Today I want to show you a kinda funny story about the tortoise and the hare and how we can apply this story to our trading carrier. I bet this is another great article you are about to read on this blog.
A QUICK READ OF THE STORY
Once upon a time there was a hare who, boasting how he could run faster than anyone else, was forever teasing tortoise for its slowness. Then one day, the irate tortoise answered back: “Who do you think you are? There’s no denying you’re swift, but even you can be beaten!” The hare squealed with laughter.
“Beaten in a race? By whom? Not you, surely! I bet there’s nobody in the world that can win against me, I’m so speedy. Now, why don’t you try?”
Annoyed by such bragging, the tortoise accepted the challenge. A course was planned, and the next day at dawn they stood at the starting line. The hare yawned sleepily as the meek tortoise trudged slowly off. When the hare saw how painfully slow his rival was, he decided, half asleep on his feet, to have a quick nap. “Take your time!” he said. “I’ll have forty winks and catch up with you in a minute.”
The hare woke with a start from a fitful sleep and gazed round, looking for the tortoise. But the creature was only a short distance away, having barely covered a third of the course. Breathing a sigh of relief, the hare decided he might as well have breakfast too, and off he went to munch some cabbages he had noticed in a nearby field. But the heavy meal and the hot sun made his eyelids droop. With a careless glance at the tortoise, now halfway along the course, he decided to have another snooze before flashing past the winning post. And smiling at the thought of the look on the tortoise’s face when it saw the hare speed by, he fell fast asleep and was soon snoring happily. The sun started to sink, below the horizon, and the tortoise, who had been plodding towards the winning post since morning, was scarcely a yard from the finish. At that very point, the hare woke with a jolt. He could see the tortoise a speck in the distance and away he dashed. He leapt and bounded at a great rate, his tongue lolling, and gasping for breath. Just a little more and he’d be first at the finish. But the hare’s last leap was just too late, for the tortoise had beaten him to the winning post. Poor hare! Tired and in disgrace, he slumped down beside the tortoise who was silently smiling at him.
“Slowly does it every time!” he said.
PICKING UP THE LESSONS
Confidence in your Strategy
Like the tortoise, you have to trust your own trading strategy. Now when I say you should be confident, I am not saying you should tell yourself that you can never lose a trade. I mean trust the fact always that your judgement and objectivity while placing that is right.
As a price action trader, once all your technical analysis are done such as; Looking for trend, plotting key supports and resistance levels, looking for a high probability price action signals and may waiting for a retrace on the 50% or 61.2% fib level..... once all yardstick are met; You just need to trust your strategy! Am not saying with all these parameters, you cannot loose. All I am saying is you need to be confident in your strategy that it can make a winner.
Slow and steady wins Anytime, Anyday!
like I have been drumming on this blog; you do not need to trade all the time. Read this couple of articles trading like an advanced armed robber, forex trading is psychology. You can't just trade because you feel like trading.
This is why I teach that traders focus their attentions more on the 1 hr - daily chart time frame... When you use these time frames, it will prevent over trading and high blood pressure... Lol...of course you do not need to be glued to the computer all the time.
And this means also that you need to trade position sizes that you are comfortable with. Trade with a dollar risk you are willing to lose and do it little by little and grow towards the finish line (building up your trading) or you may chock up yourself like the hare.
Do not trade without a plan
This is cannot be under-emphasized. The tortoise knew that he need a plan in order to beat the hare to the race. And that plan was to stick to the race until it is finished.
You are not doing the right thing without your trading plan! Your trading plan is to your business what your brain is to your body. Note that the body won't function without the brain...... And so will your trading be awkward without a trading plan. Read this article trading plan.
Also in your trading plan is included; your stick-ability. Meaning you have to stick with whatever your plan for that trade is. Don't touch your trades because you are afraid to lose. Always remember that you too can loose. i.e. Any trade can be a looser!
Do not trade without being organised.
This is the wrongest way to trade. You just got up sleepy like the hare and jump into trade; boy! you gonna lose that trade. Always be in your right mind before you approach that trade.... You must approach that trade like a business and not something you do casually. It doesn't matter whether you are on a demo or a live account.... because how you treat your demo is simply how you will treat your live account. Please read more here in this article 3 things to do before trading right
Be the best you can be!
See you next time!
Be a great and professional trader!
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