Even the best of traders give up on their trading plans when trends fall out of their expectations. For instance, when there’s a downturn, they leave their long – held position; or in booms, they make investments that weren’t in their itinerary.
It’s common and quite okay – but only up to a certain limit.
To keep within the safety fence, it is important that traders have the willpower to counter tempts in favor of their long – term benefits. They must have the self – control to fight spontaneity and impulse with sane mindedness. In fact, willpower is one of the very few lines that separate successful traders from the new ones. Good thing is it isn’t an innate quality that one is born with. It’s much like a habit that one can adapt following few basic steps.
Here are 5 steps to help you improve your trading willpower:
- Trade Alongside a Buddy
Things become much easier and efficient if you have reliable people by your side working with you. This includes trading. If you have a trading buddy who guides you through tough decisions and offers peps every so often, you will do much better in the willpower department. The responsibility of answering your trading partner will put a chip on your shoulder and prevent you taking any doubtful decision.
- Find Yourself a Hobby
Take your mind off trading every so often. When you’re obsessing your stocks, checking their price every hour, you would be tempted to act to sync your strategies with the changing trends. To save yourself from this, keep yourself busy in different leisure activities. Find yourself a nice hobby and spend time there.
- Trade Fewer Times
When you trade too many times in a given period of time, your emotions are bound to come into play. You will be on the edge of your seat throughout, with no self – control whatsoever to make right trading decisions. On the flip side, when you trade fewer times, you will be more patient with clear mind. This will help you grow your willpower.
- Rely on Technical Analysis
When there are facts and data with you, there is no room for impulse. When you know what’s wrong and what’s right, which move you should be making and which you shouldn’t, you will have more control on yourself. So if you don’t already, start relying on technical analysis to understand market trends better.
- Take Care of Your Health
How you react psychologically is in direct correlation to your physical health condition. The healthier you are, the more prosperous you will be. This will transcend into you feeling good and happier, which then will help you enjoy more control on self; meaning, improving self – control.
These are 5 simple and effective tips to grow yourself into a trader with high self – control. Remember, beyond the gleam – glam of stock market and all the fancy terms, your willpower is the thing that will make you all the difference in the world.
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