How to fix trader problems
There are four kinds of problems traders have:
- Setup problem ( not having a setup with Edge)
- Process Problem ( not having a process or not following a process)
- Situational Awareness ( trading a setup in unfavorable markets)
- Trader problem ( FOMO, self-sabotage, lack of confidence, etc)
A recurring problem in trading is the "Trader Problem"
Unless you can fix the trader, you can not fix your trading.
How can you fix your tradier problem?
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1 comment:
Set up problems: This can be dealt with repeatedly studying past movers but most mistake people make is that they don't identify one set up and stick to it, instead they focus on more than 3-4 set ups at a time and don't want to miss the bus especially when things are good in the market. Every set up has little nuances which are visible only to the master and until you achieve mastery in them one should not move on to the next set up. The other thing most people ignore while studying set ups is situational awareness, even the best set ups are prone to failure when the times are bad. Most new traders while studying past gainers don't keep track of market breadth at that specific time. Keep defining specific criteria for your set up which could be either a rising 10/20/50 Ema of the index or 50 /100/200 stocks more than 4%/5%/10% in a single day, but execute only when your criteria is fulfilled. This will take care of FOMO, self sabotage etc. Unless your internal environment (set ups, criteria, when to press trigger) isnt sync with the external environment (Situational awareness), you are going to keep on falling in the same loop time and again.
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