“When All Else Fails – Go By The Rules!”
The worst thing a trader can do. Is to make the same mistakes over and over again. And the worst part about it. Is more often than not, the trader doesn’t even realize it right in the heart of the price action.
Because either Fear. Or Greed. But mostly the frustration of sitting and waiting for the ‘setup’ to occur. A lot of traders will easily get worn down sitting and starring at the charts for hours upon hours. Causing them to hop in a trade because they are sick and tired of waiting for their setup to happen.
So in turn they continue to get into trades that right away go BAD on them. Then and only then do they realize they failed to wait for the ideal setup. Quickly after getting in they see that they made a mistake. But because most traders never want to close a trade in a small loss.
“Never Hold Onto A Losing Trade Because Your Ego Tells You To!”
They continue to hold onto the losing trade because their ego will be offended to close the losing trade they made a mistake with. When right as soon as they realize they made a mistake. They should have just closed the trade.
Resulting in trying to learn from their mistakes. This is why all traders need to write down specific rules of how they made trading mistakes from the past. And keep it close to them like on their trading desk so they don’t keep making the same mistakes over and over again.
So we must abide by:
“When All Else Fails – Go By The Rules!”
Those 8 little words are very powerful words that can save a trader from being a failure over and over again. In fact, my old grain Futures broker [Tim Hannagan Chicago IL may he rest in peace] used to tell me over and over:
“Jason!? When All Else Fails – Go By The Rules!”
So since then I have written up 3 of my most important rules to go by. So that I don’t end up making the same mistakes over and over again. And trust me it works to have these rules starring me right in the face as I look over my trading monitor screens… And it will work for you, too…
Go ahead and take my word on this. You will see how effective these rules can be when you apply them to your daily trading activities…
Good Luck And Good Trading…
Jason Sweezey
