Don’t listen to your inner bitch – 4 Excuses
Traders have 1 JOB!.
To just take the trade.
All the other stuff is semantics.
But most times you’ll find your inner B&#h takes over.
And it tells you:
- Don’t take the trade.
- You’ll lose money.
- The stars are not aligned!
Blah blah fish paste!
You need to stop listening to your inner b$#h, or it will destroy your chances of success.
So let’s talk about the 4 common excuses traders make and how to overcome them.
Excuse #1: I’m not in the mood
The markets are awake with or without you.
People are making money and doing things in this world.
Others are taking ice baths, cold showers, hitting the gym twice a day.
They are doing the hard. You need to stop the excuses of not in the mood, get off the couch and take action for your life.
You are in control of your life, what you do and what you make.
Do what you need to. Create a schedule that includes time for exercise, meditation, and of course trading.
Excuse #2: External news event kicked in
Financial markets are subject to external events that can impact trading decisions.
These events can include political developments, natural disasters, or major economic announcements.
The problem is. These events come daily. Every day there are new news announcements, GDP numbers, employment and jobs reports, Interest rates, inflation rates etc…If you’re not taking a trade because of one of these announcements, I’m sorry but.
That’s just an excuse!
If you must. Write down a few IMPORTANT news announcements that you want to watch for when you trade.
Maybe interest rates in America. Maybe NFP reports, Maybe during FOMC meetings.
But do the research and find out what news events are worthy to NOT take a trade.
I’ve been in the markets for 20 years and I haven’t found one worthy news announcement other than NFP for Forex trading.
Excuse #3: Market doesn’t feel right
To you it doesn’t feel right.
To you, you think the market is some sentimental machine that feels healthy or sick.
To me, I see prices, risks and probabilities.
I see a robot and mechanical processes with billions of dollars streaming in and out at any one second, the market is opened.
You need to develop an objective criteria for assessing market conditions. Have tunnel vision and stop trying to predict the temperature of the market.
It’s not human.
There is buying.
There is selling.
There is a repletion of that everyday.
Market doesn’t feel right, is an excuse.
Excuse #4: System lined up but it’s not perfect
Ok so you have a system good.
You have a strict strategy to follow, great.
But the system lined up and it’s not perfect.
As I mentioned before. You need to write down the rules and criteria that you can use to identify opportunities and risks.
There are only three types of trades in this world.
HIGH probability trade – Market lined up perfectly according to the system.
MEDIUM probability trade – Market almost lined up perfectly but I will still take the trade and risk a little less.
NO trade – Market did NOT line up and therefore I’m not taking a trade.
So, are you going to continue to listen to your inner B#$h or are you going to start making money the right way?
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