When Trading You Do Not Always Need To Be Right
Think about this for half; Our desire to be right all the time it most likely comes from our earlier years where we were taught that mistakes are wrong. The biggest problem with this way of thinking is that there is an emotional attachment to the mistakes like feeling inferior or inadequate. Because of these unwanted feelings, we strive to correct all the time.
In many areas of life, including trade, this is not a good way to be. Unless you make a mistake, and learn to dissociate from all emotions, how on earth are you learning. Simply put, if you have pain associated with learning, you associate with pain in the process, and in this case the process is trade.
Examples of traders need in order to be the same - holding on to lose professions, their work does not stop, putting off placing a trade although the criteria past because they fear may go against them, which in other words means avoiding the construction of wrong. Is any of these sound familiar to you?
Here is a small list of the ways to combat this must be right.
1. Start by making small trades.
2. All know that your system is to win 50% of the time. If it wins less than that you just need to do the opposite of what you are already doing (unless of course you risk reward, a less than 50% winning system).
3. Accept the losses as part of the business and move to the next trade.
4. Evaluation Review each trade whether it’s a loss or a profit and find out where you could have done things differently.
5. Do not attach any emotion to your trades except for the feeling of gratitude. Remember, you are one of the few in the world that actually has the ability to trade in the first place!
6. Allow yourself to grow with your system, rather than to expect your system to adjust to you.
7. Find other traders and make your own responsibility, asking them to criticize your trades. This is very powerful, because if you can stand with a lot of negative feedback and criticism, you will grow and hone your skills trading much faster.
8. Enjoy the process …