When price action moves your chosen market into position and a dream set up presents, an experienced trader knows off the bat he/she has a winner in the bag, and and a target in mind and a feeling of comfort descends.
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| Traders Love Winners & Lose Traders | CREWENK TRADER |
Traders love winners. Over a period of time, we can see our winners shining a light in our trading records and we adopt what I call, our preferred set ups and may adopt a bias too.
By this I mean, we may consider ourselves better at handling short trades………or long trades or there may be nothing to separate the two in terms of performance and outcomes.
I for instance adopted a bias many years ago to lean to preferring short trades and preferably settting up off a round number or a midpoint price level………..and/or, an established session high.
My bias is to short the markets when those dream trades present. I feel at home when I have taken such a trade on, a bit like wearing a comfortable pair of shoes.
An experienced trader just becomes totally expectant of seeing the same set up day in day and day out and they trust it. They know in advance that it equals money in the trading bank.
The only challenge really is in waiting for it to set up and this can be managed easily by using an alert to notify it.
We are supposed to love losers too because they are supposed to teach us lessons. I have never got to the stage of loving losers. I did however learn the lessons many years ago.
So many losers and so much to learn, back in the day. Now more than 15+ years on, I hate losers and the only learning point is that I dropped the ball or missed something. It happens.
A trader cannot be firing on all cylinders all of the time. I don’t throw a strop as such………that would be childish and an emotional response.
But I do give myself a bit of a ticking off. No one enjoys dropping the ball.
What Do Our Winners Tell Us
Some traders don’t really bother looking at their winning trades too critically because they count them as correct. I suppose that is fair enough.
But it is worth a bit of time just making sure that the trade exit was correct or determining whether you left a lot on the table.
Did the winners fall into line with the expectations set in the trading plan or not. Did you meddle with them, when really you should have left well alone.
Could performance and outcomes have been improved.
Even experienced traders can move a stop loss in close to the current price to ensure a green pip outcome and then get closed out prematurely just because the market pulls back on itself before resuming the move.
Had the stop loss been left alone and not moved in, after the pullback you may discover that the move offered considerably more than your outcome.
Your winners, although revealing your positive outcomes can simultaneously point to areas for improvement if you look at them more closely.
You would likely want to pursue a change if you could have easily doubled your outcomes, just by leaving your stop loss in its original position. So food for thought.
For learning and inexperienced traders, the losers, reveal warts and all really and during the learning phase the trading record can look at bit like a multiple car crash, I know mine did. It is human nature to ignore it for a while, perhaps for too long in some cases…………..I even opened new trading accounts so that I could start afresh and forget about the car crash. Obviously, we have to face up to our trading demons at some stage, particularly, if we want to move forward and actually succeed.
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Try and cut short the period of denial in which we wallow during our early attempts at trading and embrace the following:
accept that you are swerving your trading demons
accept that mistakes are a normal and an integral part of the learning process
accept that you should tackle the problems in stages
accept that you need to prioritise what needs to be worked on and improved
accept that you just need to learn from your mistakes and don’t call yourself a loser
accept that you need to stay positive to make progress
accept that you need a step by step plan to ensure you make progress
accept that you are learning a life skill and that it will take time to master
accept that there is often no quick fix…….you need to work at it and get a fire in your belly to push on
If you thought your progress as a trader would be less problematic than perhaps you have so far experienced, you may find it useful to read: Outliers: The Story of Success by Malcolm Gladwell. It will help put your learning into some context and highlight that failing is just par for the course when trying to master any new skill.
What does not kill you makes you stronger.
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