Have you ever found yourself in a situation where it was critical for you to make a decision in a relatively short amount of time? Most of us have at one time or another. This may have been when making a major purchase and the item you were about to buy was on sale, or perhaps it occurred when a window of opportunity for a career change opened, but was quickly going to close. How did you react to that type of pressure? Did you handle it with grace and make the right decision? Or, did you fold under the pressure finding it easier to not make any decision at all – only to see the opportunity go by the wayside. This inaction is usually followed by a period of lament and thoughts of could have been.
For traders this scenario is commonplace. The job of a trader is to process information, assess risk, and make decisions every day. In addition –and this is very important– the trader has to live with the outcome of that decision. This can be a challenge as we all want to make the right decision, and hate being wrong. … Continue Reading
