Keep the plan realistic
When you’re creating your plan, it is far better to have a goal of ‘following your rules for entries, exits and positions size rather than have a goal to make $100,000 for the year. Goals over which you have no control can create anxiety, which in turn can create a whole lot of other negative psychological aspects. Take it easy, especially in the first year which is all about education and pulling your trading plan together. The same goes for perfectionist tendencies – they can have a negative impact on your state of mind. They will create a lot of pressure to be ‘always right’.
Get some distance
In a difficult scenario you will find it helpful to stand up and move away from the screen. You can generally get a clearer focus on what you need to do if you put some distance between you and the situation.
Increase your risk exposure gradually
Pressure on your trading outcomes increases with risk so increasing your exposure is easier to cope with if it is gradual rather than a great one-off increase which may make you feel very anxious.
Practice your trading attitudes
By consciously repeating a string of though commands and then applying them in real situations you will teach yourself the right responses. Practise different approaches for difference
By identifying yourself as a ‘successful trader’ your self confidence and self esteem can sometimes take a battering when there are a string of losses, especially when you are just starting out. Make sure trading isn’t the only thing you enjoy in life.
Make the most of a coach when you are ready for one
Some traders may benefit from the services of a trading coach. If you find yourself a trading coach, be ready to learn and make the most of your coach’s services. Prepare ahead of time and be prepared to take some constructive criticism – be ready to hear about your weaknesses and ways to overcome them. Be mindful that sometimes information comes to us ‘too early’ and we don’t recognise the value of it at the time.