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SIX: You Are In Charge

Written by forex | Leave a Comment
Topics: Inside The Trader's Mind, Money Management, Planning A Trading Career, Topics To Study, Trading Strategies, Trading Tips

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 the issue at all.  It is how a trader is performing on the job.

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?

Negative emotions are early-warning signs that you need to cool down and relax.  Step back and look at where you’re at in your trading emotionally and financially.
Check to see if you’re uptight if so then let it go.  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 repeat the positive things you do.

It is always wise to step out of the situation get your emotions leveled out 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.

July 25th, 2008
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