Bill Gates said that he prefers a lazy man to do the job because he’ll find a much faster way to do it. This is quite true in trading. If you have a sloth-like personality, not that lazy though, then you’ll try to conjure magic and find the missing link which you’re missing because of your unique way of perception. However, too much sloth can also hurt you, as it is after all one of the seven deadly sins.
The best way to do with your trades is not to micromanage them but let them play out themselves. No amount of anxiety in this world can solve any problem so, relax after you’ve placed a trade.
Actions which are not according to your trading plan will hurt you. These decisions will make you frustrated and stranded so stay on track and trust your trading strategy.
The problem with traders is that they over do things and instead of finding that missing magic piece in themselves, they look at places which will not give them productive results. If you sit idle and do nothing most of the time, then that’ll be the best way of going at things. Do not misinterpret though, I’m advising you to do nothing after you’ve done the trade
The impediment to your success is that you’re doing way more than what is asked.
A Trade Management Experiment…
Here’s an experiment for your satisfaction that my theory is indeed true. Set your trade and the stop loss and other things and sit idle for week.
You’ll be surprised by the results you’ve reaped and even if you lose, you’ll be quite ok with it.
Make the Most out of your Trading Strategy
Devise a plan, a solid strategy and don’t meddle with it. This point, I emphasize strongly, if you want to succeed.
The Cost of Doing Business in the Market
Lower your expectations, this is life after all. Consider the money you’ve invested as a cost for trading in the business. I’m sure all that pessimism in this regard will help you climb the ladder in this business. You will not lose every time but it’ll help you have a realistic approach. It will help you to not get too far ahead of yourself.
You have to be ready to take risks and face the consequences. Trading is no different; your costs are losing trades and your revenue is winning trades. You have to get your hand around the fact that you’re going to need cost for trading and you can’t avoid losses.
The Best and Easiest Way to Manage Your Trades
I’m always reminded on a frequent basis that why leaving my trade for a week and forgetting about it is the perfect strategy to succeed. You can’t predict where the price movements are headed and crowding your mind with excess knowledge is only going to destroy you. Keep things simple and be realistic.