When NOT to Feel Thrill when Trading – 4 Times!
I mentioned in earlier communications when you should feel thrill when trading.
If you haven’t read it, I’ll add a link at the end of the article.
Financial trading inevitably comes with somewhat, emotions like excitement, anticipation, and, at times, even thrill.
We all feel them – because we’re human.
But the top and professional traders know how to control them to NOT cause any detrimental effects.
Besides, it’s emotions that helps motivate you to keep going – right?
It’s the emotions that make you work harder at improving, adapting and progressing.
We need to address today when you should NOT feel thrill when trading.
Don’t Feel Thrill When You Take a Profit
It’s natural to feel a rush of excitement when a trade turns profitable.
It also feels natural to feel proud and excited once the trade hits the take profit.
Ok, get a drink – smile – feel accomplished for the day.
But don’t get caught up in thrill for too long.
You are only as good as your last trade and day.
So stay present-oriented and focus on each day with a robotic and emotionless approach.
Don’t Feel Thrill When You’re on a Winning Streak
Consistent wins initially will make you feel like you’re invincible.
That you have trading in a bag.
But big winning streaks, are also potential signs that it will most likely end SOON.
While they’re winning, go with it and be extremely focussed with your trading.
It’s these times where your portfolio will pick up and head to all time highs.
Don’t let overconfidence and thrill take over. It can lead to risky behaviour and excessive trading, which can wipe out your gains.
Stay humble, even during your winning streaks. And stick to your risk management principles at all times.
Don’t Feel Thrill After Some Upside:
If you’re not in a winning streak, but you do experience a win every now and then – also don’t trigger unwarranted excitement.
These are the times where you’re in chop.
Win today, lose tomorrow, win the next day and so on…
This is normal for market environments.
They always go through short-term fluctuations which will cause the zigs and zags with your portfolio.
Don’t Feel Thrill When Overleveraging
So many traders think that because they have high gearing, it means they’ll profit bigger.
Yes, but gearing is a double-edged sword!
Leverage can amplify gains, but it can also magnify losses.
If you think using high leverage, is what is needed to chase quick profits – this is a risky endeavour.
You’re going to get emotional.
Thrill will turn to over fear or greed.
You’re going to go against your strategy from here on.
Is it really worth it?
Take it slow and trade well, not like a maniac!
So when should you feel thrill?
Yes there are times and a place and for thrill and excitement.
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