This article is taken from the Trader's Journal magazine (November 2008 issue)
The author, the trader’s coach Adrienne Toghraie, is an internationally recognized authority in the field of human development for the financial community. Her eight books on the psychology of trading, including The Winning Edge – Volumes 1-4 and Trader’s Secrets, co-authored with Murray Ruggiero, have been highly praised by financial magazines.
- Good decision-making is a skill that requires practice, preparation and stability. Adrienne Toghraie takes a look at good decision-making skills
One of my early clients was a trader named ‘Keith’ who started life with all of the benefits that wealth and status can afford. His parents provided him with an expensive private school education before sending him to a top university. But, as soon as Keith attained the independence of young adulthood and was free to make decisions for himself, he continued to make one poor decision after another. It was as though he had a genius for taking the wrong turn, despite all of the warnings to the contrary.
Keith acted and reacted to each situation, rarely giving it a moment’s thought. He would leap into a decision without having done any research or laying groundwork. All of his decisions were based on his emotional needs at the time, and Keith was not a very developed or mature individual. So, his decisions reflected his delayed emotional development. As a result, he had a difficult time looking into the future to see what his life would be like as a result of his decisions.
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