How To Improve Your Trading
The Dynamic Wealth Report
November 18, 2011
by Marcus Haber, Editor
These days the markets are chaotic and unpredictable. As I write,
the Dow Jones Industrials are jumping by 275 points. The scary
thing is, when I'm done, the Dow could be down 100 points. The
uncertainty makes it really easy for traders to feel unsure and
unsettled.
With this type of volatility in the markets, traders can get themselves
into real trouble. Many get flustered. Trying to get trades
done too quickly often leads to mistakes. And it can cost you big
money.
Basically... if you're not at the top of your game... you'll pay a
price.
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But look, there are plenty of people out there making money in the
market. What’s so special about them? Simple... they've got an
edge few others know about.
And it’s the key to being a winning trader... of course I’m talking
about discipline.
How can you become a more disciplined trader?
With three simple tips, you'll be on your way. And you’ll be
trading like a pro in no time.
The first tip is to make a detailed trading plan.
Simply make a list of stocks you're ready to buy as soon as they hit
your price. Then continually update your list with information
like any current events and key technical levels.
Next, set clearly defined entry and exit points for each stock on your
list. For instance, before you buy a stock like Microsoft
(MSFT), have a plan to take profits and cut losses. And remember,
once your plan is in place, don't deviate from it.
Simply stated...
The more structure you have, the better you'll feel. You'll know
what to do and when to do it. And the more defined you are, the
easier it becomes to follow your trading plan.
Now, here's the second tip… always maintain a positive attitude.
Traders are constantly coping with market uncertainty and setbacks. Your
emotions become magnified. And if you're upset or frustrated about
something, it’s easy to make costly mistakes.
Studies have shown, when you're upset with your spouse, you'll tend to
trade more erratically.
For example, you might over-buy or over-sell a position. Take it
from me, adding an extra zero to the quantity of shares your buying can
be a scary thing. I’ve seen this mistake cost many a trader
hundreds or even thousands of dollars. Can you even imagine?
Fact is... you must remain calm. And that's a lot easier to do
when you have a positive attitude.
My final tip is to maintain your mental energy.
Trading is motivating, fun, and exciting. But don't be fooled.
If you trade every day, multiple times a day, it can become tedious and
exhausting.
Even the most passionate trader eventually gets fatigued. What's
worse, the activity you’re the most passionate about could turn into
something you hate.
The solution... get plenty of rest!
Being well rested is vital for disciplined trading. What I'm
talking about is daily rest, as well as long term rest.
I'm one of those people who needs around eight or nine hours of sleep a
night. And when I get it, I certainly trade more efficiently the
next day.
Taking longer term breaks can also be beneficial. Even if it's
only for a few days or an extended weekend. You'll be surprised
when you return to your screen. You'll trade with renewed vigor
and a clearer mindset.
Only you know how much rest you require. Figure it out and factor
it in.
In the long run, it'll help you trade much more effectively.
Bottom line...
Discipline is vital for trading successfully.
Make a trading plan and update it often. Don't trade when negative
emotions are running through your head. And most importantly, get
plenty of rest.
Follow my tips for becoming a more disciplined trader. You’ll be
trading more profitably and consistently before you know it.
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