Investing | Stocks

It was a soothing lunch today as well as the chat was easy. A classic work colleague makes having a break and catching up for coffee a thrilling time.

The news of family and swapping stories about grandchildren hold our interest. He always gives updates on his son who’s a ‘bit of the trader’ as his dad calls him, and lives in Ireland.

‘He want to invest a bit more regularity but finds that point is his biggest enemy’ says his Dad.

After hearing a little more of the story, I might challenge that period is indeed the greatest enemy to him as being a successful trader. It could be that it’s his biggest excuse, masking what is really going on. Time was a huge issue, although not in how he initially indicated.

Digging down a bit further to the story, it appeared that the thing that was happening was this. Someone had told him that Gold was the thing to stay, but he didn’t wish to be bothered with the hassle that matches owning Gold.

So, he decided that buying GLD shares was the next best thing.

He purchased a fairly substantial holding of GLD shares and made a decision to just ‘let it be’. He’d monitor that which was taking place every so often and make decisions on when you should sell as the market ‘played it’s game’.

He kept checking on the market with an irregular basis because he said however. However, this irregular basis was at irregular points during the day. Daily industry was open he would find himself distracted from his work and checking to see what GLD was as much as. Sometimes around 10 times a day depending on what the market was doing.

Not merely was the time spent an issue, it was also playing havoc with his stress levels. The questions went something such as this: ‘Is GLD planning to rollover? Can i take into consideration selling whether or not this goes any further down? Should I sell whether or not this goes any more up?’

He decided which he was ‘spending a lot of time’ monitoring his stocks, he made a decision to offer everything rather than to be a trader.

So, that which was really taking place?

There are a number of conditions that he required to address prior to entering the markets and as a trader of any description.

Can you relate with this?

1. Did you start out as a trader by permitting in a stock, option, futures, forex or any trading instrument prior to deciding to had done all your research and exercise and before you decide to were really ready?
2. Were you emotionally capable of handle what are the results in the markets?
3. Did you’ve got a plan before you decide to went into the trade – knowing your entry and exit and the way you’ll manage your risk?
4. Have you done some ‘work’ on yourself to learn about any underlying beliefs that may be holding you back. The beliefs you have about yourself, money and trading?

So, if you can find lessons here, what is it?

Before entering any trade, get educated, use a plan and know yourself and keep improving on all of these, all of the time.

Simple? You answer any particular one!

Karen Oates can be a seasoned options trader and mindset coach who excels at helping traders understand themselves and also the stock trading game by using a ‘keep it simple’ trading plan and the mind tools of success through mastery of mindset, focus, behaviors, beliefs and strategies.

Karen is certified as a:
Master NLP Practitioner
Master Results Coach
Performance Consultant
Devoted to Advanced Subconscious Reprogramming and Master Hypnosis