Despite a shaky economy recently, there are traders still making money. If you're wondering how, watch today's Trader's Whiteboard video where Adam will share how you can be successful in any market. He points out 5 components that every trader can put in place and see results immediately.
Click here to see the last installment in the Trader's Whiteboard series and beef up your trading strategy.
Enjoy!
The MarketClub Team
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Simon,
Thank you for your feedback.
One of the ways you can divorce yourself from your money is just to treat your trading money as chips. The sooner you can step away from an emotional attachment to your money the less emotional you will be about winning trades and losing trades.
I like your idea about the peanuts.
All the best,
Adam
I wonder if there is a simple mental technique that can reduce your emotional bias in trading? I think you need to cultivate a detached attitude to your wins. Focus on reducing your risk and accepting your losses. Treat your gains like they were peanuts. Every $100 or $1000 equals one peanut or something like that.
Hi Adam,
Just got your email today and was able to join your club. I have just seen all the lessons on your white board(except for the Lesson 7- which was having a difficulty loading on the computer at the moment. These lessons are amazing. I have not seen anything like this before. I have forwarded your email to a friend who can also learn from your great ideas. This will helps us be successful in trading the market. I do need to put all these ideas together and create a better and successful trading or game plan.
Yes, I must admit not putting a STOP LOSS on the position is an account killer.
Thank you for your invitation joining your club. I will be monitoring more of your current trader's whiteboard for more lessons.
Question for you, are there any lesson or tips on how to control emotions? Since this is the hardest thing to do, what are some BIG FIVE that we can do to control our emotions during the trading hours? It would be much appreciated if we come up with some answer to this problem.
Cheers,
Grace
Grace,
Thank you for your feedback and your kind words.
You're right, emotion is the number one account killer out there.
One of the best ways to rid yourself from trading emotion is after you have placed an order, immediately place a stop loss on that position and forget about it. Don't worry about what happens during the trading day you have no control over that. What will be will be.
The good news about not watching every tick you in fact become less emotional about your position in the market and your money.
Give it a try.
All the best,
Adam
Hi Adam,
Thanks for the Reminders.
I must confess, I broke the Game Plan Rule
and went short the SPY on 29-Jan, ANTICIPATING
that the Monthly Red Triangle would flash during the next week.
I wanted to get a jump on that Red Monthly to make
a little extra money.
By 2pm on 5-Feb, I thought I was on my way to the Bank.
But the market turned around because the Bears didn't have
enough energy to knock out that SPY Green Monthly Triangle.
So I lost a few bucks, but now I'm back on Game Plan --
and got a Green Weekly Triangle on the SPY today, so I'm out the
short and in the long.
Bottom Line, the Game Plan with the Trade Triangles
is a far better market gauge than my emotions.
Hi Adam and hi everybody. I beliave everybody should read my letter which is as a feedback to last Adams video, which is very halpfull. I have perfect game plan, my own strategy mixed with Adam's videos helped me to be successfull from 49 orders during 2 month, and only 2 out of 49 were in minor loss(20-50 pips). So I made $46 000 from $1000 invested! But this was not real account! But it made me beliave that my system works!During those 49 orders I NEVER changed game plan-NEVER-NOT A SINGLE TIME. So then I opened real account, and every order is followed by my emmotions which creates serious problam to me in general. Now my orders are seccessefull 8 out of 10,-which is great!- BUT ALWAYS my amotions full me every trade and I exit or to early with minus or in the best 5-10% profit out of 100% projected which is really bad because always(8 out of 10) price reaches my previously planed profit level. I TOTALY understand I have to force my self not to do any changes after order was executed, get away amotions, get out from home even. I understand- emotions are coming if we are not confident- if we are not confident-we have to spend more time to prove our selves that we do read market in right way- and ONLY then we will never have any amotions.
Yours sincerely,
Iho
Don,
Thank you for your feedback.
You make a good point, what I said was not to make emotional decisions based on price action during market hours. If one receives a signal based on one's game plan, then yes you would act on that signal during trading hours.
I hope this addresses your question.
All the best,
Adam
When say you don't make decisions during market hours.Does that mean you do not act on signals as they appear during the day? Thanks,Don