Are you ready to trade?
September 21, 2007 – 4:23 pm
Trading is a job that requires constant high quality performance. You can relate this to a stage performance, a tennis competition or even a business presentation. You slip, you screw up your own performance, and you will be penalized in one another way. Losing your audience, losing US open championship, or losing a potential million-dollar deal.
The fact is, you do not have to be in the market every single day. It takes tons of work to get yourself prepared before go on to the stage.There are times that, traders try to trade their day out even though they are lack of sharpness, having hangover, or even sick. They feel ‘it is my job to trade, I am a trader’. Yup, you are a trader, a stupid trader, or even worse, a losing trader.You have to respect your job (being a trader) by putting in effort to make sure yourself are in good condition and ready to give your best shot.
In the corporate world, you might be able to fool your colleague or your boss even though you are in bad shape. But not in trading. You can’t fool the market. You will get penalized for the poor performance. Good performance does not mean you are earning good profit, it includes making timely decision,getting a good entry, a good exit of a winning or a losing trade and trade with the correct risk measure etc.
If you know you can’t give the best shot today, please, stay away from the market. Come back tomorrow.
From the desk of Tradergav.com
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Tags: Trading Psychology
Test posting comment , since Eyal told me his comment disappeared after submitted.
Hi Gav,
Great advice. I’m committed to my outcome; I have a very regimented routine of mental preparation before the markets open. At any given day I’ll prepare for 30 minutes to 90 minutes. Mainly mental rehearsal, meditation, and positive affirming self-talk. Since the results we experience are an exact mirror of our own psychology I am damn sure I’m mentally prepared.
Thanks for your thoughts!
Ryan