I receive many mails stating “Bramesh Sir, The performance sheet you give for Intraday and Positional trades do not match with our trading sheet, Sometimes our profit are less than your sheet but overall we are in profit.”
I totally agree with the fellow reader that performance will change from trader to trader. It depends on various factor mostly related to psychology of a trader and more importantly the trust on the trading system. A successful trader is master of his trading system he follow and has complete trust and faith in it. There will be time that multiple times your stop loss can get triggered but trust remains intact and this trust does not build overnight but takes years of hard work. To cut long thing short Let me discuss few important points which will help my readers in reaching the epitome of trading success.
“The waiting is the hardest part” – Tom Petty
Sachin Tendulkar is a legend and master of his game.A trader can learn lot of things from him, most important of them is patience. Do Sachin Tendulkar Hit 4 and 6 on each ball they face ? No, He waits for the right ball to make the right shot. Take any Sportsperson you will see the same pattern.
A lot of trading is waiting. Waiting for the best trade to come to you, waiting for your scales to be hit, waiting for final target to be hit, etc. If you are impatient you lack the ability to wait for these things. If you are trading for excitement or thrills then you will find yourself taking stupid trades just to get adrenaline rush, result will be loses and losses. Much better to head to Casinos or go bungee jumping. Before I put MY TRADING CAPITAL at risk I want to be sure that the odds are stacked in my favor. You won’t find me trading out of boredom, or taking a low odds trade because I feel the need to do “something”. I am fine being out of market. You should learn to love the waiting – the waiting is what enables you to make the money.
“Take time to deliberate, but when the time for action has arrived, stop thinking and go in” – Napoleon Bonaparte
Many people call “Shri Narendra Modi” the future PM of India as Decisive, because when time of action has arrived he will take the action, He will not look out for reasons of not doing things. If “something” has to be done it has to be without any if and buts. Trader should learn from our great leader.
If you have the patience to wait for your setup then you better have the decisiveness to GET IN THE TRADE once price comes to you and your entry parameters are present. How many people wait for the trade to come and then when it arrives start analyzing if they should take it? When the trade has arrived it is time for action, not analyzation. This is what preparation is for.
If you have done your homework there is no need for hesitation – you already know what to do. At the same time trading is not static. There are times when the odds are high that the market will reverse before your final target is hit. Do you have the decisiveness to reverse the position or flatten when this situation is present? It has been said that the number one ingredient to being a great trader is the trading guts to pull the trigger as soon as a reverse is anticipated. Be decisive.
If you book 10 points on the day are you the type of trader that is mad about the 15 points left on the table or grateful about the 10 points you pocketed?
A consistently profitable trader is a continuously grateful trader. When you are grateful for what you have you operate out of a state of abundance. How many times have you become upset about missing a trade you were waiting for, or about how far a position ran after you got out, or about getting stopped at the extreme of a move only to see the trade reverse in your favor? It happens to all of us and we all do it. It is normal to think we should have booked more profits or done better – that is a characteristic of most traders – we are never satisfied and always think we can improve on our performance. The key is to be thankful and grateful for what we do get. By maintaining a thankful and grateful mindset it opens the way for abundance and blessings to come into your life.
Thx for the article, as always
With warm regards