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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
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
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Legal disclaimer and risk disclosure
The risk of loss in trading commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in commodity trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains. Past results are not indicative of future results. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight.Related reports
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