My FTSE 100 forecast service reported a stellar performance last week, in fact we had one of our best weeks on record. Traders following my calls would have banked a cool 240 points profit on the FTSE 100 in three trades alone. Our forecast offered one swing trade and 2 intraday trades. In addition I sent notification to my members to close a call option position yesterday for an additional 29 points profit.
It’s good to know that when I do well my members make money but there is a small minority of people who struggle to follow my calls and fail to bank those winning profits. Even when I make some great calls like I did last week, some still manage to lose money because they didn’t have the discipline to follow my trades by the book. They enter late or close early or do their own trades in addition to mine. This type of emotional trading triumphs over discipline and inevitably will lead to erratic trading and losses. It’s a vicious circle and common problem among traders, unless they address this issue they will continue down the same path oblivious to why they continue to lose money and laying blame on everyone except themselves.
There is another type of trader who also lacks discipline, this one trades with fear. The “fear trader” is fearful to press the buy or sell button. The inescapable result is that they will miss the big moves and profits that come with them. An example I can tell you about happened recently right at the bottom of the decline, I went long the FTSE 100 March at 6370, I informed my members to ‘make the trade’ and we made a tidy 170 points. So naturally I was saddened when I later received the following email from one of my members who was privy to this trade:“I am sorry to say that your system is really not for me. Please be good enough to cancel my subscription”. I suspect this person did not profit because he was fearful to press the buy button. It’s not the system that is not for them; trading is not for them.
If you don’t have the discipline to trade your system, or someone else’s system, it’s not going to work. It is often the impulse to trade from within that will invariably lead to a lack of discipline and patience. Traders should always pay close attention to their motivation and reasons to trade and detach these emotions from their trading decisions.
Following my trades by the book will help you to overcome your fear of hitting the button. Just simply follow my calls and trade my forecasts. By doing this and not what you think or feel you will be on your way to managing your discipline and patience then subsequently overcoming your fear and doubts. This will inevitably lead to success in trading. After all who wouldn’t want to bank 240 points profit in only one trading week?
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