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Trading Psychology - How do you remain focused?
http://www.financial-spread-betting.com/course/psychology.html PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! We look into this aspect from the perspective of a day trader. When trading you are risking your capital in hopes of making profitable trades and increasing your pot. You only have so much 'emotional capital' and you really need to make sure you are using this limited resource as best you can. If you put too much analysis you end up hesitating. All you are waiting for your trading setups to recur so you can take the trade. Don't remain stuck on a screen watching every single minute - it is unnecessary - even if you are utilising a scalping strategy you still know exactly what kind of setups you are looking for. One way to do this is to trade using alerts.
Coping with Trading Psychology – Remaining Focused
The next lesson in trading psychology is how you can remain focused so that you don’t miss or mess up trading opportunities. While this applies more directly to day trading, it can also be a factor if you are swing trading, if you are looking at the charts from time to time during the day.
If you’ve ever had to really concentrate on the task for a period of time, you’ll know how difficult it can sometimes be. One of the obvious examples is if you’re going on a road trip, and you want to drive safely to get your destination. Some long-haul drivers claim they can drive for hours and hours, but many of us find that we have to stop every two or three hours just to regain our senses and be prepared to carry on.
It seems that we generally speaking only have a certain amount of focus and concentration available to us each day. In general life, this means experts may recommend that you develop habits, things that you can do almost without thinking, for many ordinary tasks. This allows you a reservoir of intellect for things that really need to have critical decisions made. Let’s face it, we all know the feeling of getting spaced out by trying to cope with too many things intellectually for a long period.
So the question is, how can we help this when we are trading? Do we need to be concentrating hard on the charts all the time? Provided you have a system or strategy in place, the answer is no, you don’t need to be expending a lot of mental energy studying the charts. While day trading requires you to be attentive, this doesn’t mean that you have to be putting much energy into watching every move.
Instead, what you can do is set up a system of alerts. For any particular trading strategy, you probably have some set conditions that you look for – perhaps a rising trend, an indicator value crossing a boundary, etc. – before you need to step in and make a decision to place the trade. If you can set an alert to only require you to watch closely once the initial conditions are fulfilled, then it’s far easier to retain your focus when it comes to the critical time of placing the trade.
Take as an example an uptrend where you would want to watch the RSI on a pullback to determine when to re-enter the market long. During a normal uptrend, the RSI will go high and stay there. You don’t need to watch that. As the trend weakens and goes into retracement, the RSI will reduce. You don’t need to watch that. Only when the RSI goes below a threshold value, which you can set on an alert, will you be interested enough to call the stock oversold and ready to resume the uptrend.
Set alerts, and you can focus on that particular time when you are looking for the RSI to go back up through your threshold, signalling a likely resumption of the trend.
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https://www.youtube.com/watch?v=8sEgdVAN_4QPositive Expectancy: The Power of an Edge. How Successful is your Trading Strategy?
https://www.youtube.com/watch?v=fEfCZf-CRuYRisk Management: Accepting RISK in Trading 👊
https://www.youtube.com/watch?v=Ow5AqK5wN84Overcoming the Fear of Loss (Pulling the Trigger)
https://www.youtube.com/watch?v=C_AtY-2RrVkDay Trading: Learn How to Pull the Trigger on a Trade
https://www.youtube.com/watch?v=UC2KserZ838Be More Focused During the Trading Day by Using Alerts
https://www.youtube.com/watch?v=EcmpJCPeSCQProtecting Your Mental Capital: Pro Tips To Manage Your Emotional Capital And Trade Better
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