 01/12/2021 Don't Force a Trade ✔️ The emotions you need to keep in check while trading... ✔️ Warning: Find out how just one bad trade could bankrupt you...  In 2015, I wrote an article for HuffPost about not forcing trades.
It's been over five years since I wrote that article. But when I stumbled across it the other day, I realized the topic is just as relevant today as the day I wrote it.
Trading doesn't change that much year after year. The stocks and the stories change, but the trader's struggle stays the same.
I want you to understand something important. A trader needs to have the ability to wait for the right setup and not force a trade when it's not there. Sponsored Ad  If you're tired of grinding your life away…
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Wait for the Best Opportunities
A lot of trading 'gurus' on social media love to make trading look glamorous and exciting. But the best traders I know are boring.
You see, the best trades are few and far between. Even in a hot market like we're in right now, the prime opportunities don't always arrive every day.
If you're going to become a self-sufficient trader, you need to learn patience. Don't try to trade every stock you see.
If you're always chasing after every stock, you could end up missing the setup that's right in front of you. Remember that you don't have to trade every day.
Last year I took in more than $3 million in trading profits.* I didn't trade every day. I was very selective and only traded the best setups.
Don't get caught up in the hype or compare yourself to others. Focus on what's working and ignore the rest. Keep Your Emotions in Check
Impatience is the enemy of a trader.
You probably feel the need to trade sometimes. It's natural. The desire is OK, but you can't act on it.
You can't control the emotions you feel or the thoughts that come into your head. But you can control the actions you take.
Learn to recognize the emotions that come up as your trading. Then train yourself to move past the emotions without acting on them.
If you make an impulsive decision, you might force a trade. You might do something you later regret … or you might be tempted to recoup the loss with another forced trade.
This cycle can end with devastating results. I've seen traders lose their entire accounts forcing trade after trade just trying to get back to even.
So the next time you make a mistake, don't worry about trying to get back to 'even.'
Every trade — profit, loss, or breakeven — stands on its own. Even the best setups can end up as a loss. You need to separate yourself from the end result.
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Being a trader doesn't mean you need to make a lot of trades. Often, the opposite is true.
I've learned something important during my 20+ years as a trader. You can't compare yourself to others.
Don't get mad when your account is down but the Dow Jones is up. And never compare your daily profit or loss to people on Twitter.
Focus on what you can control. That means your individual trades. You can control the buy and sell order — that's it.
When you get distracted by the market or other people's profits it can put you off your game. You might be tempted to take another trade to keep up.
Resist the temptation.
Just trade what you're good at. Most traders have only one or two setups that they get really good at trading. They get good at cutting the losses on the losers and letting the winners run when trades work.
You don't need to trade every day or constantly change the setups you're trading either.
Focus on the best setups and only trade when you can't find a reason not to. Before I trade, I always ask myself key questions...
Does this fit my plan? Am I getting the right risk to reward? What could happen to make this trade go against me?
It's the trades that I can't find a reason not to trade that tend to perform the best. But those are few and far between. The Mark of a Consistent Trader
The number-one trait a trader should develop is discipline.
You need to have the discipline to wait for the best setups, to cut your losers short, and let your winners run.
It's tempting to hold onto a losing trade, hoping it comes back. And it's easy to take profits too early.
Cutting a loser hurts, and locking profits feels rewarding. But having the discipline to make the right decision at the right time can serve traders well.
If you have the discipline, you can find consistency. But you'll never find consistency chasing every hot play.
Focus on one or two setups at first. Trade them consistently. Cut the losers and let the winners run.
It might feel unnatural at first. But in the long run, the traders who become self-sufficient are the most disciplined.
Becoming consistent at any one trading setup takes time. So the sooner you buckle down and work on only one trading setup, the better. Sponsored Ad  Tim Sykes has spent years of his life learning the ins and outs of trading penny stocks. Now he spends his time teaching others how to trade in a chaotic market. Most people ignore penny stocks because they think they're all scams. And… most of them are. But... If you see the con coming, you can learn how to prepare. Find out what's possible with the right mentor on your side. Apply for the Trading Challenge now... It's Your Journey
Forcing trades can lead to errors. So don't do it.
Instead, practice trading one setup. Get good at one thing at a time and develop consistency.
Don't get distracted by what could've been. Know the parameters of your setup and focus on those exclusively.
It takes time to get consistent — becoming a self-sufficient trader isn't an overnight process.
Each trader must take the journey for themselves. No one can do it for you. Learn to keep your emotions in check. Wait for the best setups, and only trade when you can't find a reason not to.
The highest quality trades are few and far between. Wait for them. The highest quantity of trades rarely leads to the best results.
Get consistency first and let the rest sort itself out. Don't force trades that aren't there.
Wait for it,
Paul Scolardi Editor, Swing Trade Millionaires P.S. 2020 was rough… but it's over now. And it's time to focus on yourself in the new year. So instead of going it alone in the stock market… You need a mentor. If you want to see the difference a good mentor can make in your trading journey, then you can click here to see more.
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