What do you do to stop overtrading / manage trades? | Psychology and Money Management


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What do you do to stop overtrading / manage trades?

  #17 (permalink)

Vancouver BC Canada
 
 
Posts: 4 since Jun 2015
Thanks: 6 given, 10 received

I also had an itchy trigger finger at one time. Here's what I did.

I compared entering a trade to driving a car. I'm a good driver. I don't take unnecessary risks that might get me into a bad situation, but at the same time I can act decisively in traffic. Why should the mindset for entering/managing a trade be any different?

I picture my loved ones in the back seat as I enter a trade. It keeps my mind in the correct "flow" and "state". That I am taking an action that must be done soberly and without hesitation at the correct time. If I miss my chance my only choice is to wait for the next legitimate opportunity.

Hope that helps.

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