Making and losing money in the blink of an eye while trading evokes all sorts of emotions. It’s so easy to get excited when a trade develops exactly like your plan. It’s equally easy to get frustrated and mad when a stock goes the wrong way and you know another trader is collecting on your mistake (that lucky chump!).
But when was the last time your emotions helped you in a trade? Has that positive excitement ever been costly to you, causing you to either book profits too early or stay in too long (feeling like it was easy)? Has your anger ever led you to put on grudge-trades, trying to “make back” your money quickly after a loss? It’s obvious to see that emotions are detrimental to your wealth!
I took up golf seriously when I was 13. My dad had always been a scratch player,
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Trading with a systematic approach can have the same positive effects on your profitability that my pre-shot routine gave me in golf. Even if you take discretionary trades, going through a routine and focusing on the process will let you execute your trading plan much better than watching your account balance fluctuate and having your emotions flutter just as often. This might mean that each evening you do some research or screen for chart patterns. It might mean you read a stock newsletter,
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