Trading is one of the most difficult ways to make money –
But it is very rewarding if you persevere and find a wining strategy.
There will be times when traders feel frustrated, impatient, disappointed & even angry. It often feels like the markets are playing tricks on you.
I have sometimes wondered if the whole market knows what my positions are & they are just playing with me!
You will miss your profit taking targets by a few pips.
You will miss your entry level by a few pips, just before the market roars in the direction you expected, with out you being in the trade.
You will have your stop loss activate just before the prices reverse & go in the direction you had expected, as you nurse your loss & look at the profit you should have had.
How many times has this happened too you?
Here are a few strategies that may help you improve your patience, focus, and discipline:
1. Practice mindfulness: Being present in the moment can help you stay focused and avoid getting caught up in distractions. There are many mindfulness techniques you can try, such as deep breathing, meditation, and yoga.
2. Set goals: Having clear goals can help you stay motivated and focused on what you need to do. Make sure your goals are specific, achievable, and measurable, and track your progress regularly.
Set a daily take profit target & reward yourself when this is reached. Take the rest of the day off so you do not risk losing some or all of it – then start the next day feel confident & in control.
3. Practice time management: Managing your time effectively can help you stay organized and avoid feeling overwhelmed. Create a schedule and stick to it, and try to minimize distractions as much as possible.
Sitting in front of a screen watching prices jump up and down is not necessarily an efficient use of time & could lead to you to trade out of boredom.
Sometime it is better to walk away from the screen when you have an open position to let the trade play out to your targets.
4. Take breaks: It’s important to take breaks to rest and recharge. Make sure you take breaks regularly, and use that time to do something enjoyable or relaxing.
When you feel your emotions rising it is time to take a break & do something to calm yourself. When emotions are running high you are likely to lose your discipline & risk losing significant amounts of money.
5. Use positive self-talk: The way you talk to yourself can have a big impact on your mindset and behaviour. Practice using positive self-talk to boost your confidence and motivation.
It is too easy to become demoralised after a string of losing trades – but all traders experience this & you must be able to bounce back & keep going.
6. Find a role model or mentor: Look for someone who embodies the qualities you want to develop and seek their guidance and support.
Did you have a teacher for every subject at school or did you learn alone from reading books?
Have you had a personal gym trainer, yoga or Pilates instructor?
Did you have a driving instructor to help you pass your test?
Have you had cookery lessons or a language teacher?
You cannot fully learn any new skill on your own by reading books or watching videos.
7. Seek professional help: If you’re struggling to develop patience, focus, and discipline, it may be helpful to seek the guidance of a therapist or coach. They can provide you with personalized strategies and support to help you reach your goals.
A good trading mentor will help you:
- Begin by focusing on your trading needs
- Breakdown your trading performance
- Assess your trading strategy.
- Suggest improvements.
- Monitor your trading journal.
- Stop you from making big losses.
- Improve low risk trade identification.
- Discuss different entry techniques.
- Improve your trade management.
- Suggest strategies to help you run trades for longer.
- Help you manage/trail stop loss effectively.
- Teach correct risk & account management..