Perfection Isn’t Required
Bob Rotella wrote the best golf book I’ve read with Golf is Not a Game of Perfect. It’s full of great stories and lessons about how to perform at your highest level, whatever that may be. Trading isn’t about being perfect either! No matter how long you’ve been at it, no matter what your strategy, no matter how well the market is trending, we’re going to make mistakes as traders. Accepting that fact on the front end makes life so much easier! Do your best to minimize your errors, play to your strengths, and count up the score when you’re done.
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Jeff White
President, The Stock Bandit, Inc.
www.TheStockBandit.com
Technorati Tags: Golf, Golf Book, Trading, Trading Psychology, Trading Strategy
[…] Not anymore - I’m past that, and thankful that I finally realized it. It took some time, probably because of the irony of it all. Who would have thought that the best traders’ real key to consistent profits in the market all boils down to humility and their ability to get out of a trades when they need to the most? What happened to bravado and having the guts to take the plunge and go big when you really feel you’re right? Is that not how the best traders do it? Occasionally that approach might give you a windfall profit, but what happens when you’re wrong (and you WILL be)? If you don’t have an exit plan, you’re gonna be toast. It’ll be Hammer Time for your account, and it won’t be pretty or fun! […]
[…] There are going to be plenty of times when you’ll be unsure of what your next move should be. Good news - that doesn’t at all have to be tied to your profitability! I have felt that way numerous times in the past week, and yet I’ve been able to make several profitable trades and grow my account during that same stretch. Predicting didn’t get me there, discipline did. Good traders know that perfection isn’t required, which means they don’t have to predict with accuracy what may happen next. Instead, it’s about selectivity and offsetting small losses with big winners. […]