According to Mark Doulgas ( trading in the zone ) our actions or judgments are based on our beliefs. So in order to achieve my conquer over them I have to take the energy from those beliefs. How, well I have to protect my self from getting into their influences.
The main one having to do with trading is to follow my edge.
1. I am too impulsive. Well here is a difficult task, because it is very difficult to master your own feelings which are actually driven by my beliefs. So in trading as long as I keep my entries according to my edge I should be fine. In personal level the impulsiveness can be controlled by self observation and assessment of my acts. This also comes with the age and experience.
This can be overcome with journaling. Your journal is your mirror, it lets you see yourself. I’d like to add the importance of documenting all your trades along with thoughts and feelings, do this on a daily basis, at the end of the week review. Constantly review your journal. You will start to notice repetitive patterns good and not so good. After you figure out what you are doing good, you can build on these. After you figure out what you are doing not so good, you can work on eliminating these.
2. Have hard time to keep patients. I lose my concentration. Here comes the hard work over my self. Acknowledge when my mind is drifting somewhere else and bring it back to the game. The brain is like a muscles has to be maintained everyday. Of course you have to know it’s limits and give him a break
3. I lose my concentration. Here comes the hard work over my self. Acknowledge when my mind is drifting somewhere else and bring it back to the game. The brain is like a muscles has to be maintained everyday. Of course you have to know it’s limits and give him a break.
FOCUS = follow one course until successful. This could be simply trading one stock rather that scattering your FOCUS among several. I believe that until someone can master one stock one method, trying to master more would be counter productive.
4. often I lose myself in the charts.
Pulls myself out from the time frame that I am struggling or just leave the computer and do something fun.
5. Seeing both sides if the coin, bull vs bear.