Richard (Rich) Friesen started his career with Merrill Lynch as a commodity futures broker before going to work at the Chicago Research and Trading Group in Chicago. When he got there, he was thrown into the S&P 500 pit—his first time on the trading floor. He had no idea what he was doing. So he was quickly pulled and switched to options, where his trainer told him point-blank: “You're the worst trainee that I’ve ever had.” Rich admits that the criticism was right-on—he WAS terrible. It was the wake-up call that he needed to turn things around. If you are new to trading check out this options trading for beginners pdf and listen to this episode of How To Trade It to hear how Rich transformed into the successful trader and trainer that he is today.Traders: Flex Your Mind Muscles with @richmindmuscles in this episode of How To Trade It! Check it out! #stock #stocks #StockMarket #trading #StockMarket #Investing #DayTrading #StockPicks #LimitingBeliefs #Breakthrough Click To Tweet
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- [0:27] Rich Friesen joins me in this episode!
- [1:25] Rich’s background in the trading world
- [3:33] How Rich reacted to being told he was THE worst
- [9:11] The process of overcoming limiting beliefs
- [11:20] Mind Muscles for Traders: mindset or system?
- [14:25] Rich’s neurophysiological definition of “ego”
- [16:50] Do you have a motivating dream—or a roadblock?
- [18:57] Rich’s three golden keys for success
- [24:13] Trading during the transformation process
- [25:28] How to connect with Rich Friesen
Rich’s powerful breakthrough moment
Rich’s second major breakthrough was after he went out on his own. He didn’t have a lot of capital, so he had to be careful. His first year he made $125,000. The next year he made $150,000—then $175,000, then $200,000 a year. Then, in April of 1995, Rich woke up in the middle of the night. He heard a voice that said, “Rich, you’re only worth $200,000 a year.”
So he got out of bed, got dressed, and headed to wait outside the door of the Pacific Exchange until they opened. He stood in the best spot in front of the order book officials and waited. He points out that on the trading floors, you don’t own the spots. The spots are “owned” by the most assertive people. So he stood there and didn’t move while they opened.
The guy whose spot he was in gently nudged him. When Rich didn’t move, he shoved him. But Rich stood his ground. While Rich knew there was no such thing as a "Holy Grail Trading Strategy", he knew that he needed to be confident and believe in his own future. When trading started, he went berserk. Everyone thought he had lost it. But he asserted himself and that year he made $650,000. What happened?
Rich had a limiting belief that he wasn’t worthy. That he was the worst trader. That voice was the catalyst he needed to overcome his limiting beliefs. Trading psychology, after all, is one of the first obstacles we will all need to overcome. He never looked back and went on to build a successful firm.
Rich began to ask questions. For him, overcoming his limiting beliefs was an instantaneous process. How could he help others facilitate the same transformation? So he began to ask:
“Can we change the context? Can we change our identity, our beliefs, our behaviors? Is there a process that we can do this intentionally? What is that process?” For the last 10 years, Rich has been working through the process of transformation and helping others do the same.
The process of overcoming limiting beliefs
When it comes to a definition of “ego”, there’s a street version and a psychiatric version. But Rich defines ego in terms of neurophysiology. He points out that we have a lot of neural connections that can sometimes stem from survival mechanisms. We have a function in our brain—ego, self-dense, a survival mechanism—that have a positive intent to keep us safe, but they overwhelm us.
If a trader has a dream for financial freedom and believes trading will give them that, it influences everything they do. They believe trading will help them “prove” themselves or boosts their ego. But every tick against that dream seems to put your future at risk. Once you go into the fear of “I’m going to lose everything” you begin to make mistakes. Here is an awesome forex trading strategy to never lose again.
If you have a vision for the future, then you step into it. You claim what you believe is possible. You develop knowledge and skills. On the flip side, you may feel like you’re not worthy and you have to prove yourself. You mistakenly believe that your dream makes you whole as a person.
If you’re trying to fill that hole in your heart with a dream, the pressure becomes immense. Everyone will send that you’re trying to fill a hole and they’ll pull back. You'll sabotage yourself. So what do you do?In this episode of How To Trade It, @richmindmuscles shares how he helps his clients overcome their limiting beliefs—and how you can too. Check it out! #stock #stocks #StockMarket #trading #StockMarket #Investing #DayTrading #StockPicks… Click To Tweet
Rich’s three golden keys for success
When Rich begins working with a client, he asks his clients to start by laying out their issues or problems. Then he asks what they’d like to happen. Most of them simply refer back to their problems. It proves that they’re not comfortable with stepping into success and can’t envision what they want it to look like. Trading Strategy Guides likes to help with success through guides such as the forex success formula, but Rich starts the process with his three golden keys:
- Awareness: How’s your breathing? Your posture? Your muscle tension? Your emotions? What are your thoughts?
- Acceptance: Accept your thoughts without judging yourself.
- Ask the question: Ask from a place of awareness and acceptance: What would you like?
Once you have that model in your brain and can look at yourself with curiosity, you can look at what’s driving the problem behaviors. When you’re upset with yourself you get stuck in those behaviors. Take a breath and decide what you want to do instead. You have to create a vision to step into. Rich notes that it’s challenging, especially if you’ve held on to your limiting beliefs for so long. You have to let go of identities, beliefs, and behaviors.
He invites some traders he invites to stop trading during this process. Others have breakthroughs immediately and can avoid their triggers. Some people have their identities mired so deep in a struggle that it takes a while. Rich notes that “When we step into this new identity, this new context, new belief, and behaviors, we still have these old neural connections in our brain. We still have the older triggers. So this is where awareness and acceptance of the golden keys come in.” You have to learn to rewire your neural connections. Listen to the whole episode for more trading wisdom from Rich!In this episode of How To Trade It, @richmindmuscles shares his three golden keys to make personal breakthroughs and find success in trading. Check it out! #stock #stocks #StockMarket #trading #StockMarket #Investing #DayTrading #StockPicks… Click To Tweet
Resources & People Mentioned
Connect with Richard Friesen
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