Trading: The Best Of The Best - Top Trading Tips For Our Times by Brian Lund

Author:Brian Lund [Lund, Brian]
Language: eng
Format: mobi
Published: 2013-07-16T23:00:00+00:00

The Mental Game

The market is a woodchipper to your self confidence - when you feel your confidence waning, step back and stop trading real money. Get back to finding your rhythm off the real playing field before getting back into the fray. You’re a major league player - you don’t go to the game to practice - you practice, then go to the game.

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Trading when you’re tired, angry or distracted is a recipe for developing blind spots and ignoring proper trading signals.

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There are no prizes awarded for trading frequency. Don’t feel just because you’re staring at the charts, you’ve got to be in a trade - you don’t.

- Anne-Marie Baynard (@AnneMarieTrades)

If you’re struggling to be disciplined in your trading, start practicing discipline in other areas of your life too. Prove to yourself you can be disciplined with small, achievable (but not necessarily easy) things like not eating chocolate during the day for 3 days straight, or not checking your emails until 1pm for a week, and you will start to believe you can be disciplined as a human, which will flow on to becoming disciplined as a trader.

- Jessica Peletier (@RogueTraderette)

I once had a mental stop in and didn’t obey it. That’s how I ended up with my first kid.

- Brian Lund (@bclund)

1) Never let a winning trade turn into a losing trade. Understand that this is easier said than done.

2) Journal every trade. Make the time and take the time.

3) Specialize. You don’t have to trade every currency pair out there. Get to know the personality of the pair and if it jives with your own personality, trade it. If it doesn’t, leave it alone. The whole world trades the EURUSD.

I don’t.

4) Trade through your losing streak. Because you are keeping a journal, you should be able to see where you are deviating from your rules and change your behavior. Don’t stop trading. Don’t switch to a demo account. Take smaller positions. Make fewer trades. But keep trading.

- Lydia Idem writes the

Faith Might FX blog on the

StockTwits Network (@faithmight)

The Mental Game

Once you place the trade you must come to terms with a simple fact. Actually, you have no idea what will happen. Most amateur traders just don’t want to admit this simple fact. Nobody knows the future. So, just like the pros in golf you have to visualize the desired result but have confidence that if the desired result does not happen you will be able to recover.

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One of my favorite trading quotes is “Trading is a game with a beginning, a middle, and an end...if you can figure out which part you are in...then you become successful at trading.” - Anonymous

- David Aferiat (@TradeIdeas)

Trading is going to force you to experience your feelings and emotions whether you want to or not. I’d start looking into them on your own time with something like meditation, tai chi or yoga. That self discovery can really help you to embrace them and handle them when the market forces them on you.

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