Realistic
Registered: May 2012
Posts: 89 |
06-08-12 11:23 AM
Re prioritize your definition of pride...
Be proud of your discipline/patience... not the fact that you "guessed" correctly the "current" direction
Nobody knows with certainty which direction the market will go at any given moment...
The market creates patterns, from this we develop our strategies but these patterns are not guaranteed, they have a statistical chance of succeeding, which by definition, they have a statistical chance of failing...
Discipline, risk mgmt, money mgmt are your tools... Emotions and psyche your enemy....
Understand expectancy, you can be wrong more often than you are right in direction and be profitable
Embrace losses and relish wins....
Take your stops [small loss] wait for your targets [larger win], take all your signals, don't second guess... follow your rule set...
If your psyche requires that you be right all the time... then approach it with entry, target, stop preplanned [as it should be]
When your trading signal fires, you know that it will either reach your target or you will be stopped out at a small loss... guess what you were 100% right... you followed your plan, your respected your risk profile, you were disciplined... BE PROUD
The market is going to rally today - it did, I was right... it didn't, I was wrong is the equivalent of flipping a coin and being proud you called heads....
If calling direction correctly is what makes you proud, you are most definitely in the wrong career field...
This is a business, a vehicle to support our families and provide financial security, that's all... if you are doing that, Be Proud...
Ego doesn't pay the bills...
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