focus on trading process and not results
TRANSCRIPT
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I am often reminded that what new traders go through is what I went through as well
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It's probably what 99% of new traders
experience when they first open a chart and learn about trading
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There's a lesson there about not taking
anything personally since what you are going
through is not unique
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I did approach the beginning years of
trading a little differently than others
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Numerous forums Indicator hell$37 e-books
Trading robots
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I was always aware that if it were that
easy, the failure rate would not be as high
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I realized that generally, my failings
were my own
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Realization and acceptance are two
vastly different things
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During communications with new traders, many
times they judge performance by a handful of trades
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The losses are a different story
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The first thing a new trader must do is look
at the big picture
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The system can never be defined by a handful of losing
trades
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What were your back testing results?
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Many traders look at each trade and decide whether it was a good
one or a bad one to take
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This type of logical and analytical approach is
the wrong one
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Do not have tunnel vision on results
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Focus on the entire trading process from
start to finish
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That outlines your trade plan and in this case, everything has
lined up in accordance with the plan
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The issue is that this is the third loss in a row
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How else can we look at what occurred?
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You've done your back testing and you have determined that this
method actually has a positive expectancy
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You should also know what a normal string of losing trades will
look like
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So we assume that the trading method is not
at fault
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You look at the trade on your decision in the
moment and you executed perfectly
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Everything that needed to be in place to take a trade was
there
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You accept that losses are a part of trading
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You look at your stats and determine that this is simply the
nature of the trading business
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You decide to only make a decision on the whole process
and results
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Doing so will save you a ton of wasted time in
jumping from strategy to strategy and dumping a potentially lucrative one
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The win is not as important as the
quality of your decision in taking the trade
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There is nobody or anything to blame
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You focused on the process of
implementing a positive expectancy
trading method
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You can only control your actions in trading
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That is how you judge; through your execution of the strategy and the results of a basket of
trades
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Anything else is just a mental burden
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