Trading Wisdoms on worry (Angst, Anxiety and Adrenals; It's Always Something) and then sit back and allow me to share with you a counterintuitive way that you can improve your mental and physical health by cutting down on the amount of worrying you do. As most of you have noticed, the RST pattern is one that is suited perfectly to worry, and now that we are near the top of the triangle, you have an opportunity to review your own thoughts, feelings and actions as they played out through this pattern.

  • I have chosen to devote several Trading Wisdoms to this subject in honor of the high-alert reverse symmetrical triangle (RST) situation issued multiple times by John Lansing to Trending123 subscribers. The RST is a pattern that appeals on many levels to people who tend marinate in worry.

  • As John Lansing said the other day in his update, and I'll paraphrase here, "I am going to help you make money in spite of yourself!" If those are not powerful words to everyone who is down there groveling in the dirt with the chickens, I don't know what words are!

  • One of the common ways that traders and investors sabotage themselves is through worry. It seems there is always something to worry about. Even if there isn't, we scurry around looking for something.
  • In order to push through the biases that are holding you back from becoming a profitable trader and investor, it is critical to embrace your own personal bias base so that you can make changes. How do you make changes? You retrain your trading brain. This is done through consistent coaching and practice.
  • The opening quotation says it all. I can't think of a better way to describe what has gone on in the markets this week. Volatility has returned and returned with a vengeance, catching quite a few people napping and complacent.
  • No matter how many bells, whistles, indicators, seminars and books you surround yourself with, you have to pay your dues. You must learn that that piece of cake needs to be converted into humble pie, and that the most successful traders got that way by first getting a Ph.D. in losses at the School of Hard Knocks!
  • We are not done with this overconfidence bias. Many of you continue to assert that you really do know what is going on, and you are pretty darn confident that you have reached the final stage of trading mastery and really can trade successfully year after year.
  • The two fundamental behavioral reasons for this are ignorance and arrogance. What do I mean by this? Ignorance is basically not knowing that one is overconfident. The person thinks he or she knows a lot more than he or she actually knows.

  • What is this Overconfidence Bias? It is not a matter of self-esteem, as people with so-called healthy egos can be just as overconfident as people who believe they are the lowest form of life.
  • Stock Trading Addiction It has been going on now for over 25 years of my professional life. Year after year, the faces change but the song remains the same. Some traders do magnificently, continuously grow their equity and strengthen all aspects of their capital.
  • Stock Trading Addiction Part Two One of the awesome things that happens in the live trading room of Trending123.com is that John Lansing talks about his views, stock/sector picks and general interpretation of market activity.
  • Trading The Stock Market Casino Part 1 It's a great money story that many say is true. Even if it isn't true, the bathrobe is green, and Vegas is all about light, color and sound. So, it's festive, charming, somewhat entertaining and, most of all, instructional.
  • Trading The Stock Market Casino Part 2 This fable tells a sorry tale. The groom, having come so close to the big multimillion prize, slinks away from the tables, returns to his room and calmly announces that he only lost ten dollars!
  • One of the reasons Trending123.com is the premier technical trading service in the world is that every day you have the unique opportunity to see and hear master technician John Lansing tell you what and how he is thinking about the market.
  • HALLOWEEN POTPOURRI Day in and day out, our brains are under siege. Accelerating speed of technology and almost instantaneous transmittal of information across the globe is changing the way we live and way we think.
  • Noise 80% of traders are in a state of reacting to what they perceive to be urgent and critical information. The constant message on TV now is "Breaking News" as if everything is breaking, important, necessary to be assimilated, will affect your trading positions
  • The wolverine way There are five aspects to making yourself strong: physical, mental, emotional, spiritual and technical.
  • You are what you believe unsuccessful traders tend to live in a fantasy which says that the market is there to provide them with future riches and solve all their problems.
  • The scorpion and the frog No matter who you are, how intelligent or how much education you have, if you keep doing the same thing over and over again, expecting different results, you are suffering from the most insidious form of insanity.
  • Addiction to perfection Perfectionism can be a great help to people in many professions, but can be fatal to a trader. 
  • Katrina I tired to count the number of times this weekend that the word "chaos" was used in connection with the incessant media coverage.
  • Meals for a lifetime There are so many powerful fishing tools on the Trending123.com website just waiting for you to use them.
  • Stock Market Conference Remember upon the conduct of each depends the fate of all.
    Unity-- Alexander The Great 352-323 BC (Alexander III Ancient Macedonia)
  • TATT Syndrome--Trading Wisdom To be a consistently effective trader, it is crucial to have balance in your life. One part of this is getting adequate sleep with enough time to allow you to dream.
  • Lessons From Aesop--Trading Wisom Once upon a time there was a hare who, boasting how he could run faster than anyone else, was forever teasing tortoise for its slowness.
  • Trading Wisdom--Just Do It!! Is there anyone reading this who does not understand one simple fact: We trade to make profits and a profit is a profit?
  • EQUILIBRIUM Over the past few weeks, I have received a number of emails which indicate to me that many of you are searching for meaning in your lives as a way to make yourselves stronger,more centered and successful as traders.
  • GETTING REAL "The single most important reason that people lose money in the financial markets is that they don't cut their losses short.
  • THE FISHERMAN AND HIS WIFE We trade, and are in the markets every day to make money. That is the bottom line. There are many other reasons for trading, but the main reason is to make money.
  • Ride The Bull While It Last's Many of you are making a lot of money right now, and may have anxiety about it. This is what happens often with success.
  • In preparation for Thursday morning, please read, study and be prepared to ask me questions about any of the Trading Wisdoms on the trending123.com site, including the most recent series of The Biggest Blunders Traders and Investors Will Make In 2006-2007.