The One Thing Every Trader Should Have In Their Trading
Back on January 17th, 2008, we posted a blog about the 6 things to leave out of the market. They are:
Emotion: Wanting the market to go a certain way.
Revenge: Some people think they will get even with the market...
Anger: People will get angry with themselves and do foolish things...
Pocket book: When you are getting out of the market because you can not afford to be in it in the first place...
Greed: When a trade has ended expecting it to give you more. Then it turns and you lose all you just made.
Fear: Many times people have fear because they are trading with money they can not afford to lose.
Then, we discuss briefly the power of a good trading plan and sticking to it. Then I saw that a comment was made by
Jewel, which reads, "You make some very good points here. I would say one thing that MUST be used
is patience. I think a lot of people get impatient when they are starting out: they want to make big money fast. Then they
make big trades and can lose a lot."
This is extremely important and I agree whole heartedly with Jewel regarding this. It is sad because I have seen many traders that are no longer trading because they did exactly what Jewel mentioned. I think we need to take this to heart. All of us can stand to evaluate how we are veiwing the market. This world has a pandemic of impatience and this is a bad state of mind to be in;
especially as a trader.