Every time we open our trading platform / app / terminal, many of us expect to find trades… we automatically assume that we will be placing trades.
This is normal… especially in the beginning when many of us think that we are traders now, and traders place trades all the time. But in reality this is not always the case. You won’t find trades (according to your strategy) every time you open your trading platform.
So what happens when we don’t find a trade?
I’ve found that when I don’t see any setups according to my strategy, I tend to scroll through my charts a couple more times… or I change my timeframe to look for setups. I’m sure this sounds familiar to many of you.
These are times I’ve found being more careful / cautious helps.
Why?
Because when I catch myself doing this, I know I’m about to take suboptimal / marginal trades… that I’m about to deviate from my strategy. This is one of the many ways I’ve abandoned strategies in the past… first deviating, then abandoning.
So what can help you avoid this?
Mindfulness helped me a lot in this regard. It helped me become more aware of myself. It helps me recognize what I’m doing and about to do… which gives me an opportunity to take action.
Another thing that might help is to get up and away from your charts for a short while just before you want to place a trade. What you do in this short period is up to you. Then just before you go back to place the trade… review your strategy, the reasons for the trade and think back about how you came to spot the trade. Then decide whether you still want to place the trade.
Finally:
Always remember, the best trades are the ones that jump out at you. They are obvious, require no second guessing. Keep waiting for them and you’ll be fine.
Thanks so much for reading. Hope you and the family are safe and well. Hope this post ws helpful.
Thanks and Regards,
Trading SOS SOS