Day Trading: Learn How to Pull the Trigger on a Trade Video
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Being too keen on trading. http://www.financial-spread-betting.com/strategies/strategies-tips.html PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! Being too keen is about imagining trading setups that aren't there and this can easily lead to overtrading - you might spot a setup that you think is good and just jumping on it. In actual fact waiting for your setup to materialise is probably a better idea. You are also enforcing negative behaviour which is a bad habit in itself.
Coping with Trading Psychology – Aggressively Pulling the Trigger
In the last lesson we looked at how you might be too fearful to pull the trigger consistently, and how this will let down your results and your trading plan. But sometimes traders are the opposite. They become impatient, and pull the trigger too quickly, not waiting for the final signal of the trading plan such as crossing a resistance level.
One reason for this is that people rationalize that they are only making money if they are in the market. Sometimes the market is quiet, and there really isn’t a good trade to be had, although some are developing. There may be a strong urge to jump into a trade before it meets all the conditions of your strategy, just to feel that you’re doing something.
Whether it’s fear or aggression that comes into play when it’s time to pull the trigger, one of the worst things that can happen is for the expected result to work out. Say you aggressively pull the trigger early, and the trade goes in the right direction. Because you pulled the trigger early, you win more than you would have done and this simply reinforces in your mind that what you did was a good thing.
Similarly, if you were afraid to pull the trigger on what looked like a good trade, and the trade actually failed, then you might be thankful that your fear stepped in and you didn’t lose the money you were going to stake. Once again, your mind feels relieved and you think you are justified in acting like you did.
It’s far easier to cope with if the trade doesn’t work out. If you aggressively took a trade early and lost, it’s easy to take the lesson that you shouldn’t have jumped in on the trade. Or if fear stopped you taking the trade, and it went on to be a winner, once again you would learn your lesson. So that’s why it’s a bad thing when the result works out and reinforces your bad habit.
The psychologists have a term for this, it is called negative reinforcement. The last thing you want to do is reinforce bad habits and bad actions. As a trader what you want to do is have a winning strategy and apply it consistently, refining it gradually if found necessary. Anytime you drift away from your selected strategy and start trading from your gut you are likely to disrupt your carefully prepared plan, and you certainly won’t be able to perform any rational analysis on how to improve your plan.
As stated before, trading psychology is one of the major obstacles that you have to overcome. What seems a natural reaction in the real world can be destructive in the trading environment. It takes discipline and practice to adopt the right attitude for trading, and when it comes to fast-paced trading such as day trading, you may find it impossible to learn to react in the correct way in the moment. However, with swing trading you have time to consider what the right thing is and perform appropriately.
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