Are You Trading Like a Mug?

Have you ever caught a good move and completely failed to stay with it?

Many have, but what can you do if you find you are focused on exiting? You could change your focus to adding to the position. 

Why? Well, as long as the idiot left hemisphere of your brain has 'something' to think about it is normally happy. You need to keep it occupied enough to avoid impulsive, rash moves.

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Photo Credit: tomylees via Compfight cc

Taking your mind off the negative will help provide a distraction. But first you need to understand why your mind behaves in this way.

Don’t switch tactics, stick with proven ones through thick and thin. Otherwise you will find that as you change so will the market and you will keep missing out. Be patient.

You need other people to help you learn this business and to help you realise the value of time honoured trading techniques. 
 
If I respect someone’s abilities in the market I always do what they ask. I think that is a good rule to follow. In other words you must make yourself an “empty vessel.” It is no good going around full of yourself, if you do there is no room for anything else. If nothing else, digest and focus on this last aspect. Meditate if it helps.

But when it comes to trading you must be your own person. Do not follow anyone else, do not listen to anyone else. Go your own way, that is the only way to succeed. This does not mean that you do not use other people’s methodologies, or parts of them, but you must make them your own. Nothing else will work.

Do not fall into the trap of the three time loser. Most traders use a system then drop it when it loses three times in a row. But all systems do this. If you follow this route you will never find success, because you will be constantly changing.

You must adjust your focus. Choose the factors you need for your approach and obtain them, using appropriate software, feeds, etc. Then become expert in that approach. You have got to become an expert to win and you are never going to manage it unless you specialise.