New traders may get lucky for awhile and bad traders may win big in the short term but in the long term the market gives every trader exactly what they have earned. While traders can win in the long term with many different types of robust trading methods a trader with no self control will not even survive long, they will not be able to make a plan and follow it, they will let fear and greed over take their mind and end up with large losses and the belief “trading is just too hard” but trading is not hard what is hard is self control, discipline, focus, and keeping the ego in check.
What a trader can control:
- Their entry.
- Their exit.
- Their trading plan.
- Their emotions.
- Their ego.
- Their method.
- Their position size.
- Whether to trade or not to trade.
- How much you are willing to risk per trade.
What a trader can not control.
- Market movements.
- The trend.
- Whip saws.
- Political decisions.
- News Headlines.
- Macro economics.
- Every other traders decisions.
- The future.
- The past.
One key to trading is to only focus on what you can control, do not worry and stress about what you can not control, and most importantly, be able to know the difference.
Many of us have made trades after a quick look at our charts and later we look back and say “I wish I would have taken a little more time before I did that”.
In the world around us, everyone is always rushing to do everything especially in making a decision. I understand that sometimes you are forced to make quick decisions, however as a trader, you will regret quick decisions more times that you will congratulate yourself.
If we have committed to our risk management, money management, trading strategy along with our overall plan for our session, then I recommend that if you truly want your sessions to be more successful, take a few more seconds in every step.
Take a few more seconds to not just look at the charts, but to truly see and understand what you see. Take a few more seconds to determine where you entry point and exit point is and not just wing it.
Take a few more seconds to prepare and instead of just looking and deciding, clearly see and understand what you see and you will enhance your trading performance.