Being in denial of one’s trading problems is the most dangerous stage of the trading journey. At one point or another, all traders go through this ‘denial stage’ with their trading problems, They Will blame everyone except themselves for the Losses.
If you cannot bring yourself to admit to your trading problems, you will never conquer them and move past them.
How to get Rid of these Problem You cannot just keep losing money
1. Admit You have a Problem
Time to swallow your pride. Check your ego at the door.
You’re going to get a Fresh Notebook and Write Your Problems.
You will write: “I, ‘Your Name ’, am admitting that I consciously make the following trading mistakes repeatedly…”
Mistake 1 – Not Disciplined
Mistake 2 – I have no trading plan.
Mistake 3 – …….
Be Frank with yourself and Pour your heart out with all mistakes you have been doing.
2. Stop Trading
After having finally admitted to your trading problems and getting them all out in the open, you need to take some time away from the markets to reflect and get back to an proper state of mind.
You can read books of trading psychology or attend a training course , You cannot cure problem with yourself, If you have disease you go to Doctor , You cannot cure your problems by seeing you tube videos. Till you do not have plan of action do not take any new trades.
3. Make Plan of Action
For each trading mistake that you wrote out in Step 1 above,we need to find solution on how not to repeat them.
For example, if one of your trading mistakes is you get emotional towards your trade we need to find how we can avoid it.
After you write down all the ways that you will fix your trading problems, you need to get to work on actually fixing them. It’s not enough to just say or write down that you will fix your trading problems, you have to make a conscious effort to do so, or nothing will change.
To Be Continued..