…and to overcome the bad or too good periods :).
There are times when you are doing very well and when you don´t. It is necessary not to fall into the euphoria when doing too well and not to panic when the markets do not behave as you want. I have 5 tips for you how to deal with yourself during those periods.
It seems like a cliché, but focus on a target or focus on what we want to achieve is crucial. Each of us is having its own goals – earning 10 million, earning 1000 dollars a month without work, or just to have something in addition. When you start to panic or becoming euphoric, think about how any “non-standard” acting will help you to achieve your goals. Will it help you at all? Or it rather raises the risk, and if the trade does not go as you have expected, won´t it more move you out of the goal? Being able to stay still in every situation is essential. Focus on your goal and do everything to achieve it!
Trading is passion for me. It’s something I really like and I really enjoy it. It’s not a job, it’s a lifestyle. Trading needs to be done with enthusiasm, and if something fails, analyze the areas you can improve your trading in. Do your work with enthusiasm and look forward to the result and improvement you can get. If there is a holy grail of trading, then it is enthusiasm. That will keep your senses steady and moves you forward.
3: Long-term results
Examine the long-term results to see how you are doing. There might be a time when we do not have profit for a month, two or three and our accounts goes sidewise. But that does not mean anything as we need to look at the result from a longer period. Let’s look at this result, for example:
You can see that the account went for some time “to the side”, that means the gain was around zero. But does it matter? We were still in a profit of 20% and as the volatility came to market, our profit went up again. So look for longer-term results that lead you to the goal. Profits are simply profits and when you are a good trader it is just matter of time when they will come :).
Believe in yourself! Believe that you will not let yourself overrun by euphoria and keep your head cold when your profits rise to the sky. It is always more challenging for me to have times when I have a long series of profits rather than a long series of losses. When everything is doing too well, one wants to increase their position size to make more money. Also I have such temptations, but I can keep them back. Trust to yourself and your abilities!
No matter where we look, the progress is everywhere. Computers are much more advanced than before, cars also, etc. Also we are developing with our trading. Do not be afraid to react to changes of your needs, goals, preferences … Many traders turn from intraday trading to one day timeframe. If you feel the same, just do it! Evolution will never stop :).
I wish you a lot of success not only in trading!