{"id":293149,"date":"2019-11-13T14:20:09","date_gmt":"2019-11-13T03:20:09","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/10-ways-to-manage-your-trading-psychology-a-blueprint-for-development\/"},"modified":"2021-02-19T12:20:41","modified_gmt":"2021-02-19T01:20:41","slug":"10-ways-to-manage-your-trading-psychology-a-blueprint-for-development","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/trading-strategies\/10-ways-to-manage-your-trading-psychology-a-blueprint-for-development\/","title":{"rendered":"10 Ways to Manage Your Trading Psychology \u2013 a Blueprint for Development"},"content":{"rendered":"

\"\"<\/p>\n

Experts suggest that 80% of your trading outcomes can be attributed to your behavioural and psychological interactions with the market.<\/p>\n

It is your mindset that determines how well you comply with good trading, even if you are sufficiently disciplined to adhere to a written trading plan, have the motivation to even write such a plan in the first place, commit to measuring your trading as logic would suggest is prudent, and do the \u201ctough yards\u201d in learning how to trade.<\/p>\n

Let\u2019s get real…<\/strong>
\nCompared to the relative ease of learning a new indicator or grabbing someone else\u2019s system to
\ntrade, this is hard for many, and falling short in this aspect of your trading (which many traders do)
\nmay ultimately be the reason why the majority of traders appear to be less than happy with their
\nresults.<\/p>\n

However REAL practical advice is often relatively scarce. One need only look at how the internet is
\nbrimming with advice on which indictors to use for entry, with only scant reference to the
\nbehavioural aspects of trading, usually summed up in a trite statement along the lines of \u201cyou must
\nbe a disciplined trader\u201d.<\/p>\n

This article aims to address some of these practical issues through providing 10 possible tactics that
\nmay help.<\/p>\n

Your ten tactics:<\/strong>
\n1. Awareness and acceptance is critical. Unless you accept where you are now with your
\nthinking, feeling and consequent behaviour, you will not move forward.<\/p>\n

2. You have a complete trading plan that articulates trading actions before you enter and once
\nin trades i.e. an exit strategy. The ambiguity of many trading plan statements, although
\nbetter than not having a plan at all of course, does not serve in creating consistency in
\naction in the \u201cheat of the market\u201d, leaving the trader more open to straying from that which
\nwas original planned.<\/p>\n

3. Start a journal. Sometimes the very process of formally recording what you are doing helps
\nin doing the right thing more consistently. Of course, a journal will enable you to identify
\nwhat you are REALLY doing and what contributed to decision making, is crucial to be able to
\npick up common threads that can be identified easily ad subsequently worked upon.<\/p>\n

4. Press the \u201creset button\u201d on your trading account NOW. What we mean by this is an
\nacceptance that your trading capital is what it is now. There is little point and it does not
\nserve a positive, committed mindset if you are \u201cstuck\u201d in what has gone before. If you have
\nbeen on the receiving end of \u2018donating\u2019\u2019 a proportion of your capital to the market through
\nill-discipline. Take your previous results as feedback, use it as the motivation to act on what
\nhas been happening. This is VITAL!<\/p>\n

5. Re-align with your trading purpose and plan prior to every trading session. Reminding
\nyourself of what you MUST do and why you are doing it should be part of your daily trading
\nritual.<\/p>\n

6. Make it a mission to \u201cchallenge\u201d your existing plan on at least a 3-monthly basis through
\ngathering an increased weight of evidence that its component parts are working for you as
\nan individual trader. This breeds confidence in actioning a plan, enabling more disciplined
\ntrading.<\/p>\n

7. Beware \u2018unhealthy\u2019 statements, both externally that you may hear flying around the
\ninvestment world, and the internal language that \u201cpops up\u201d in your head whilst trading
\n(although this can give you clues about what is happening with you). For example, \u201cdo not
\ninvest with money you can\u2019t afford to lose\u201d (it makes no sense to go in to the trading arena
\nwith a mindset that it is ok if I lose my capital), or even worse, \u201cit is not a loss until you take
\nit\u201d.<\/p>\n

8. Take regular breaks from the market during any session, particularly when trading shorter
\ntimeframes, to re-align with purpose and plan, and to mentally press your \u201creset button\u201d.
\nRemember, research suggests you are your optimum concentration level (without changing
\nan activity) for around 20 minutes. Use \u201cgaps\u201d in active trading to do other things perhaps
\ne.g. make a journal note, get your \u201cbooks\u201d up to date or even re-align with an article that
\nhas previously made a difference. These are potentially far more fruitful than purposeless
\nscreen watching, simply observing positions move up and down. Additionally, of course, this
\nchange in activity could be helpful in maintaining concentration when you re-check in with
\nyour positions.<\/p>\n

9. Ensure that you are trading within your level of competence i.e. Trade ONLY what you have
\nlearned, you are more likely to revert to unhealthy actions if your confidence is low relating
\nto what you are doing.<\/p>\n

10. Trade smaller positions until you have evidence of developing good consistent habits that
\nbreak away from your current less healthy trading state. There are a few different ways to action this, reducing your
\ntolerable risk level significantly per trade e.g. from 3% to 1% of trading account capital, or
\ntrading micro-lots rather than mini-lots are a couple of examples.<\/p>\n

Look down the list above and choose 2-3 that resonate with you to focus on in the first instance.
\nMaster these and then move onto the rest with the confidence that achieving a developmental goal
\noften provides.<\/p>\n

Finally, as we have discussed before, be gentle on yourself. There is no point in beating yourself up
\nemotional for mistakes you may have made in the past as this is unlikely to contribute to taking
\nsome positive steps forward. There is NO successful trader we have come across that does not
\nsubscribe to continuous learning, including in this context of course, the learning you must do about
\nyourself as a trader.<\/p>\n

 <\/p>\n

Mike Smith<\/strong><\/em>
\nEducator<\/strong><\/em>
\nGO Markets<\/strong><\/em><\/p>\n

 <\/p>\n

Disclaimer<\/strong>
\nThe article from GO Markets analysts is based on their independent analysis. Views expressed are of their own and of a \u2018general\u2019 nature. Advice (if any) are not based on the reader\u2019s personal objectives, financial situation or needs. Readers should, therefore, consider how appropriate the advice (if any) is to their objectives, financial situation and needs, before acting on the advice.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Experts suggest that 80% of your trading outcomes can be attributed to your behavioural and psychological interactions with the market. It is your mindset that determines how well you comply with good trading, even if you are sufficiently disciplined to adhere to a written trading plan, have the motivation to even write such a plan […]<\/p>\n","protected":false},"author":29,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2814],"tags":[],"yoast_head":"\n10 Ways to Manage Your Trading Psychology \u2013 a Blueprint for Development - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/trading-strategies\/10-ways-to-manage-your-trading-psychology-a-blueprint-for-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Ways to Manage Your Trading Psychology \u2013 a Blueprint for Development - GO Markets\" \/>\n<meta property=\"og:description\" content=\"Experts suggest that 80% of your trading outcomes can be attributed to your behavioural and psychological interactions with the market. 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