I'm going to cut right to the chase...READ THIS!! Our good friend Norman Hallett from DirectYourMind.com has been an expert in the psychology of trading for years! He's helped, and helping, thousands of traders a day to get their minds right. So read this article and check out Normans site.
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"Deep recession!"
"Depression!"
"End of the world as we know it!"
Anyone who's tuned into CNBC or CNN has heard these statements of doom and gloom.
They may or may not be true.
We are not in control of what happens to the economies of the world.
We ARE in control of how we handle our personal finances in light of these possibilities and, as traders, how we choose to TAKE ADVANTAGE of all situations... including this one. No, ESPECIALLY this one.
We know that price action is a reflection of what is perceived "to be", not what is. We know if we take a position and employ money management techniques, then
if we are wrong in our position, we will get pinched and not punched... and we'll re-analyze and go again.
It's the way of the trader.
For the trader, the greater the economic challenge, the greater the opportunity to better ourselves and our family... through our trading.
When most individuals are hiding behind excuses, the trader steps up to the plate.
We are lucky, indeed.
But don't fool yourself. Being a trader, is not easy.
I look at markets in turmoil and I "feel" for the average trader.
The average trader has every good intention, but lacks the two basic elements to consistent trading success...
A formulated trading plan, whose elements are the components of a good trading system or systems, is the first element. And having the mental and emotional discipline to run that plan is the second element.
The GREAT NEWS for the 'average trader' is that it doesn't take years to elevate your level of trading... months, yes, but not years.
The further GREAT NEWS is that we are in historic times.
The opportunities that will unfold over the coming weeks, months and years could result in windfall profits for those traders who choose to master the two elements mentioned above.
Shake-outs like we are experiencing now in the marketplace yield new super-trends that may be followed.. and ridden... by those who are prepared.
So should you "drop back and punt", and stand aside while the market displays its current violent ways?
Only you know the answer to that.
Are your two basic elements solid?
Is your trading plan MEANT to handle extremely high volatility?
For any average trader... these are the type of markets that exploit your weaknesses.
FOR YOU, it's time to re-group and prepare yourself for the opportunities that are about to present themselves as the smoke starts clearing.
Adopt a solid trading plan, based on a solid trading system. AND
Start now to make the development of your trading discipline a PRIORITY.
Without COMMITMENT to these two elements, you will not succeed on a consistent basis and will not be able to take advantage of the opportunities to come.
This is NOT the time for excuses.
It's your time for admission... recognizing that you do, in fact, possess these two elements, or admit that you don't and work NOW on shoring them up.
I've been trading for 25 years I can say with confidence that the opportunities that are about to unfold will be historic.
Fortunes will be made.
The Disciplined Trader with a tested trading plan and possesses solid trading disciplined will gather the money of The Average Trader who continues to downplay both.
It's time to prepare.
Norman Hallett
DirectYourMind.com
