When you rush your trading, you make mistakes. No one needs to trade. Even the best and the brightest. Or at least, no one should feel as though they need to trade. It can become a bit of an obsession, and those who trade can sometimes feel as though they have to place some kind of trade, or they have to be aware of all the trades going on. They can feel bad if they miss a trade, and it can even seem as though they might have to wait a long time to find another trade like it.
Why caring less will help your bottom line
Learn to question your mind - do not follow it automatically
Identify when you are at your best
It seems so counter-intuitive, but not caring about your trades is the best thing to do. Remember that the key here is to find the right trade, don’t rush your trading, and then leave it all alone once it’s done. Doing anything else just brings around a huge amount of pressure that no one needs.
And it’s just not necessary. The market is going nowhere, it will be there every time you check, honest. If you miss a trade that would have worked for you, okay, it’s a shame, but there will be another one and you can take that one instead.
As well as putting yourself under far too much pressure for something that is supposed to be a pastime you can also become over confident and cocky. And that’s a bad thing. Yes, you might have just had a monumentally successful trade pay out a nice wodge of cash, but guess what? You need to keep calm. Don’t rush your trading and immediately throw it all away again because you’re feeling like a winner. Take your time.
You won this one because you put all the checks and balances in place, so why would you not do that the next time? The best thing to do after a big win is to close everything down and leave it all alone for a couple of days. Enjoy the winning feeling. Then go back and trade again when the excitement has dissipated a bit. It’s the safest way.
Trading can sometimes be scary, especially when you see the numbers falling. That can lead some people to pull out of a trade before they reach their stop point, and that means there is much more chance of a losing trade. The markets could change direction, and you might have won a ton. So do not rush your trading at the beginning or at the end.
The charts and your research mean a lot – listen to what they are telling you! Do not work on what you think the markets will do, focus on what they are doing. That’s the only thing that will tell you anything at all.
Everyone has off days. You might be going through a period of family problems, you might have had a knock-back at work, you might be unwell – anything and everything can affect your ability to trade successfully. The best thing to do if you are not entirely yourself for any reason is to step back until you are. Do not rush your trading when you are not ‘in the zone’ or you will regret it. And so will your bank account.
Being a contrarian investor is not easy. Sitting patiently is not easy when everyone else is talking about their trading success. Do not forget, few new traders talk about their failure! So it is okay. We promise. Do not rush your trading, do not feel as though you are missing out. You do not need to be there all the time. You just need to ensure that when you do place a new trade idea, you are doing so with a clear trading strategy.