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Cash In On The Booming Demand For Futures Trading - Understanding Good Habits
By David Jenyns
Socrates said that we are what we repeatedly do. Excellence, then, is a
habit. Without realizing it, most people fall into patterns of behaviour that
quickly turns into habits. Everyone knows how hard it is to break a bad habit,
so it's worth you while to learn good commodity and futures trading habits, and
to stick to them.
But, most people don't really know their own habits, even though everyone has
behaviour patterns that make them unique. The fact that you engage in these
activities without consciously thinking about them is what makes them habits. By
analyzing your habits and behaviours, you can greatly improve your commodity and
futures trading abilities. Successful traders learn to recognize the behavioural
patterns that cause them to be unfocused or undisciplined.
Some poor commodity and futures trading behaviors are due to emotional
reactions, but others are simply the result of bad habits. Your goal is to make
your commodity and futures trading systematic, logical and habitual. Successful
traders also learn from experience and from their mistakes, and analyze what
behaviours work, and which ones don't work. By eliminating behaviours that cause
mistakes, they maximize their winning trades and minimize the number of, and the
effect of, their losing trades.
Once you have begun to pay close attention to your commodity and futures
trading behaviours, you will quickly see where you need improvement. It is
important to take responsibility for your trades, and analyze what mistakes you
might have made. Don't give into temptation and blame the market; there is no
way to learn and grow from that point of view. Look to yourself for answers and
accountability.
It always makes sense to learn from your mistakes. If you can identify the
conditions that may have caused a mistake, you may be able to keep it from
happening in the future. No one is perfect, and things in their personal or
professional lives at one time or another have affected all traders. You may
have been distracted due to outside events, or have gotten emotional because of
a particularly successful trade. If you can recognize these types of patterns
before they affect your commodity and futures trading, you can stay focused and
disciplined.
Following your commodity and futures trading plan should become a habit.
Always avoid spontaneous trades. By looking closely at the market to determine
the current trends, a successful trader prepares the appropriate strategy for
the following day, and with his commodity and futures trading plan in hand, is
less likely to be influenced by emotion.
Take the time to create routines and structures around your commodity and
futures trading. Keeping good records, logging your trades, consistently
analyzing market indicators, and staying focused on your short term goals will
help you stay on track. Also, consider setting small goals for each day. Make
sure the goals are measurable and attainable. The goals will give you momentum,
and increase your confidence.
Recognize that sometimes you need to change your system. If your commodity
and futures trading style is not suited to short term market conditions; adapt
quickly, and if necessary, don't trade. Always look for errors you have made,
and analyze them to determine a better course of action to take the next time.
By being aware of your actions, and working to improve your trades, you will
find the set of behaviours that will make success a habit for you. About the Author -=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=- Discover the "secret formula" of trading that anyone can use. To consistently generate BIG profits from the market by downloading your FREE copy of the Ultimate Trading Systems.
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Some other articles by David Jenyns | |
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