Saturday, March 12, 2011

3 Common Psychological Mistakes E-Mini Traders Commit

Trading e-mini contracts is as much a test of emotional control as opposed to intellectual acuity. One of the most difficult concepts to convey to new traders is the level of importance that psychology and emotional control play in profitable trading. It's not enough to know all the good trading setups; good traders are in complete control of their emotions throughout the course of a trading day. Make no mistake about it, a busy day in the markets provides a roller coaster of emotions for every trader to negotiate.

In no particular order, 3 common psychological errors traders commit are:

1. Make sure you focus entirely on how much you have made or lost. One of the strongest recommendations I could make to traders is to consider only how many points they have earned / lost it during the trading day. Forget about trading in terms of dollars and cents. When traders find themselves having that a good day or a terrible day it has an effect on how they trade. The ability to maintain a consistent trading style and trade selection is essential, regardless of where you stand in terms of gains and losses.


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