trading

trading

Monday 22 October 2012

Let Go of the Results: You really have no control over the results, you have control over the action.


Your goal is to trade and to trade well!  Money is a by-product of trading well.  A very interesting thing starts to happen when you focus on trading well.  Your profits will start to add up a lot faster than they did when making money was your primary goal.  This is simply because traders who focus on trading well cut their losses and let their winners run.  They protect their capital and leave unnecessary risks to others.  They recognise a choppy market and sit on their hands and don’t trade.

Traders who trade well let the market come to them.  They are extremely patient and disciplined.  They wait for the setup and an entry point.   If that setup and a trigger don’t come along they wait for the next one knowing that another chance is just around the corner.  Once in the trade, they mechanically and methodically manage their position, taking profits at specific points, and moving their stop loss to protect their investment.


Traders who trade well don’t trade simply for the excitement of the trade.  They don’t trade out of boredom or when they are sick or tired.  They don’t trade especially if they have stress in their life, believe me I paid a big price and I know this one very well personally.  
Successful traders have a plan and a set of guidelines they follow.

They focus on what they can control, and that is their action.

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