Today’s trade in /YM was interesting. I was extremely anxious and slightly fearful, however I was intensely focused on what the right play in the moment was, and ensuring that I was executing that.
At one point, I felt like price was coming to a level that was beginning to show signs of it coming back against me, I pulled up my option chain, and began to get ready to get out at break even.
I studied price and saw that it was beginning to show some strength so I started thinking to myself, if price were to come back and take out this level, it is probably just best to cut my losses and understand that if this trade does not work out, do not cry over whatever little profits you had. I chose the trade because I was willing to risk some money for a bigger reward, and if it does not work out, make sure that I am cutting my losses as small as possible.
What I realize is so important is that I should focus on that mentality to have it immersed in my consciousness. Trading is a game of habits, and I must focus on creating the best habits so that I can reap the best rewards.
In order to be truly successful at trading, you must be like the one of the most deadly predators, the crocodile. You have to spend the majority of your time waiting, patiently stalking, and boldly striking when the time is right.
Being able to read some pages of the book, “The Power of Now” by Eckhart Tolle has imprinted how important staying in the moment is, and the need for me to focus on infinite space, and the illusion of time. I know it may seem to have nothing to do with trading, but it has almost everything to do with trading.
In the chapter I just finished reading, Tolle discussed the necessity of understanding the space in between all the material ‘things’. A room is not the chairs, tables, nor even walls. A room is the space in between all of those things. A room is the distance (space) between those ‘things’.
In the same token, a trader must not focus on trading all the time. However a trader must focus on allowing the ‘space’ to reflect, analyze, and then prepare for a great opportunity. That ‘space’ in between each trade is important because it keeps us from getting in the less optimal trades.
I am extremely grateful that I have been finally able to make this quick journal entry because the universe knows that I have procrastinated this for a while. However it is extremely helpful to get my thoughts out of my psychotic head, and into some words. I know this will make me a better trader.
Hi George, your post caught my attention! When you mentioned, "focused on what the right play in the moment" It sounded pretty familiar with my beliefs. When you mentioned reading "The Power of Now", it's even more exciting as I've read it myself. Incredible book! Glad things are turning for you. I'm getting there myself, I hope!
Hey @1derWoman. Thank you so much! Yes that book has definitely been changing my outlook on a lot in life. I appreciate your comments and hope you get to where you need to be. It is definitely a journey!
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