Improve Your Results By Giving Up

July 23, 2018 / By Nick Radge / Trading Psychology

So is it possible to improve your results to be a successful trader by giving up?

We’ve spoken before about the qualities required to be a successful trader. There are a million and one books about it, some better than others.

Yet what about the ingrained traits that we should be GIVING UP to take us to the next level?

So, giving up in this case isn’t the same as Giving in.

Giving in is waving the white flag and moving on.

Giving up is using the white flag to wipe away bad habits and attitudes and replace them with new thought processes that are going to serve you better.

Here are some things worth GIVING UP to help you get back on track towards better trading results:

No 1: Give up your intrinsic need to be right. Placing importance on being right is your EGO speaking. Resist having an opinion. It’s the market that is always right so tap into its flow not your flow.

No 2: Give up being rigid. It is OK to change your mind. I’ve used a stop and reverse strategy plenty of times. And have also had two trade recommendations in play at the same time – one short and one long depending on which price trigger gets hit first.

No 3: Give up bad trades. Have a stop in place and understand that losing is part of the game. Giving up on losing trades, without hesitation, is key towards trading longevity.

No 4: Give up control. My favourite mantra is ‘I have no idea what the markets are going to do from one day to the next’. Learn to enjoy being ‘out of control’.

No 5: Give up blaming other factors for your losses. Short Traders, Bots, Down rampers, so called bad Directors, none of these things have caused you to lose money. Take 100% responsibility for your trading strategies and your results – the good the bad and the ugly!