We are constantly bombarded with distractions, noise and influences in our daily lives. As traders, there is nothing worse than being side-tracked. We lose our focus and concentration and with it some great opportunities. Our heads need to be right when the game is on, if not the risk is high to making devastating mistakes.
I can tell you how I deal with issues. I will take a walk when things are bad, turn off CNBC or other financial channels. I look at past trades to get some clues about how I might have done things differently. Not every trade is the same, but certainly the situations are similar. My best divergence – firing up the BBQ!
Some of my trader friends chimed in with some great advice to getting their minds straight. One refers to keeping notes in a trading journal. This is a great way to look back and keep fresh. Others mentioned about finding the best ones to follow – in our chat we have great minds with a common goal. To get in the zone, some of my colleagues write down a plan – try and follow it but acknowledge conditions can change.
These tactics and strategies are part of an overall trader’s mindset or toolbox. We all need our minds to be in the best shape and ready for the next big opportunity. Miss it: well, we regret it.
Bob Lang has been managing private options trading accounts for clients since 2004 and providing subscribers with guidance on trading options for income at Explosive Options since 2011. Connect with Bob Lang on: Twitter, Facebook, Google+, LinkedIn.
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