1 of 4 Specific Trader's Behaviors That You Have To Be Aware Of - Deep Discussion of Trading Psychology Part 2

1 of 4 Specific Trader's Behaviors That You Have To Be Aware Of

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The Bored

Impatience is the behavioral problem that is common to all traders but only few are aware of it. Most of the time, they even deny it and give different justification to protect their ego. Well, to tell you the truth, whatever the trader’s reason is, he is still IMPATIENT, period.

If it’s taking too long for a good trading setup to come up and you still trade it in spite of incomplete chart information. You are IMPATIENT regardless of any reason you have for doing it.

If you are aiming for a certain profit percentage every month and you will trade no matter what the situation of the chart or you waited for a good setup but traded with humongous uncalculated lotsizes, because you have to achieve the monthly profit percentage you are aiming for. You are IMPATIENT regardless of any reason that you have for doing it. This attitude will ruin your fund.

This behavior is triggered by greed to gain profits quickly and fear of not achieving your goal quickly.

To correct this behaviour:

Do not focus on the goal, which is to profit quickly or the monthly percentage. Focusing on the goal make you miss your path to the goal because you keep looking at the goal. You have to focus on the process on making the profit regardless of how big or small the profit will be. You have to look at the path to the goal. FOLLOW THE RULES. FOLLOW THE TRADING PLAN. Ironically, when you follow the process, that’s the time you will gain big profits, sometimes even bigger than your original goals. It will take some time to perfect this so you have to practice it. You will thank yourself in the future once you get used to it.