I hope my latest blog finds you well. Apologies for the period of inactivity, however this has been on purpose as to not overdose you with too much information!
[subscribelocker] Last week was a quiet week on the trading front for my style of trading. It is times like these which really make or break you as a trader. When there is nothing meeting your rules and you have spent 2 whole days staring at a screen without a single setup, your eyes start seeing things that simply are not there!! Just like the onslaught of extreme thirst causing a person to see the serene waterhole in the form of a mirage, extreme boredom and frustration can lead to a similar financial fate. Your rules get relaxed, your discipline starts to waiver and your trading decisions start to fail you. We have all been there, and we will continue to experience these emotions but what we must remember is that the way we make our money every month is by knowing when to STAY OUT of the market, avoiding giving our hard earned profits back cheaply.
So what can we do to avoid falling into this trap? It’s a difficult one because we need to be at our charts every day to check for opportunities and this can expose us to the fear of missing out on the rapid moves we see in front of us. What I use to try keeping me in check, and I am not perfect by any stretch of the imagination, is to keep reminding myself that we are trading a marathon not a sprint. Most months consist of 20 trading days, even though on any single day it feels like that is the only opportunity we have! 20 days is a lot of days, to get anything between 1-10% is achievable over the course a month and even the most reserved returns will still outperform many of the major financial institutions in the market.
So keep your impatience continuously in check, there will great setup’s just around the corner that meet your criteria and will reward you handsomely for your discipline.
Happy trading for the week ahead