June 25: A Key Tip for the Trader – Manage Your Workspace Correctly and Good Things Happen

Any experienced trader will tell you that being successful in, in large part, a matter of overcoming all the hurdles that get in your way.

Now there are two basic types of hurdles:

The physical ones and the mental… and actually, sometimes they get intertwined.

Let`s look at a few of them:

A big thunderstorm causes an electrical surge or outage.

You`re in the middle of a trade, and you`re scrambling around groping for your cell phone so that you can call the trading floor directly and have them be your eyes and ears.

That`s stress, man.

You`ve got your eyes peeled on the charts, waiting for the trader signal so you can pull the trigger.

A phone call comes in about something other than the trade you are concentrating on.

You know you can`t talk, but you don`t want to be rude. You gut feeling of your trader mind tells you, well, being polite just may cost you.

Trade missed. You`ve waited all morning for everything to fall into place and you missed it.

You`re angry.

Today`s a good day. Your primary trade is going well.

You`re getting close to your target but the RSI seems nowhere near a peak. You don`t want to take the profit quite yet even though you`re right on top of your price target.

Hey, let`s let it ride a little and we`ll just trail it with a stop. Surprise news! El dropo and the market blows through your stop.

You feel like a jerk.

As you know, I could go on forever.

So, what`s my point?

Distractions for following your system come from outside (lightning and phone calls) and inside (your feelings about what could happen).

It`s your job to MAKE THE COMMITMENT to follow your tested trading system.

You`ve got to be deadly serious about it.

Another trader tip, get caller ID so that you take only the calls that you HAVE TO take.

Have a contingency plan when the lights go out.

Note: I knew a trader that held to the concept of mental stops. He was lucky for a while, but when a power outage hit in his part of New York City, he couldn`t get through to the floor.

The lights went back on in about 15 minutes but by that time he had lost a bundle. His mental stop turned to mental anguish.

After that, he put his stops in… but just for a week and he was back to his old habits.

He doesn`t trade anymore. And the sad part is that the guy had talent.

Trading is a business. As a trader, you need to treat it like one.

You`ve worked hard to arrive at a system that you can trust…well then, do everything in your power to stay focused on the ONE TASK of following that system to the tee.

To do otherwise is to be out of control.

Maintain your Focus.

Maintain your Discipline.

At all times.

By Norman Hallett

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