Is The Market Out To Get You?
The Dynamic Wealth Report
August 4, 2010
by Justin Bennett, Editor
A trading buddy of mine has what I call the
“trading willies”. He’s
having a run of losing trades. It’s been going on for a few months and
now the willies have got him…
What the heck are the “trading willies” you ask?
The willies may show up after a string of losing trades…
They’ll make you scared to enter a trade. You’ll start questioning your
ability to pull in profits. You’ll start thinking every trade you put on
is destined to be a loser.
When you have the willies, you feel the market’s out to “get” you.
You’ll feel like the markets are toying with you. Like somebody’s taking
the opposite side of your trades and forcing them to be losers.
Having the willies is frustrating. And it’s easy for them to show up in
challenging market conditions.
Conditions like we’ve seen recently…
The incredible volatility has even the best traders sitting on the edge
of their seats. You have to be on top of your game. And part of being on
the top of your game is knowing how to combat the willies.
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You see, every trader at some point gets the willies…
One of the hardest parts of trading is keeping a good attitude.
Yet having a good attitude is essential to making it in the business.
Anything less will eventually send your trading results into the
dumpster.
Now I’m sure you’ve probably heard the “attitude” speech a million times
over the years.
Your mom or dad, your high-school teacher, maybe it’s a role model
you’ve had for years. They all say the same thing… “A good
attitude goes a long way.”
Now having a good attitude is one thing. But I’m going a step
further showing you how to systematically do away with the willies.
It’s time to say goodbye to the “trading willies”…
Clearing your head of the willies is essential to a profitable career in
trading. You’ll be more effective and relaxed in your trading once
you learn how to deal with them.
You see, they are nothing more than a mental “hitch”.
When the market “gives” you the willies, all you need to do is adjust
the way you think.
But here’s the trick…
The market doesn’t give you the willies… you give them to
yourself.
The willies are your ego protecting itself. Your
ego equates losing trades with you being a loser as a person. And
your ego thinks what happens in the past will happen again. The
more you lose, the worse a person you are.
So you begin to believe losing trades are something to be afraid of.
This kind of thinking will quickly make trading an impossible
task…
You need to change your attitude to clear your mind! You won’t
last long with a case of the willies…
Here’s a three-step process to getting rid of them.
The first step is making peace with the market…
The market is not out to get you. It never has
been and it never will be. If you feel like the market has your
number, you need to adjust your strategy to current market conditions.
Your trading results are due to your strategy.
The second step is coming to a simple realization…
Losing trades are a part of every trading strategy. You can’t
escape this fact. And realize you can’t take losses personally.
You’re trading results have nothing to do with your
worth as a person.
And the third and most important step…
Make each trade independent of all the others.
Thinking your next trade is going to be a loser just because your last
one was is just silly. This is like being scared of getting a flat
tire every time you drive… just because you had a flat last Friday.
Hanging on to your past trades is the prime ingredient in
the willies! Once a trade is over, winner or loser,
it’s done. Move on to the next one.
So there you have it…
If you have the “trading willies”, now you know how to get rid of them.
You’re free to jump back in the markets once you’ve got the willies out
of the way!
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