Practice makes perfect!
It’s said that practice makes perfect but the truth is, the more you think like a trader, the more you become one & the better you get at remaining neutral.
Watching news channel all days the following random stock tips is not trading. You need your own groundwork, homework and mindset work to excel in trading.
The ways to get comfortable with market uncertainty is by having a defined set of rules to follow and having something concrete to keep the behavioural aspects in check.
Do you see it?
If you don’t see yourself trading for the rest of your life, it’s not for you. It’s not a get rich quick scheme, it’s about being committed to your passion for life.
Your gut will point towards your being on the wrong side of the trade much earlier than any other indicator there is. Accepting reality is the first step towards being a successful trader.
Hedging your position is like having a car with airbags. They cant reduce the risk of accidents but can sure decrease the severity of injuries. Smart use of hedges can change your game altogether.
Win or lose
while you are in the game it does not really matter whether you win r lose. believed me, being in the process is a journey worth embracing. All that matters is how you play the game.
Let it twirl
Get used to the uncertainty, et yourself twirl into it. Accept that it’s all about probability and not ego. Accept that you may be wrong many times and all your to know is when to pull the trigger.
When you are trying to figure out your trade plan, focus on analyzing rather than outsmarting the market. There is a huge difference. No one has become consistently profitable doing that.
You need to get rid of whatever undesirable, unwanted thoughts you are looking in, in that head of yours. This isn’t a one-time thing but constant learning that you need.
No single trade is going to make you a trader or rick or change your life. Stop expecting this and you will see how better you are getting at the process of building wealth.
With each passing day, my belief in price action trading keeps on becoming stronger and steadier. Why and how have people made trading so complicated?
The moment you see a trade turning into a gamble, get out of it. there is a thin line between the two. If you don’t know what I am talking about, you are not a trader.
People will spend hours before buying a price of cloth, trying it on, thinking if it’s worth, but won’t calculate the risk involved in a particular trade before taking it. How hard is it?
To all the aspiring traders reading it today. “Take that one chance, word your nights off, it’s not hard, it just needs to fit, once and for all.”
It just builds down to how well a risk manager you are. “Taking trades that are substantial enough to matter and still not huge enough to wipe you out”. Yeah! that’s all.
What if you fly?
Also Read: Top 5 Highest Paying Income Skills of 2021
How you perceive a particular price level depends a lot on your psychological makeup at that very moment, which might or might not be the same for every individual.
Get a grip!
Accepting that your trade isn’t working out the way it should be is the first step in the direction f cutting your losses. It feels great to not be stuck in a trade.
As a fine trader, one needs to be specific about his/her trading system. Following price action is one thing but if your system cannot be followed time and again, it’s vague.
If you have knowledge and awareness of what you are doing in the market and are still afraid of losing money, the only way to deal with it is by reducing your risk.
Thank you for your time. Happy trading!!