One of the biggest negative impacts on our everyday lives is the thought of control. Controlling thought processes, wanting to control outcomes in life, how employees perform, what happens in general in our lives, and more. There are certain things you can control and a large number that you can’t. One can control your time – how it’s spent – and you can be in control of what you allow to influence you throughout the day, as well as your trading. The rest are outcomes from your planning and performance.
Here are a few tips to help you gain and manage control in trading:
1. Know that you can’t control the markets: but you can be well-prepared.
2. Set aside time to prepare: Block out an hour before the markets open through the first hour of trading to make final plans for the day and focus only on your markets.
3. Generate a Trading Plan: Create a Trading Plan and stick to it! Having a plan in place can ease your mind, give you direction and help focus your efforts for profitability. It allows you to control how you will use your trading time.
4. Take a deep breath: You know you can’t control the markets so take a deep breath knowing what you can control – your trading decisions – and don’t let emotion or anxiety get in the way. You can also take a few moments to clear your mind with relaxation and meditation exercises.
5. Turn off all potential distractions: Avoid all potential distractions. When your day starts, make sure you don’t begin it with a potentially distracting activity like Twittering and checking email. Start with a focus on the markets and on how you will perform today. You will feel good about yourself for being well-prepared.
6. Stay positive! There is plenty of research proving the power of positive thinking and general thought on one’s life. Creating a positive approach right from the start of the trading day will have a positive influence on your trading during the rest of the day.
7. Separate emotion, anxiety and the facts: The one reason people feel like trading failures is because they allow their emotions and anxiety to control their actions rather than sticking to the facts of charts and information.
8. Admit that you will win some and lose some: Not everyone can win every time in the markets, but allowing yourself to accept that you will win some and lose some will help you brush off any emotions and anxiety that you feel so you can focus back on winning.
Exercising control over what you can control and letting the rest go is one of the keys to successful trading
Sourced from ezinearticles