However, I lost the $300 faster than I could count to 3 (days)... Yes, that was how fast it took me to lose all the profits I gained during a week which I was away. You might be thinking, how do you call yourself a professional trader if you can let that happen to you?
Firstly, I'm far from being a professional trader, but if I could train myself to think and act like one, I can be one. I believe that those traders who made it big went through similar steps as I did. They won more than they could count, but they lost even more due to their greed. They start a new account, and the whole process starts again.
The only way you can stop losing money like this and start profiting is only if you choose to. As much as I may be preaching it, being disciplined and sticking to your trading plan is the ONE AND ONLY way to go. You do not have to lose money if you choose not to. The reason why I lost faster than I profit, was because the fact that I lost control of myself while trading. During that 3 days, I over-traded, opening and closing positions unnecessarily, and all sorts of things you can think of when a savaged trader hunts for profit.
What I'm trying to say here is that more often than not, the factors that affect your portfolio performance are not what you think of (E.g. market performance, strategies that don't work, etc.). What really affects your portfolio performance is usually you, yourself, as the trader. The only way to earn more profits than what you lose, is to be strict on yourself. Be firm in believing that your strategy will work, especially when you have backtested it. Be stringent on yourself that so that you will execute trades when you need to, not when you want to.
Thankfully, I made another chunk of profit last week. This was possible because I was patient enough to wait for the market to give me the signal I was waiting for, and I acted upon it without hesitation.
I hope that this article would be helpful enough to prove to you how important it is to be disciplined to carry out trades when you have to, and not to trade when you don't need to. Please feel free to leave comments if you have any!
What I'm trying to say here is that more often than not, the factors that affect your portfolio performance are not what you think of (E.g. market performance, strategies that don't work, etc.). What really affects your portfolio performance is usually you, yourself, as the trader. The only way to earn more profits than what you lose, is to be strict on yourself. Be firm in believing that your strategy will work, especially when you have backtested it. Be stringent on yourself that so that you will execute trades when you need to, not when you want to.
Thankfully, I made another chunk of profit last week. This was possible because I was patient enough to wait for the market to give me the signal I was waiting for, and I acted upon it without hesitation.
I hope that this article would be helpful enough to prove to you how important it is to be disciplined to carry out trades when you have to, and not to trade when you don't need to. Please feel free to leave comments if you have any!
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