Get Out of That Trading Rut

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Get Out of That Trading Rut

Ever muttered these words? I havent made enough winning trades. What am I going to do? Ill never be successful. Well, if you have, youre not alone. Its usually followed by But I dont know to do differently. To quote writer Molly Ivins, The first rule of holes: when youre in one, stop digging.

If youre a new trader, its normal and natural to feel like youre in a hole. It can cause feelings of panic and weve all been there. Of course, its human nature to think about the past and worry about the future. But the more you resist this urge, the less distracted youll be about achieving trading success. As you spend your time focusing on your future plans, analyzing current market conditions, honing your trading skills, and deciding how to approach your next trade, the more successful you will undoubtedly be.

But seasoned traders have a trick. They take their trades one at a time, and view each trade as a completely new opportunity. Its called compartmentalizing your trades and by focusing on your immediate experience, youll increase your energy and remain optimistic about each trade you make.

To successfully compartmentalize, envision a different mental compartment. Then, as you begin to initiate each trade, start fresh. Dont worry about how the last trade fared or how defeated you might feel if this one is made at a loss. Rather, focus every bit of your energy on the here and now this immediate experience. Then, implement your trading plan with a calm and relaxed attitude.

If youve ever played sports, you know how important it is to be in the zone. The game of golf is a great example. Golfers who excel dont think about the last hole or their current score. They focus on the present by analyzing the course and the traps ahead and determine what they need to do to accomplish the immediate goal. Then, they move to the next hole, approaching it with the same energy and renewed focus.
Now, lets be realistic. You do need to carefully manage risk and its hard not to remember past failures. But what good does that do, really? If you must worry about the future, do it away from work and not while you need to have your focus at its optimum level.

The mental strategy of trading is different for each trader. Theres no right or wrong. Theres no best way and your success will depend upon your creativity and individual approach to each trade. But if you treat each trade as its own entity, you will be more successful than if you let each previous trade weigh on your current task.

Seasoned traders think positively, as if anything is possible. The next trade may be a winner or it may be a loser. Whatever the outcome, they celebrate their victory, take the loss in stride, and move on. And, in the end, they are profitable.

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