Trading is for real and like I have said on numerous occasions, trading is a business. Why then do so many traders treat their activities like a hobby? True, we all have different levels of commitments and goals, but it is our money and that alone should lend a bit more seriousness than a hobby!
As a trader and a success coach to other traders, I see the full range of errors. I am just as guilty as all the other traders and must be constantly monitoring my activities to keep my trading demons at bay. It is all about awareness.
One of the common mistakes I see traders make is not staying in the present. What I mean by that is that when you are sitting down in front of your computer you must stay in what I call the here and now. Being present and focused on the task at hand (trading) is a big part of your trading edge. Just like a golfer preparing for golf shot, I spend the first 15 minutes of trading day getting my mind in the here and now. I start by reading my personal mission statement (out loud), followed by my trading rules and affirmations. I end this preparatory time by saying the following statement:
What time is it? Now
Where am I? Here
Now I am ready to open up my charts!
Happy Trading!!
Wednesday 4 April 2007
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