Skip to main content

Manage Your Workspace Correctly and Good Things Happen.

 Any experienced trader will tell you that being successful is, in large part, a matter of overcoming all the hurdles that get in your way. 

Let’s look at a few of them:Now there are two basic types of hurdles: 

The physical ones and the mental o and actually, sometimes they get intertwined. 

Let’s look at a few of them:

ƒ A big thunderstorm causes an electrical surge or outage. 

You’re in the middle of a trade, and you’re scrambling around groping for your cell phone so that you can call the trading floor directly and have them be your eyes and ears. 

That’s stress, man. 

ƒ You’ve got your eyes peeled on the charts, waiting for the signal so you can pull the trigger. 

A phone call comes in about something other than the trade you are concentrating on. 

You know you can’t talk, but you don’t want to be rude. Well, being polite just may cost you.   Trade missed. You’ve waited all morning for everything to fall into place and you missed it. 

You’re angry. 

ƒ Today’s a good day.  Your primary trade is going well. 

You’re getting close to your target but the RSI seems nowhere near a peak. You don’t want to take the profit quite yet even though you’re right on top of your price target. 

Hey, let’s let it ride a little and we’ll just trail it with a stop. Surprise news!  “El dropo” and the market blows through your stop. 

You feel like a jerk. 

As you know, I could go on forever. 

So, what’s my point? 

Distractions for following your system come from outside (lightning and phone calls) and inside (your “feelings” about what could happen). 

It’s your job to MAKE THE COMMITMENT to follow your tested trading system.  You’ve got to be deadly serious about it. 

Get caller ID so that you take only the calls that you HAVE TO take. 

Have a contingency plan when the lights go out. 

Note: I knew a trader that held to the concept of “mental stops”. He was lucky for a while, but when a power outage hit in his part of City, he couldn’t get through to the floor. 

The lights went back on in about 15 minutes but by that time he had lost a bundle.  His “mental stop” turned to “mental anguish”. 

After that, he put his stops in… but just for a week and he was back to his old habits. 

He doesn’t trade anymore. And the sad part is that , that student had talent. 

Trading is a business. Treat it like one. 

You’ve worked hard to arrive at a system that you can trust…well then, do everything in your power to stay focused on the ONE TASK of following that system to the tee. 

To do otherwise is to be out of control. 

Maintain your Focus. 

Maintain your Discipline. 

At all times. 

STRATEGY BACKTESTER ACCOUNT OCTOBER PNL 
  • IF WANT TO LEARN PERSONALLY GROUP WhatsApp  ME 9773770675


Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Understanding Gaps in the market and trading them !!

  Common Gaps Sometimes referred to as a trading gap or an area gap, the common gap is usually uneventful. In fact, they can be caused by a stock going ex-dividend when the trading volume is low. These gaps are common (get it?) and usually get filled fairly quickly. "Getting filled" means that the price action at a later time (few days to a few weeks) usually retraces at the least to the last day before the gap. This is also known as closing the gap. Here is a chart of two common gaps that have not been filled for while but now filled up . Notice that after the gap the prices have come down to at least the beginning of the gap? That is called closing or filling the gap. A common gap usually appears in a trading range or congestion area, and reinforces the apparent lack of interest in the stock at that time. Many times this is further exacerbated by low trading volume. Being aware of these types of gaps is good, but doubtful that they will produce a trading opportunities. Brea...
Post a Comment
Read more

Questions and Methods for Price Action Analysis

 Winners and Losers in the Market a. Who is dominating the current swing, bulls or bears? b. Are they correct? c. If they‟re wrong: i. Where is this move likely to stall? Where is the opposite order flow likely to enter the market? ii. Where will these traders have positioned their stops? d. If they‟re right: i. Where are these traders targeting? Where are they going to take profits or lighten their position? e. If they‟re in the right direction, but late: i. Where is the worst place to be entering late in this move? Where will the late traders be stopped out? Trapped Traders a. Where is the last group of trapped traders? b. Where are they hoping to get out? How will that affect price? c. Where will they give up and bail out? How will that affect price? Expectations - Most Likely Price Movement a. What do you expect the market to do from here? i. Why do you expect that? ii. How would price have to behave prior to that move occurring? iii. Is price behaving this way? b. If the most ...
Post a Comment
Read more

The Force is Within You, Luke. It’s Not the Trading System.

 There are only a handful of people who give a darn about supplying traders with a way to be more disciplined and focused in their trading.  I’m one of them, so I think I know why there are so few of us.  Heck, I’m in the business of supplying traders with a tool to help improve the mental side of the trading equation… the “human” element.  With (what I think) is such an important service, why am I out here virtually alone?  For a couple of reasons.    First, although most traders will admit that the mental part of trading is key to winning in the long-term, most believe they can “gut it up” and just “shake it off” when negative emotions and behaviors rear their ugly heads.  They don’t need a shrink!  They know what they need to do and by-cracky, they’ll do what needs to be done without any help!  I call this the Macho Syndrome And what’s funny is… I get most resistance to the notion of mental discipline (as formal training) from those t...
Post a Comment
Read more