I wander frequently over to Trader Habits to see what Eli Radke is thinking. On May 22 he put up a great article that all traders should read. The reality here is he will tell you what you are thinking and how you should act. Emotions are a major part of how you trade – let’s face it, nobody can play without feeling it. Take a look at this article, then read it again. I think it’ll be of great help as you figure out your way in the trading world.
This isn’t show friends it is show business.
It is easy to get caught up in the emotions of the market. It is easy to take it personal. It is easy to think that the market has it out for you.
Do not take the easy way out.
The truth is, with the exception of a few big players, the market does not care about you. That is a good thing. It means you can keep taking dollars away from them and they will hardly notice. The downside is that the market does not care if you exist. It is your responsibility to make sure you can execute the next trade in an optimal situation, whenever that is.
The quicker that realization comes the quicker you can start trading. We have all gotten out on the worst tick. We have all had days where everything we touched turned to shit. What do you do in those scenarios? How do you get back at the market?
Do you keep trading?
Do you throw your monitor off you desk?
Do you quit using risk management and dump your plan?
Do you yell at your kids, your wife, the world?
The beauty of trading is that every day you go through very similar things. Whether you….