OBSTACLES TO STOCK TRADING SUCCESS

We began our most recent WATCHLIST REVIEW with a discussion about the obstacles that can stand in the way of a successful trading career.  I asked those in attendance what they struggle with from day to day.  Here are a few of the answers:

Filtering Out Useless NOISE

Learning HOW TO LOSE

Learning HOW TO TAKE PROFITS

When to ENTER a Trade

When to EXIT a Trade

Position SIZING

Moving From Trading Equities to OPTIONS

Managing RISK

Managing EMOTIONS

Developing CONSISTENCY

Practicing PATIENCE

 

I am sure you can add a few of your own but suffice it to say, if you have been trading for any length of time you have struggled with most, if not all, of the above.  I know I have. One thing is for certain, no matter where you are in your trading journey, dealing with the various emotional aspects associated with the markets will always be a struggle. Every day we face a different market and a new emotional struggle.  How do we deal with the ever present struggle?

I have found a very simple answer.

I manage the emotional struggle with a clearly defined trading process that accepts any outcome.  In other words. I have carved out a specific trading edge adaptable to any market environment.  I claim it. I own it. I accept the outcome…win, lose, or draw.  In essence, I trade the market I have created.  By so doing, I take personal responsibility for its management.  By doing so, I filter out useless “noise”  by deciding what factors form the basis of my decision making. This has allowed me to work through the struggles mentioned above on the road to consistency.

RECENT MEMBER TRADE (JNJ): WELL DEFINED ENTRY WITH CURRENT TRAILING STOP

 

I believe anyone can become a successful trader but only when they begin working on the mental game via a strict, rules based trading process that accepts any of a number of potential outcomes.  In other words, develop and be strict in the application of your trading rules, but be flexible in your expectations.

 

OPTIONS TRADING ACCOUNT YEAR TO DATE (WITH PLENTY OF LOSERS ALONG THE WAY)

 

 

I believe anyone can become a successful trader but only when he begins working on the mental game via a strict, rules based trading process that accepts any of a number of potential outcomes.  In other words, develop and be strict in the application of your specific trading rules, but be flexible in your expectations.

 

Check out the webinar in its entirety HERE:

 

 

THE GREATEST DANGER FOR THE NEW STOCK TRADER

Winning is great but the following advice should be heeded…

WHY STOCK TRADERS FAIL (AND OTHERS SUCCEED)

Suffice it to say traders fail when they refuse to spend a majority of their time honing their mental skills vs the technical.

THE BLIND STOCK TRADER

Maybe, just maybe, if we spend 90% of our time working on the mental game, instead of the technical, we could have a fighting chance at being one of the 10% who consistently make 90% of the money.

BUILDING A SUCCESSFUL TRADING STRATEGY

Our WATCHLIST REVIEWS serve a twofold purpose…

NEVER ENDING OPPORTUNITIES

The market is full of opportunities.

BY IGNORANCE THE TRUTH IS KNOWN

We traders can use our ignorance as a tool for profitability. But can we handle it?

THE DISCIPLINED TRADER

Technical knowledge is worthless without first knowing yourself…warts and all.

IT’S NOT WHETHER YOU WIN OR LOSE BUT…

the charts serve as a way to manage what is more often than not the unbridled emotions of the traders who are left on their own to interpret random price action from a wide variety of perspectives, none of which are right or wrong.

THE STOCK MARKET

Sure, a trader can make money on a trade but to make money consistently and over a long period of time is, to say the least, difficult.