Align Actions to Trading Goals and Focus on Process Rather than Outcome
Many professionals such as pilots use a series of "check lists" to help ensure a consistent flow leading to a desired and consistent outcome.
Pilots use check lists for just about all their flying responsibilities:
- Pre-Flight
- In-Flight
- Post-Flight
- Emergency Procedures
to name just a few...
Traders who develop and follow rule based check lists for their desired and consist outcomes accomplish them with greater probabilities than those who don't.
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Trading can be very challenging, that is true.
Another comparison we like to use a lot is trading can be very similar to learning how to drive a car. At first, the start/stops can be jerky, accelerations and stops can be abrupt, you may even hit curbs, etc.
But over time with practice and experience everything smooths out and a new driver learns how to manage a vehicle in a very confident and smooth manner.
When traders first start out or transition from demo to live it can be like that “new driver” when things can be puzzling which can lead to:
- Indecision
- Fear Of Missing Out (FOMO)
- Chasing trades
- Entering bad levels
- Over Trading
Which are all like hitting the curb, or even worse, when learning how to drive.
The best advice we can provide you or anyone else is to continue practicing. There is no replacement for chart time and actual trades. Demo version never really worked well for us because it changed the dynamics for us personally. Everyone reading this knows what we mean...
So what we did when starting out was trade live with the smallest sized contract because it meant more and ultimately we developed experience which led to confidence.
Believe us when we say that often during a week we frequently lose more trades than we win but because of our strict risk and trade management we make more than we lose and that’s the ultimate goal.
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