Traders wisdom part (7) ” Taking Losses in your Trading”

When you make a losing trade you must reassess the market, identify why the trade was a loser and look to evaluate what is going on in front of you before re-entering the market.

It is vital that you never panic when it comes to making a Loss and let the next opportunity come to you .

Don’t increase your activity (over-trade) or increase your size just because you are down and looking to chase the market and your loses .

A trader must be mentally in the right position to make his or her next trade .

You must demonstrate discipline throughout the day according to your concrete plan ” This is trading and what trading is about after all ” – Not gambling , your ability to take a loss and then move onto the next trade without it having a negative effect on the manner in which you trade .

Professional traders emphasise the importance of “trading as if you have a flat book” – considering the position as it is, rather than reflecting on previous losses or gains.

It is vital you stick to your plan and don’t react to your own P&L,  remaining calm comfortable and confident at all times  .

Finally … Self Quote  ” I,ve always found it profitable to study my mistakes “

The Most Important rule and Goal is not to repeat the mistake you made today.

Remember to Look back at your day and the errors you made and identify why you made them. Make a commitment to eradicate them from your strategy; this is essential to your development to become consistently profitable and a successful trader .

“The Trading wisdom Edition”

Copyright © 2010 tweeterTrades


“A man who has committed a mistake and doesn’t correct it, is committing another mistake. ” Confucius

“An error doesn’t become a mistake until you refuse to correct it.”
–  Orlando A. Battista

In the very long run , your results at the poker table will approach
the sum of all your opponents mistakes less the sum of your own mistakes “
Dan harrington professional poker player

How Professional Trader,s Cheat

Did you know third-party like Business Wire sells hedge funds an early, albeit split-second, look at corporate earnings, before retail traders see it ?
it’s perfectly legal.

The University of Michigan, for example, sells the rights to its Survey of Consumers to Reuters for $1 million a year. Reuters then sells early access to it either five minutes before the public gets it or five minutes and two second before—for the HFT crowd that wants to frontrun the frontrunners.

If you want a real edge get it here

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Get a fresh perspective

Dear Subscriber

You cant rewrite your beginnings in trading however you can rewrite a successful ending . If you are still interested in reading my future posts all new posts are now being posted from http://www.transitiontrader.com in the blog section of the site which you can follow for free . Simply click on one of the posts and you will find the subscribe option at the bottom .

caas

Thanks for all your support and comments over the years its been a pleasure meeting fellow traders from around the globe .

Freshly squeezed pips .

 

Trading a Mental Game .

Trading is a mental sport you have to approach it like that.

Its a well known fact that many retail traders don’t have the mental preparation to confront trading markets . Patience discipline simplicity the missing qualities.

Needing to be sure is what really kills traders. They seek a certainty that can’t be found, and end up on the completely wrong path.

Weather you are just starting out in the world of trading , coming to terms with your own trading system , right through to the mental aspects of trading or simply a Professional trader looking for a new perspective and fresh mindset to your trading Transitiontrader.com can help you .

Transition will ensure that the changes you want to make will be the right ones and will leave your trading business in better shape than ever.

Why ?

Because I’m now working for them ! ;-)

 

The Rallying Cry Of Amateur Trader,s

The rallying cry of the losing trader “I’ll get out when I’m even”  Marty Schwartz  

Freshly Squeezed Pips view

Those who get out at Break even do so because they can then say to themselves i was not wrong i did not make a big mistake .  

This is totally the wrong way of thinking and approaching Trading .

Letting your Ego Rule versus Ruling your Ego is the First steps in the battle of your Psychology issues toward Trading  .

The Irony is People loss because they don’t want to lose , they just want to feel they weren’t wrong because in there minds  Right= ( Win ) // Wrong= ( Loss )  . 

The truth is Pros know they have to take losses in order to win its part of the process :  There is no Right= ( Win ) or Wrong  = ( Loss ) in Trading just wins and losses .

 

Copyright © 2012 FreshlySqueezedPips

 

 

 

 

Proper Mind Set for Past and Present Trading

Image Extract from Trading in the Zone by M Douglas

The Dynamics of Precept-ion

Extract from   ” Trading in the Zone “

Traders Wisdom Part (11) Trader Efficiency

“Traders Wisdom Edition   “

One common way people evaluate your performance is
to perform a thorough review of your performance at the end of each trading day.

                                        Trade Journaling

” Many of yesterdays issues and emotions are yesterdays lessons unsolved “

Not only does this review enable traders to learn from mistakes but it gives them tangible lessons to incorporate into the following day’s trading goals that they should set for themselves.

“Essential analysis for any trader”

The ability to do this is a function of practice and self honestly toward mental strength & confidence . This type of personal reflection and analysis is evident within all master traders .

The repeated review process will help and  is essential to instill the gut feel for right or wrong trading for any trader.

“Your job is to always play to your strengths

Ultimately Trading is a performance based endeavour a lot like Sport if you don’t understand and analyze your weaknesses how will you ever play to your strengths  .

The baldy one has spoken – Copyright © 2012 FreshlySqueezedPips

“ Traders wisdom Edition “