I’d like to return to the session we discussed last week. And in particular the price action which followed that discussion.
Because I found conditions quite challenging. And yet I’m fairly pleased with how I performed. With one exception.
Let’s check it out.
Stuck!
Inside my head!
Having forgotten that there is a simple way to break this pattern. A simple way to interrupt it with a question that forces a quick assessment of trade quality.
“If I could only take one more trade today, would I make it this one?â€
Quick. Simple. But very effective.
Your mind and your body will reveal their true feelings regarding their confidence in your trade decision.
And when your trade decision involves no assessment of the actual nature of the market and current price action, but a whole lot of frustration and hope, you’ll know it immediately.
Don’t make this any more complex than it needs to be.
“If I could only take one more trade today, would I make it this one?â€
Yes! Take the trade.
No! Stand aside.
Quick. Simple. But very effective.
I used to ask this question for all entries. I think it would be wise to take up that practice again.
Consider whether or not it might also help you to avoid some of those emotion-based “what the hell was I thinking†trades.
Happy trading,
Lance Beggs
PS.
The original article on this idea (with a slight variation of the question used today) – https://yourtradingcoach.org/trader/if-ould-only-take-one-trade/
Or for a similar but related idea, try this one here – https://yourtradingcoach.org/trader/is-this-a-trade-you-would-take-if-you-were-in-drawdown/