The always wise @GTOToy made a point and it should be emphasized.
There is no doubt in my mind as a trader you have to be somewhat of a masochist. There are many potentially painful moments. There are rarely days that I can go back and say I did it perfectly. That is ok, you do not have to be perfect to make money. A weakness is an attribute applied too thickly. You need to like a little pain but not apply so much that you can’t function.
Traders must constantly be separating what happened from how they feel about what happened. Sometimes that means looking away for a little bit. I am not saying you should ignore it. But no need to hit yourself when you are already down. When you learn something in a different state of mind than you use it, it is like not learning it at all. When you review your trades do it with a clear head. Do not stare at a trade once you exited second guessing yourself. Start over, there will thousands of thousands of other opportunities. You are not always going to get out on the best tick but that does not matter. The market is a promiscuous girlfriend but you do not have to watch.
About trading being 90% mental, it does not have to be. But maybe GTOtoy and I can discuss that before the Eagles playoff game this weekend, oh wait…
We would really appreciate your feedback, if you like, hate, or think we are full of crap. Please leave a comment, a voice mail (312) 725-9121, email info @ traderhabits (dot) com or twitter, stocktwits, youtube and facebook. Subscribe to Traderhabits by email or to newsletter.