A lot of new traders think the world of trading is exciting and full of endless money and vacations. Reality is, it’s pretty much the opposite. Unfortunately the videos and social media of “traders” showing exotic cars, mansions and piles of cash are ultimately just people trying to sell you the dream, and probably a course.
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Trading Is The Opposite of Exciting
You sit in front of a computer, watching numbers and graphs on a screen. Waiting for the right opportunity, which may or may not work out. For hours on end. And then you do it the next day. That sums up the job? Interested? You are hired.
The thing is, you can make it exciting. Start over trading, trying to jump on every trend. Take a small loss, revenge trade with bigger sizes. Hit a big winner, feel the adrenaline rush. Then repeat.
To develop a career as a trader we actually need to eliminate the excitement that is easily created. Trading should not be a thrill seeking hobby. If you want an adrenalin rush try sky diving or race car driving . Trading must solely be a means to making money. It’s not a hobby, but it is something you can work on, and get better at. If there is any thrill to be had it should be in seeing self improvement.
I realized that scalping can help in a variety of ways to take the excitement out of trading. At least the gambling adrenaline rush type of excitement.
Scalping To Remove Excitement
Firstly, we trade several times per day and hundreds per month. This will help to desensitize us from the individual trades. Repetition should help you overcome excitement – the more we trade the less of a thrill each trade should be. The first time you jump out of a plane will be the most exciting. Do it enough times and it’s still fun, but nothing matches the initial rush.
This is similar to professional athletes who practice for thousands of hours to both improve their skills and to take the excitement out of the key moments. A basketball player who shoots endless free throws, builds muscle memory so whether it’s the first quarter or the winning shot, it doesn’t matter.
So trading hundreds of times a week should help to take the excitement out of trading and build the mental muscle memory.
You Get Used To Taking Lots of Small Losses
Second, as scalpers we are only trading for a couple of ticks per trade so perhaps $30 to $90 for the treasuries per contract. A bad trade will usually either be scratched or lose a tick or maybe two. So we don’t have thousands of dollars or even hundreds riding on each decision. For some traders, a couple of losing trades can lose them thousands of dollars – for scalpers we might lose $60 in the same situation. Again this should help to take the adrenalin and anxiety out of our trading. We are right, or we are right out of the trade.
I focused more on the scalping nature, but regardless of what style of trading you do, trading shouldn’t be exciting. If you get a huge rush of out each trade, it might come back to burn you in the long term. Remember, trading is your way to generate profits and income. Work on your trade, master it and get excitement out of that. Not out of the individual trades.
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Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Hypothetical Performance Disclosure:
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
You can read more here: Risk Disclosure
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