Monthly Archives: July 2019

It’s How You Choose To React That Makes All The Difference

 

I love it when we can start off a session with a nice winner.

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

It would be nice to always start off a session with a winner.

But that's not how this works. You WILL start off some days with a losing trade.

And it's how you choose to react that makes all the difference.

You have two primary options:

1. You can take the negative path. The path where you are not in control. The victim mindset where you personalise the loss and make it all about you. "Here we go again. I'm such a loser."

2. You can take the positive path. The path where you remain in control. The mindset where you take the loss as information and use it to drive yourself to higher levels of performance.

The first will increase the likelihood of poor decision making in the next trade sequence.

The second will heighten your level of focus and increase the likelihood of quality decisions and actions.

You do have a choice. And while your subconscious reaction will at times tip you towards a negative outcome, this is a skill which can be developed and improved over time.

Yes, how you react to a setback IS a skill. And you can improve it.

I want to share with you today one technique that I have found useful in shifting my reaction away from the negative and more towards the positive.

It's an initial and immediate conscious recognition of respect for my opponent (the market).

A little smile, a nod, a tip of my hat.

It takes the focus off me. And onto the market.

In a sporting context, it's a bit like pitching a ball to a much younger kid, who not only connects with it but smashes it out of the park. You're not getting down on yourself. Instead, there's a smile. And a nod of the head. And a "Damn! This kid's got some skills!". There is sudden, increased respect. And motivation to get yourself back into the game with increased focus and awareness.

In a market context, you've just taken a loss. Get the focus off yourself and onto the market, through a conscious recognition of respect for your opponent.

Smile. Nod your head. "Damn! Nicely done. I'll give you that one!".

And then focus. There are more trades coming and they need your full attention.

Give it a try.

<image: It's how you choose to react that makes all the difference>

<image: It's how you choose to react that makes all the difference>

Happy trading,

Lance Beggs

 


 

Choose YOUR Playing Field

 

One of the most obvious changes in my own trading over the last decade is a willingness to take fewer trades.

It used to be that if there was a price swing… I wanted to trade it.

On the plus side this meant that I was there for everything that did move to good profits. But it also meant that I had to suffer through many sequences where the market went nowhere and the best I could hope for was to grind out a breakeven result.

Now, I'm quite content to let the market play without me. If I miss opportunity, so be it.

I don't need to trade everything that moves.

Instead, I aim to stick to the easier sequences. The times in the market that typically have greater range. And the places within the structure that are more likely to offer favourable conditions.

I choose MY playing field. And I play MY game. What the market does outside of this game, is of no concern at all.

Let's start by looking at a Higher Timeframe chart to get some context:

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

<image: Choose YOUR playing field>

You don't have to trade every price sequence.

Choose YOUR playing field.

And make sure you're playing YOUR game, not the markets.

Happy trading,

Lance Beggs