There Are No Shortcuts To Trading EveryDay
by: lerhing
Total views: 67
Word Count: 526
There’s a wonderful quote that goes something like “Don’t learn the
tricks of the trade. Learn the trade.” That rings especially true when
it comes to trading. That’s simply because there are no tricks, or
shortcuts, when it comes to trading. The trading environment is a very
unforgiving one that does not discriminate. Each and every one of us
can fall victim to the ways and unpredictability of the market, and the
moment you think you beat the system, think again, because chances are
you didn’t.
Fundamentally, successful trading requires very clear and easily
identifiable skills and habits. They must be thoroughly established,
constantly and consistently in place. Otherwise, your trading
experience will be very short or painful, or both. First and foremost
is controlling your emotions. Anybody who knows anything knows
there are no shortcuts when it comes to controlling your emotions. You
either control them or you don’t. Not being able to control your
emotions - whether it’s fear, greed, frustration, confusion, elation,
etc. - when trading may very well be the primary reason behind trader
failure.
Detaching yourself emotionally from your trades is much easier said
than done. Something that has helped me tremendously in removing
emotion from my trades is gaining a high-level of confidence in my
trading strategies and execution, and the only way to do that is NOT to
take shortcuts! I’ve worked hard and become very logical with my
trading because I had to. I had to develop a trading plan and have the
discipline to follow that plan, trusting that all the research,
strategies, risk and money management plans in the trading plan are
right for me and my trading.
Not far behind controlling your emotions might be lack of preparation.
Can you imagine not being prepared when it comes to taking off for the
moon, cutting your first incision for major surgery, singing and
dancing on Broadway, or going to court for your first criminal trial?
Imagine it. Pretty frightful sight, yes? I can almost guarantee you
that anyone in any of the above situations prepared themselves through
many years of education, study sessions, rehearsals, and practice. My
guess is that they did not take shortcuts!
That’s not to say that people don’t take shortcuts, because obviously
they do. I say “obvious” because the standards of those who take
shortcuts are usually pretty low, so the quality of their work and/or
performances is subpar and pretty obvious. Therefore, it would follow
that those who take shortcuts very quickly separate themselves from the
pack - from those with potentially long, successful careers.
So, why should trading be any different? It shouldn’t. Taking
shortcuts when it comes to trading will most certainly shorten your
trading career. Take the steps to Trade Smart and develop a trading
plan, incrementally add to your arsenal of trading strategies, utilize
the proper hardware/software for charts and analytics, acquire the
skills and tools to execute your trades, and record everything you do.
That way, you will have taken the long road to learning how to trade,
but it’ll be the right road to a long trading career.
About the Author
Leroy Rushing is an active, professional day trader; trading coach; and eBook author. He is the Founder and CEO of Trading EveryDay, a distinguished provider of educational trading products and services that are available worldwide.
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