I have a confession

by , 21 September 2017
I have a confession
Early in the week, I was waiting for a trade to line up. For the entire day, nothing lined up.

There was a moment where I felt trigger happy. I just wanted to take a trade for the sake of taking a trade.

I didn't have a plan for the trade, I just had this urge. You can say I felt a gambling mentality moment.

But because I've been in the market long enough to know better, I saved myself from taking a losing trade.

I write this to you as a confession because if I felt the urge to take an impulse trade after being a professional trader for 14 years, this can definitely happen to you.

Here's what I did to stop myself from taking this unplanned trade and what you can do next time this happens to you.

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It takes months to follow and profit from your successful trading strategy and just one day to break it
I was watching my trading platform like a hawk on Monday. But as I mentioned, a trade failed to line up.  
I just wanted to buy the Australian dollar versus the American dollar because it was going up.
Before I made this colossal mistake, I asked myself this essential question.  
Question #:
If I take this trade and disregard my winning strategy, does this mean I'm going to continue taking these gamble trades and eventually destroy my portfolio?
I've worked far too long and hard to grow my trading portfolio and reputation, to just lose it all.
And because the market works on probabilities, it means if the trade went against me I've got three problems to deal with:
#1: I don't have a carefully thought out strategy to place a stop loss.  
#2: I could risk more money than I can comfortably afford to lose
#3: Emotionally I would have disappointed myself and my 130,000 something traders I've taught over the last decade.
...and start making money”
Right now, you are falling into the same trap as anyone who has EVER placed a bet online...
Do nothing and you will continue to LEAK CASH forever...
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How do you avoid this trigger-happy situation from happening again?
Either you can answer this one question like I did which stopped me from taking the losing trade.  Or you can set limits for when you trade.
The first limit is to only choose to trade during a certain time in the day. So if you wish to trade from 11am 'till 1pm, then before or after that time close your trading platform and do something else.
This will stop you from taking unnecessary trades throughout the day.
The second limit is to keep consistent with your strategy. If you digress from the strategy then you’ll know that your portfolio will have skew results.
In this case, you should take the initiative to trade with a paper account instead.  
Jot down the impulse trades you want to take and see what would have happened.  
Testing out new un-tested strategies are always a fun way to bide your time, rather than just do nothing.  
You never know, after testing 20 trades or so you might end up with a better and more profitable strategy you can use to grow your portfolio.   
And when this day comes, ONLY then commit money to your new tested and tried trading strategy.


I have a confession
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