Some people think the asset’s price will increase and therefore, they buy and vice versa. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Click Here To Buy ‘Trading In The Zone’ On Amazon! Trading In The Zone by Mark Douglas is widely regarded as a classic in trading literature. If you flipped a coin and guessed right, you wouldn’t necessarily expect to be right on the next flip simply because you were right on the last. I recommend checking it out if you want to learn how to create a trading plan. But for now, here are a few important aspects to always have in a trading plan: If you create a trading plan with all of the just mentioned aspects, you should find it much easier to avoid emotional trading. In some cases, trading even contradicts beliefs that we have learned in our life. The second fundamental truth goes hand in hand with the first one. The more hours you put into your work, the more you get paid. Seeing weeks of gains getting wiped out from one (bad) trade really can be upsetting. *. Save my name, email, and website in this browser for the next time I comment. Being up thousands of Dollars one day, just to lose them all again the next day is unique to trading. It is impossible to know what this huge collection of different beliefs will do next. If this wouldn’t be the case, it would mean that every single person and entity that interacted with the market during a previous moment, have to do the exact same thing again. Past performance is not necessarily indicative of future returns. This means your edge cannot be subjective - i.e., how you feel or what you think will happen. I have often thought of trading but all the emotions keep me back, such as “what if I lose all my money” and “what happens if.” I have two very close friends who trade consistently and I notice when they make money, they get very ‘high’. Its the mind-set and attitude you have going into the trading day. If that price is reached, you will be notified and adjust your position without having to think about it. The book, and this post, is focused more at shorter term traders / speculators, as opposed to longer term investors. The book is called ‘Trading In The Zone’ and is written by Mark Douglas, the author of ‘The Disciplined Trader: Developing Winning Attitudes’. Want to Significantly Improve Your Trading? All the information you’ve gathered about trading forms the basis of what you see on your charts, a large selection of traders believe indicators are the only way you should trade, essentially this means every other piece of trading knowledge they have yet to acquire is invisible to them.
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