As always this developing trader continues to identify what works and what does not and then adjust accordingly. It is amazing that in this process of development (in trading) is really more about developing one’s self than it is developing trading skills (although I am not negating the importance of continuous skill development.
Even when one knows what to do and how to do it and knows that he/she can be profitable, there are demons that always show there ugly faces. The following are two that I have been fighting lately.
1. Overtrading as a result of not realizing soon enough the type of day it is.
This is specifically a result of misreading or being out of sync with what is actually unfolding in front of you.
2. Being the first mouse to get the cheese instead of waiting to be the second mouse.
In life we are taught to be the first to make sure that we get our needs met. In primary school all children fight to be first in line. In big families at dinner time if you don’t get what you want on your plate first then you get the leftn overs. However, in trading its the totally opposite. The first “mouse” gets slaughtered and the second “mouse” gets the best entry and capitalizes on a move that unfolds.
Profitable Trading All!!
Debbie
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