Temptation is rampant in the markets. Nevertheless, you must restrain yourself from making impulsive trades. There's a very human tendency to seek out excitement and receive a quick reward. You must fight temptation and maintain self-control, however. Electronic trading platforms have made trades easier to execute, but at the same time, they've made trade execution so fast and easy that many novice traders overtrade, and even when traders don't overtrade, they may be tempted to constantly monitor their trades and abandon trading plans prematurely, a common ailment of novice and seasoned traders alike. Practicing patience can help you stick with your trading plan until it comes to fruition. Impulsive trading doesn't happen in a vacuum. Many factors contribute to prematurely abandoning a trading plan. A significant precursor, though, is a feeling of boredom. When we are bored, we may want to spice things up, and what better way to put a little excitement into life than looking at a position to see how well things are going. What's the problem? The more you look at how a trade is going, the more you think about it, and if your plan is to patiently wait for a week or longer, looking can only make you feel like you want to take action. It's necessary to remove temptation. Don't think you are a hero. The biggest mistake traders make is thinking that they have superhuman self-discipline. Avoid looking at the market action unless it is a necessary part of your trading plan. How else can you maintain discipline? First, admit your limitations. Self-control is like a muscle. You need to practice self-control. Don't try to be superhuman. You can't run a marathon tomorrow if the farthest you had to run in the past year was between your front door and your car when you were late for an appointment. You need to work up to it. Don't expect to be able to maintain self-control without extensive practice. Give yourself time to build up your self-control skills. Second, make a strong commitment to build up your self-control skills. Take the matter seriously. Until you commit to change, you cannot improve your ability to maintain discipline. It's similar to losing weight or quitting smoking. A person must first acknowledge that he or she has difficulty with self-control before change can happen. Admitting that you need to improve your self-control skills goes a long way. Third, you must use psychological techniques to learn to maintain discipline. It is essential to avoid temptation. Itâs essential to not trade impulsively. Sadly, many traders succumb to both temptation and impulsive trading.|
it is very hard for new traders to show constraint when they have no real experience to go on. to resist temptation it is best to remove the temptation altogether. this is also known as controlled action and will result in more acceptable results. there is no rocket science required when it comes to trading but there is a requirement for simple and effective constraints that will protect the new trader from the many pearls that the markets exhibit on a daily basis.
One traderâs temptation â is anotherâs opportunity ============================================================================================= Temptation comes from within⦠market gives a shit about whatâs within us Market only provides opportunity â with every tick Opportunity to; Enter Exit Sit on hands Make money Lose money Go broke Become wealthy Itâs simply up to the trader to decide ============================================================================================= The market has no temptationâ¦, only opportunity Now on the other hand â the trader â could be a whole other story Best we take a long look in the mirror - to figure that one out RN
the market is caused by traders judgements and trades... so in the end, we just playing poker with million other ppl...
as one other has also rightly said. (Man's mind, stretched by a new idea, never goes back to its original dimensions).
the market (depending on the market traded) can be low risk, medium risk or high risk. a low risk market can be turned into a high risk market if the trader does not know what the trader is doing. this is very common amongst retail traders as they are overwhelmed with the amount of information readily at hand to assist the trader make a decision as to what is the best way to trade. many will say the best way to trade is the way that makes money. ask for a transparent and understandable explanation of how the best way is actually the best and you will find that a transparent and understandable answer will be a long time coming. at least with poker you can only lose what you have on the table.
talk about stupid temptation. i was $1.90 from hitting the $200 mark today... hahahaha wanted to go back in...but sigh...slapped myself awake. trading small to build up for bigger things..
There is one personality type [Myers Briggs ENTP] that really can master TA and the downside to their psych makeup is that they can't execute a plan very well... they all complain of discipline problems.. I have the discipline thingy in spades but wtf, I made up a spreadsheet such that if all the elements to enter a trade are not lined up, then all the checkmarks are not there and I don't worry about things.. The problem with a chart is that it presents too much data far too compactly for someone to easily look at it and separate out the necessary parts. Observation, Orientation, Decision and Action all have to be separated out and that is nearly impossible for some of us to do while watching the action on a chart.. Once a person can achieve that compartmented thinking, and it all comes in two flavors, one set for when looking for an entry and another set for when one is in a trade... but once a trader can sort all that out into a set of check marked boxes there is no more discipline problems... I'm sort of convinced that many can't bring themselves to achieve that level of organization because deep down they know that their strategy is actually random and they don't want to come to that realization.. They will adopt money management and employ trading coaches and whatnot and who knows, if their strategy is just slightly this side of random, they might do well long enough to get something out of trading... otherwise, well, thanks for the $ suckas...
every trade requires a decision,not trading is a decision, so not trading is trading,so consider every non trade as a trade...it's easy to make money,the hard part is keeping it,non trading is one of the ways to hang on to it,or, in other words, not give it back...high probability set up or no trade,decisions