This blog is more so for seasoned traders but individuals new to the game can file this under “important lessons”.
I don’t hear it discussed much in the trading community (at least the ones I visit) but someone I follow on Twitter wrote briefly about it in a blog.
Coincidentally, a week or so later, someone on Stocktwits sent me this message,
“That’s my problem. Stalking and not pulling the trigger”.
His confession, for lack of a better word, in my opinion separates those that are successful from those that are not.
I also believe, it may be the prime reason why individuals who are at “break-even” in their trading performance are, just that, at “break-even”.
Let me say something briefly about “break-even” before I continue. Break-even isn’t necessarily a “bad” place to be considering a hefty 95% or so of traders fail in the markets. Break-even, one can argue, places you right outside the bracket of the “5-percenters”.
Break-even means you are missing that one thing that can take you from flat to profits. Of course, this is a generalization as I do not know the intricate details of folks that are break-even BUT I would go out on a limb and say, what’s missing is:
My break-even traders; sit with that for a minute.
My new traders and intermediate traders understand you need this to rise to the top of the game.
“Shoulda, Woulda, Coulda” is typically the mantra of individuals that lack conviction or confidence in their trading. But why seasoned traders?
You know this game!
This doesn’t mean take any and every trade you see.
This means; you’re at a point where you know what works for you and what doesn’t.
It means that when your entry signal presents itself, follow your methodology and
TAKE THAT TRADE!
Don’t second-guess yourself and never hesitate. If your go-to setup is staring you in your face; you already have your plan in motion, the last step is:
Good, Bad or Ugly. Leave a comment below or on any social media site of your choice.