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How do I get myself to be in control in trading?

Wed, Jun 28 2006, 14:36 GMT
by Joe Ross

Trading Educators Inc.  |  View company's profile


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How do I get myself to be in control in trading?


“Hey Joe! I know you must have been a truly committed trader when you began. How do I get myself to be in control?”

Statistics and society may predict, but you alone determine whether you will succeed or fail. You alone are in control; take responsibility for your performance and your life. There are always tremendous opportunities in the markets. It is not what happens; it is what you do with what happens that makes the difference between profit and loss.

Most traders move from trading method to trading method, over time, until they find one that suits them… one that is comfortable to run, and tests well first by back-testing, and then by real testing.

Some traders never stop looking for the “right” way to trade. THAT is a problem. There are many ways to trade that can generate nice profits over time. To settle on a right way for you to trade:

First, you have to believe in the process which leads to the generation of your entry signals. Does that process make sense to you?

Maybe you’re a visual sort of person and you are drawn to Candlestick charting. Take the time to understand why the patters mean “reversal” and not just accept the “picture”. Go deep.

Choose a guru to follow. Maybe you learn best from mentoring. Choose wisely.

Second, method you decide to go with, back-test it. In today’s modern world of software, there’s no excuse not to run all the back data you can through your method and see what the results would have been.

Third, THINK about the process you are choosing and why it’s right for you. THINK about the results you get from your back-testing and your real-time testing of your system.

Fourth, BE A MACHINE (DON’T THINK) when you are trading your method.

This is why I am a huge proponent of mental training for traders. Unless you can control yourself, you can never control your trading. In order to control yourself and your emotions, you have to believe totally in the way you trade. Do the work. Think. Then don’t think.

Published on  Wed, Jun 28 2006, 14:32 GMT


Trading Educators Inc. http://www.tradingeducators.com | info@tradingeducators.com


Legal disclaimer and risk disclosure

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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