Young grasshoppers learn focus
It takes less than 5 seconds of actual physical activity to open and manage a trade (set orders, and adjust them if needed). Make five trades in two hours, and you have spent probably about 25 seconds doing "actual work." The rest of the time, you're tinkering around or thinking. That's almost 7200 seconds where you aren't trading but have the opportunity to mess up if you're not focused (and that's only for two hours; trade all day and you have loads of seconds of where a slight lapse in focus can ruin a trading day). This extreme focus is why day traders only trade for about one to two hours at a time; holding your focus for two hours is hard enough. Try to do it all day, and you'll start making mistakes.Thinking is good while trading, but it should be laser-focused on how you will implement your plan under current market conditions. If you start thinking about how much money you are up or down, that car you want to buy, overdue bills, your losing day yesterday, or the insane winning streak you're on, you're already off track. It doesn't mean you'll lose your next trade—the market can produce lots of random winners—but you are in a state, where you're more likely to give the money back. Nearly all psychological trading issues can be handled by removing other thoughts except for implementing the plan. Make no mistake; this is also very difficult to do. The mind is constantly wandering. As soon as it does, bring it back to focus on the task at hand. The more you do this, the better you'll get at it, the more focused you'll be and the less likely you'll be to give back your gains.
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NE1else : Thank you for posting stuff like this. Always a great read
Phyrevixen : Oh look - a squirrel!!
-me probably
OldNormanBates : Awesome, Thanks For Putting It Out In Perspective!