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Showing results for tags 'preparation'.
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Fear, fear, fear is what I hear when traders are talking about their psychological problems with trading. Sure, fear is a problem when you have a crappy trade on and whilst it needs to be dealt with appropriately, but it is NOT the underlying problem. Fear is created in situations of unknown risk. It is our evolutionary mechanism for telling us that there could be big trouble ahead. The way we act subsequent to feeling fear is of course something which needs to be scrutinised as it's clearly all to often in a way which is detrimental to our accounts. But as a trader I know this. Although there are indeed uncertain situations which markets do throw up from time to time, the vast majority of fear and uncertainty is created by lack of preparation, biased views, inconsistent monitoring of markets and indecision. In other words, YOU BECOME FEARFUL IN A TRADE BECAUSE YOU KNOW YOU'VE MESSED UP AND HAVEN'T A CLUE WHAT IS REALLY GOING ON. Or you just can't help but take impulsive trades where you know you shouldn't. If you don't have rigid enough risk mechanisms in place to exit the trade and the fear builds even more as the market prints against you. This explanation also covers those who are fearful of pulling the trigger to enter a trade. If haven't assessed the market, indentified trades and assigned proper risk parameters to them, there's every reason to be fearful as if you do take a trade, you know you'll be floating in a sea of chaos very quickly. I hope I'm being clear here. Whilst it's important to manage fear when it appears, it's imperative that you manage day-to-day trading objectives properly and thus evade potentially fearful situations in the first place. -
Hello! Right. I want to start a new thread for all to discuss homework and prep. What you do(broadly or specifically - up to you!), how much time you spend on it overall etc.. To me this is pretty essential for ANY trader to be successful imho. But hey, disagree if you like, that's the purpose of this thread. So as a framework for the topic(and I know some things are also covered elsewhere):- Preparation for session - levels, other technicals, events and anything else. Theory for what may happen and plan of how to trade the possibilities - for day, week, month or whatever your timeframe may be. Journalling - of day and trades taken/missed etc. Research and metrics - statistics and analysis to get a better feel of specific markets. Time spent - realistic amount of productive time you spend/you can spend on these areas. Post your thoughts and questions on as many or as few of these subjects as you like. If there's anything I've missed which you would like to add, by all means do. Please stick to the topic though!!