June 17: When Trading Stocks Are You The Turtle Or The Hare

When trading stocks, what would you rather have the perfect trading system or the perfect soul-mate?

Donít answer that out loud!

I would venture to say that in stocks most traders are so into their trading that they would hesitate and ponder that question.

By the way, the answer is the perfect soulmate.

Thatís because there is no perfect trading system.

The perfect trading system is the right system for YOU.

Letís assess.

Are you the Impatient Type?

Let me stress here that by impatient, I mean that you donít like the notion of waiting more than, say, a day, to see your trade results.

You use logic like I donít like to stay in a trade overnight, because thatís where the risk is…anything can happen in these crazy times. Or…

My signals are just as valid with a 60 second chart as they are with a weekly chart and

Iíd rather be able to keep adjusting.

These things that you say to yourself (valid or not) come from your inner-self trying to move you to comfort.

Are you the Position-Trade Type?

You say, that the stocks and the market can be controlled short-term, but eventually the fundamentals come home to roost. Or…

Iím not looking to eat up my capital in transactional costs. As far as Iím concerned, the trend is your friend and Iíll stick with a trade.

Are you the Where The Action Is Type?

You tend to think, A signal is a signal, whether itís on a 2-minute chart or a monthly.

When my signal sets up, I GO! You add, Sometimes I donít even know which (stock/commodity/currency) Iím looking at.

That really doesnít matter to me. I just care about the technical pattern.

I wonít bore you with more types, because they are unlimited. In my coaching of traders for years, these above types were the predominant ones.

There is no right and wrong type.

There is only assessing which type you are comfortable with perceiving yourself as and then committing to a trading system that reflects that type.

There are plenty of winning trading systems, of all types, that can be very successful. The best way to have a good system work for you is if you can follow its signals without hesitation.

You are more likely to follow your trading signals if the system agrees with you. Now look inside yourself. Then commit to following what your tested system tells you to do!

So when you trade stocks, you must win the BATTLE WITHIN YOURSELF first, before you can win in the markets.

By Norman Hallett

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