Playing to Your Strengths, Overcoming Your Weaknesses (Advertorial 5)

If you understand your strengths and your weaknesses, and learn how to work within them, you have a much greater chance of trading successfully. Every individual has different behavior patterns that make them unique. By understanding your own habits and behaviors, you can greatly improve your trading abilities and your ability to accumulate wealth. Successful traders learn to recognize their behavioral patterns that cause them to be unfocused or undisciplined.

Some poor trading behaviors are due to emotional reactions, but others are simply the result of bad habits. Your goal is to make your trading systematic and logical. Socrates said, "We are what we repeatedly do. Excellence, then, is a habit."

Successful traders also persevere. They learn from experience and from their mistakes, and more importantly they learn what behavioral patterns cause them to be successful. By eliminating behaviors that cause mistakes, successful traders maximize winning trades and minimize the number of and the effect of losing trades.

Ways to Play to Your Strengths


1)Pay close attention to your trading behaviors. Take responsibility for your trades, and analyze what mistakes you might have made. Don’t blame the market; look to yourself for answers and accountability. Learn from your mistakes.

2)Identify the conditions that may have caused a mistake. No one is perfect, and all of us are affected by things in our personal or professional lives. You may have been distracted due to outside events, or have gotten emotional because of a particularly successful trade. If you can recognize patterns before they affect your trading, you can stay focused and disciplined.

3)Follow a trading plan. Avoid spontaneous trades. By looking closely at the market to determine the current trends, a successful trader prepares the appropriate strategy for the following day, and is less likely to be influence by emotion.

4)Create routines and structure. Keeping good records, logging your trades, consistently analyzing market indicators, and staying focused on your short-term goals will help you stay focused and on track.

5)Set small goals for each day. Make sure they’re measurable and attainable. Create a plan that helps you overcome your weaknesses or bad habits.

6)Recognize unforced errors. Sometimes your trading style is not suited to short-term market conditions; adapt quickly, and if necessary, don’t trade. Always look for errors you have made, and analyze them to determine a better course of action to take the next time.

"What Takes Some Successful Traders A Lifetime To Achieve Could Take You Just A Few Days... Or Less!"

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HOME
Advertorial 1 - Introduction
Advertorial 2 - The Basics of Analysis and Rational Trading
Advertorial 3 - Basic Principles
Advertorial 4 - Characteristics of Successful Traders
Advertorial 5 - Playing to Your Strenghts, Overcoming Your Weaknesses
Advertorial 6 - Winning Psychology
Advertorial 7 - Avoiding Common Pitfalls
Advertorial 8 - Sound Money Management
Advertorial 9 - Trading Systems
Advertorial 10 - Final Words