|
||||||||
|
||||||||
|
||||||||
|
|
 |
Cultivate This Power
Here's what I think is your greatest ability as a trader (or a power you should CULTIVATE at all costs) :
Your ability to do NOTHING. Yes thats right. I can see this now after all this time - I've been trading forex for what must be coming up for 18 months, and 6-7 years before that trading stocks. So now, after all this time, I can see that my ability to sit on my hands is one of the greatest strengths I have cultivated (am still cultivating) - and mores the point it took this long to even see the need for it. Can you open up your charts, look at whats going on, then shut them down again and go walk the dog? You HAVE to be able to do this... This ability is what allows you to follow the rules of your system, because you can look, see no signal, and take no action. This ability helps you stay out of dead or crazy markets, and it stops you from sitting in front of charts trying to dig up a trade that isn't there. This is the power that overcomes "over trading"... Its actually harder than it sounds. Imagine if you were thrown into a windowless white room that just had a large red button on the wall. The door slams shut, leaving you alone. Below the button are the words "do not press."  Could you, in all honesty, just sit there and not push that button? What about after 3 hours had passed? How about 8 hours? Wouldn't curiosity and an urge for something to happen make you want to push it? Wouldn't you become obsessed with it, walk over to it and examine it? You'd ponder all the possible outcomes in your mind of pushing and not pushing it. Good trading is like not pushing the button. You just sit there and say "it says not to push it." - Suddenly a man opens the door with a chunk of cash and says "Congratulations - unlike our other 293 participants you didn't push the button! Here's a reward!" So the ability to do nothing is what you have to cultivate. One of the best ways I found was to get yourself another damn hobby, even if it is watching the Price is Right. This is better trading than scanning charts hunting for non existent trades. |
|
|
| PREMIER SPONSORED LINKS |
Any information or material contained in the websites owned and operated by The Connors Group, Inc. (the "Company"), including but not limited to the THEFXMARKETS.COM, TRADINGMARKETS.COM, and THEMONEYBLOGS.COM websites (collectively, the "Websites"), and in the related services and products is provided for informational and educational purposes only. The information or material is NOT a recommendation or solicitation to buy or sell any security or other investment vehicle. Please review our full Disclaimer prior to using the Websites. Furthermore, your use of the Websites and all related services constitutes a legally binding agreement under the Company's terms and conditions. Please review the Terms and Conditions of Use. To better comprehend the Company's other practices and policies, please review the Privacy Policy and the Editorial Policy.
Copyright © 2008 The Connors Group, Inc.
<< My Home | The FX Markets Blog Home