Friday, September 19, 2008

Do You Have What It Takes?

(QQQQ)(DIA)(SPX)(SPY)(INDU)

5th in a series

Do You Have What It Takes?

I wanted to take a brief side bar this week and pose this question. I have had an opportunity to speak with quite a few traders. As many of you know, I coach and mentor a select group of traders for a 3 month period of time.

As I reflected over this past week's conversations, I began to notice that I was hearing the same comments over and over again.

"I have blown my account out before, or I am not sustaining my profits........" then followed up with the reason and circumstances that are behind each individual trader.

I pose the question, do you have what it takes to truly look at yourself and WHY you have made the trade? What choices and decisions have you made that have resulted in loss or poor trading results? What choices have you made that have resulted in profits and positive trading results?

I believe it is essential to explore mentally and emotionally what is happening before, during, and after your trades. I designed my teaching program to focus on the mind for a few weeks specifically to address this and be able to assist each trader in designing a trading program and high probability trades that are specific to each. The structure must be suitable for each trader requiring commitment to following their entries and exits whether under pressure or not..... each and every day.

If you find yourself NOT following your own rules and guidelines, it is critical that you explore and examine your thoughts and retrace the what , why , where, and when for each trade. I stress the importance again of journaling your trades for a reason. If you are not journaling, I believe you should not be trading. The journal is a road map to your success, or the journal can be a road map to the discovery of the areas that need to be adjusted and refined for success.

If you have any thoughts or feedback please feel free to email me doug@excglobal.com.

I look forward to hearing from each one of you.

Best of Success!

Douglas Goeckel

No comments:

Post a Comment

Your comment will be posted within 1 hour of acceptance by our editorial staff.