A good trade may not come at once. The probability of carrying out a transaction depends on your strategy, trading style, the market situation and many other factors.
Concentration and ability to wait are the qualities that help traders be on call for a long period of time. That is why rush is one of the most serious enemies of a trader.
Be the master of the situation
When a trader is ignorant or not disciplined enough he might get off. However, it is easy to overcome the haste if you know its nature and understand that getting rid of it will only do you good.
We will introduce you to a simple “rule of 15 minutes”. If you follow it you will carry out a maximum of good transactions in no hurry and always keep the situation under control.
The only thing, we will note, that these recommendations will be useful mainly to those who make a considerable quantity of transactions during one trading session.
Draw into the process
The “15-minute rule” is actively used in real life when people want to start doing something new, whether it is reading or exercising. In short, it sounds like this:
“If you can not force yourself into doing something, at least make an attempt, having spent just a quarter of an hour on it.”
The process is expected to capture you somehow, and next time it will be much easier to decide on the same action. And eventually, the occupation will become an essential part of your daily life.
Quality is better than quantity
This is how the rule is applied in our case: try watching the charts and trading in your mind for 15 minutes. Switch assets, look at the indicators’ values, but open transactions only in the mind.
The idea is that you should gradually learn to win your own desire to carry out as many second-rate deals as possible, which is often unconscious. Avoid fuss and get rid of the ambition to square the circle.
Instead, you will come to the understanding that quality is better than quantity. The application of the rule will help you acquire a habit of opening only first-rate transactions.
Traps of trading
Which typical situations does the “rule 15 minutes” help fight? Here are the three most common examples:
A. A trader plans to carry out a transaction from at a certain price, but due to the fear of not getting the right conditions in the future, he closes the deal at the price that is obviously unprofitable for him.
B. The indicator trading strategy has not given a proper signal yet, but the trader is already opening a transaction.
C. The sharp price movement (for example, after the news release) creates the semblance of the trend’s beginning. The trader worries that he may miss the opportunity to make quick money, and opens a deal.
Does that ring a bell? These traps are lurking for many traders, and some never escape them. But that does not mean that you should throw in your lot with them.
Not to miss and not to lose
A trader always faces two important tasks of not losing his money and making profit. And the task of saving the capital is even more important
Successful traders say that the first stage in gaining the mastery of trading is the ability to trade stably. Even if the final result is zero.
In general, the success in trading depends on the ability to wait and fight with irritants. In our opinion, a more effective way to develop these skills is not to analyze the mistakes that have already been made, but to prevent them.