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Trader's Queries - Trading Psychology Part 8
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How many of us go to the movie for the first show on the release day itself? How many of us buy a new brand mobile when it comes to the market at once? When we develop a character based on impulsive actions, it creates a lot of reactions. On the other hand rich people wont jump in to the market when the price moves. They enter at the price which suits their trading plan. Rich people wont buy a thing without knowing its advantage/disadvantage.
For example let us say Trader Mr. ImpulsiveAct has 10 stocks in his portfolio. He have trading plan for 6 stocks. One of the stock which he dont have trading plan start to move fast. He enters trade. But he dont have a clue about entry, exit or targets. Obviously he exit the trade with loss. On the other hand Mr. Cool enters a trade when price is moving as per his trading plan. Now its very clear why Mr. ImpulsiveAct lost money and why Mr. Cool gained money.
When we learn trading we dont know how traders trade based on impulsive thoughts. After entering to trading only we experience about it. Discipline yourself not to trade/act based on impulsive thought.
For example let us say Trader Mr. ImpulsiveAct has 10 stocks in his portfolio. He have trading plan for 6 stocks. One of the stock which he dont have trading plan start to move fast. He enters trade. But he dont have a clue about entry, exit or targets. Obviously he exit the trade with loss. On the other hand Mr. Cool enters a trade when price is moving as per his trading plan. Now its very clear why Mr. ImpulsiveAct lost money and why Mr. Cool gained money.
When we learn trading we dont know how traders trade based on impulsive thoughts. After entering to trading only we experience about it. Discipline yourself not to trade/act based on impulsive thought.
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Dear Traders, please write your view about how to avoid impulsive trading. We have already got one interesting method(comment) to overcome impulsive actions :)
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