Today's article is probably the shortest article you will ever read on this blog. But what I will be telling you about are in 3 points...... quite short but helpful.
Now let's go on with that...
WHAT KIND OF A TRADER ARE YOU.
Fear is out of place when you really understand the type of trader you are. Ask yourself; Am I the patient or the non- Patient type? And of course they are different types of traders: The day trader, intraday trader and the position trader in what we can easily call; the scalpers and swingers. Determine what type of trader you are.
This has to be so because we all see and place trades differently, based on the type of personality we possess.
WHAT IS YOUR STRATEGY FOR TRADING
If you are conversant with this blog, you know I have been an advocate of the price-action trading strategy. If you do not know what price action is, please read the above article link and this one to find out more as this article isn't designed for that.
The reason why place trade and it seems they aren't confident in their decision is simply because they do not have a strategy. so to such person, trading is a gamble! Of course trading will become a gamble if you you don't have a working strategy. Well, if you do not have one, I recommend you learn the price action strategy. Please those articles in the above link are for your reading.
HOW DID YOU APPLIED THOSE STRATEGY?
This is what it means to have an edge in the market. I have made many trading mistakes before. such as exiting a particular trade too early simply because it when against you.
In fact, I am writing this because of a silly mistake i just made now.... Yesterday was a $200 winning based on my price action strategy and today, using the same method. I knew price would go up. I knew! but because price went against me a little, i exited the trade only for me to see price reverse and went in my direction... Now this is not as if I was gambling. Nop! I knew what i placed, but fear made me felt it may not be possible as I predicted.
My prediction were based on a very powerful price action setup I saw; but some times we are humans and can get emotional a times; this is also common with professional traders too..... I don't blame myself for that mistake, neither should you.... Well it was a $7 loss i had.. Lol..
My question before closing this article is this: On what price action setup did you place your last trade? was it a high probability PA setup? what happened to your judgement when the market seem to go against you initially? did you exit the market and why?
Having an edge is you knowing what setup made you took that trade in the first place. If you believe that setup you choose, do not change it until you are very sure fear is not the emotion controlling your decision at that moment but right judgement of the market is.
Please read this articles below. Because this is the real reason people fail. Here is it below.
looking at chart all time will destroy your account
set that trade and simply do nothing
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