Saturday, June 15, 2013

Things that Make You Not CP

1. Focusing on too many markets.

Why?  Easy to get distracted, bored.


2. Taking non-plan trades.

Why?  Getting impatient.  Getting impulsive.

3. Taking profits too early.

Why?  Impatient.  Fear of giving back.


Impatience. Fear. 

Is there really anything more?  Either we're bored... and make mistakes: overtrade, take excessive risk, oversize...

or we don't take trades/exit early:  becoming far too risk-adverse when it finally is time not to do so. 


This is the self-mastery part of the game.  You push through feelings of boredom by going over the plan... researching... but you cannot deviate from a set plan/pattern.

You must also stop yourself from ending trades too early, limiting every big winner into a tiny winner. 

When you conquer impatience and fear... everything will fall into place.  But it starts with becoming highly self-aware during the trading day and not merely afterward.  You are not the same person trading as at night.  So develop a monitor for yourself along with market signals. 

No comments: