Today in my trading I was reminded of a valuable lesson and it was by one of the traders in my room. I sometimes get ahead of myself when entering trades because of anticipation. One of the first things I was taught as a trader is not to act before you get your entry signal. Today, I was entering trades based on what I “felt” was going to happen rather than a signal given. Then one of the traders in the room asked me why did you enter there, because there was no signal?
I realized he was right and that I made a bad trade, now the idea I had was right but the timing was wrong because I had acted in anticipation. Instead of practicing patience and discipline by waiting for the signal. So the trade worked out in my favor but my profits were reduced because of this trading error.
That is why it is a positive experience in the room because I had someone to help me remember the basics. The thing is I am supposed to be the one teaching them but the truth is that as people it is great to be a part of a team. The traders that participate in the trading room are part of the Winners Edge Trading Team and I am thankful for each one of them. I am a better trader because I am part of the team. I only have one pair of eyes and if I am watching a pair intently I might miss trades happening on another pair. That is where team work is valuable indeed.
Now, I know that I must own my trades and be responsible for each trade I make but isn’t it great to have someone there with you to encourage you as well as give you advice when you need it? I know that it if a trader does not learn to trade and only follows others than that trader will struggle because there is not true learning. However I know that I learn by doing and by having others show me at the same time. I was fortunate because I had some excellent traders teach me to trade and even though I went through a long process of learning it was valuable to be shown and taught from the experience of others.
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