Trading is hard. There is no way around that fact. If it was easy, there would be fewer doctors and lawyers in this country because everyone would be able to make a happy and successful living in the markets. Trading is even hard for some of the most seasoned traders out there. I've often heard that trading is 95% mental and 5% technical. This means that 95% of the successes or failures that you have in the markets are due to decisions that you make based upon emotions and feelings rather than logic!

So what is a trader to do when you are faced with challenges that seem to difficult to overcome? What happens when you feel like you've lost your Edge in the markets and you no longer seem to be able to make consistent profits with your trades? If 95% of trading is mental, then your time would likely be well spend reviewing your mental approach to how you trade. Let's take a look outside of the financial world for perspective on how we can improve our results by improving our mental game.

There are many parallels between the sports world and trading. My two favorite sports are golf and basketball, so it should come as no surprise that I was interested in the results from the annual Golf Digest U.S. Open Challenge held at Bethpage Black golf course this year. In this event, three famous Americans and one sweepstakes winner are grouped together to play the U.S. Open Course to demonstrate how challenging the conditions are for the professional golfers.

This year's contestants were Michael Jordan, Ben Roethlisberger, Justin Timberlake, and the contest winner Larry Giedelhausen. These four men were tasked with playing 18 holes at one of the toughest courses in the world. So tough in fact, that the course managers put a sign with a disclaimer on the first tee to warn players of what they are getting themselves into.

This seems eerily similar to the "Characteristics and Risks of Standardized Options" warning brochure that all new options traders receive when opening their first trading account. Golf Digest has an article in this month's magazine about the Challenge, and it reveals an interesting side to Michael Jordan. Michael is a fierce competitor in all walks of life, similar to the burning desire that he showed on the basketball court. We are used to seeing Jordan displaying his superman like qualities when he flies through the air and throws down a big dunk. We didn't see that on this day. Instead we saw a Michael Jordan that was mortal, falling victim to some of the same mistakes that would trouble you and me on the links.

So what did one of the best athletes in the history of sport do to overcome these challenges? He went back to basics, relying on what his former coach and mentor Dean Smith taught him at North Carolina. According to Jordan after the round, "When you get nervous, get back to basics and do the easiest things. Make a layup, hit your favorite club. Simplify." After Jordan made this change, he started slowly playing better and managed to salvage a reasonable round.

This same approach can and should be applied to trading. When things aren't working, don't let your emotions determine your success. Focus on doing what you are best at, where your Edge in the market lies. Every trader has to have a competitive advantage over others to succeed in the markets. What's yours?

Nobody is perfect, and nobody ever will be perfect. But that doesn't mean that we shouldn't strive for perfection in what we do. Mistakes are going to happen along the way, but it's how you learn from them and improve that will distinguish you from your competition. Jordan once said in the past "I've failed over and over and over in my life. And that is why I succeed." Options trading is a zero-sum game after all. Consider going back to basics if your trading has been sub-par and you are likely to see your results improve.

Price Headley is the founder and chief analyst of BigTrends.com.