Click here for Post Five of 'What Trading Really Is' Series
You are responsible for your success or failure as a trader. You’re in charge of your trading,
not the platform, not your broker, not your trading group Just you. If something goes wrong you
are the one that has to figure what to do to get out of any given trade.
One of the best things a trader can do is be aware of their feelings, be aware of how you are
reacting to things when they have gone right or wrong. Traders have to learn how to coach
themselves. By keeping the trade tracker a trader can see what they are doing right and what
they are doing wrong after only a few trades. Having a “winning day” or a “Losing day” is not
going to cause you to be successful or a loser at trading. It is how a trader follows his
trading system and becomes a mechanical trader that makes the difference.
Are you in control emotionally? Do you find yourself looking for someone else to blame,
like the market, your life, something that happened to you outside of trading?
When you are trading and feel negative emotions this can be an early-warning signs that you
need to step back from the market and remember why you are trading and the steps you should
take to make a good trade. Step back and look at where you’re at in your trading emotionally
and financially. Give yourself a mental Checkup to see if your uptight, if so then let go of it.
Practicing the visualization trading is a good exercise to get your self back in tune with the
market. Remember that trading is all about putting the advantage in your favor and if your have
used proper lot allocation with the trades you have open then you will most likely be around for
another day of trading.
We all make mistakes with our trading. When it happens just move on and don’t get caught up in
self-pity. Check your trade tracker and be aware of what you do right and replete the positive
things you do.
It is always wise to step out of the situation get your emotions right so you do not do damage
to your self and your trading account. If you are out of balance emotionally you might try and
get even with the market, let a negative trade run thinking it will come back, start to blame
others, or just let your account go into a margin call.
Just learn from your mistakes and move on to the next trade. The first loss is the smallest,
so get out of the bad trade get your mind, emotions and thought in order and catch the next good
trade.