Have you ever felt like someone had a spell over you, taking control of your thoughts and ideas… placing trades for no rhyme or reason?
… only until after the trade, you say to yourself, “That was a dumb trade… I knew what was going to happen.”
If that’s happened to you, or is going on right now… I get it, and I’ve been there.
And no, no one has a spell over you… if you’re overtrading and holding onto trades that you shouldn’t be — it may mean you’re trading on emotions or focusing on the noise.
The only way to protect our accounts and make money is by focusing on things we can control as traders.
You have the choice of placing the trade or not, the risk you want to put on, the price… pretty much everything.
There are a few ways to get laser-focused, such as focusing on just a handful of strategies.
For me, that means sticking to fish hooks, rockets, and my options strategy.
And using my simple options strategy allowed me to pull in more than $20K last week… and you can hear me go over a case study about a 49% winner in BABA below.
Link to the JBP post from today, there is an embedded video of this
A few other tools and techniques to help you take back control include:
- A detailed trading plan.
I know, it sounds boring and lame… but it’s a must.
Basically, you want to include key details about your trade — your thesis, edge, entry price, stop-loss, target price, position size, etc. A trading plan puts the blinders on you, so you don’t get distracted by all the headlines being hurled at you.
- Keep a journal.
When you write down your trades and review them, you can build confidence as you look through your winners.
The more confident you are in your strategy, the more likely you will stick with it, and strictly focus on your money-maker. So that should help with the mental game, as well as weed out the losing strategies… making your trading more efficient.
- Having an open mind.
I know, I know… this goes against what I just said about focusing on your best strategies and tuning out the noise. However, as traders, we have to keep an open mind and learn about new strategies out there that could uncover a bevy of money-making opportunities for us. For example, if I hadn’t kept an open mind… I wouldn’t have ever traded options again, and I would’ve missed out on a lot of profits.
The same guy who taught me some of the best tricks in the game — my mentor, Jeff Bishop, is going live Wednesday, October 16. At 12 PM EST.
It’s rare to see RagingBull CEO Jeff Bishop live in action… I could tell you about all the benefits, but I’ll let Jeff explain what’s going down.
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