To properly manage your trade and your trading attitude, you must first learn to let go of the impulse to dominate the market. It may seem counter-intuitive at first. The only answer to how it works is Traders often attempt to exert influence over the market without even realizing it. You may not be aware of this, but you have no power whatsoever over the market. What it means is: You may be losing money and becoming more dissatisfied and desperate as a result of your trading efforts. The first step is to determine whether or not you are trying to dominate the market, and the second step is to determine what to do about it (you probably are).
Realizing that certain things in life and the markets are outside your control and hence unpredictable, you’ll be better equipped to concentrate your efforts on the things you CAN influence. As a martial arts expert, you can master every punch, kick, and block, but there are qualities of your opponent that you cannot control. A trader’s greatest chance of winning is to have a well-thought-out assault, defense, and backup plans in place before engaging in a combat on the financial battlefield. However, we can only manage ourselves, what we do and don’t do, and how we handle each occasion and situation. We can’t control everything in the market’s battlefield.
When it comes to trading, relationships, and life, self-discipline is typically the key ingredient. The only thing you can control in a relationship is yourself, as you’ll learn in any decent relationship book. We have no influence over what other people do or how they behave or think, no matter how it may seem. First, we need to accept that we can’t control everything in our lives, and then we may learn, adapt, and flourish in relationships of all types via self-improvement. The same rules apply to trading.
For most traders, the realization that we can only manage ourselves and not the market takes years or even decades. A trader might lose thousands of dollars and restless nights as a result of this blunder.
How Do You Stack Up Against the Competition?
Hundreds of thousands or perhaps millions of factors are at play in every particular market situation. There is just no way for a person to “manage” or even gather and analyze such a vast volume of data, which includes everything from economic reports to the thoughts and sentiments of individual traders. The only way we can properly understand it is to learn to study the market’s footprint and price activity.
You must understand that you are but one player among many on the ‘battlefield,’ all of whom are vying for the prize (i.e. money) on offer. Trying to dominate the market or other rivals is fruitless since they don’t know you, they don’t have an interest in you and they don’t care about you. The only purpose and mission of Amarkets MT4 is to properly execute our strategy and execute our trading advantage with as much discipline as possible, while also protecting our ass via risk management. Keep in mind that on the market, you are solely accountable for and in charge of YOU. So, don’t spend your time worrying about things that you can’t influence.