Trading thought map awareness is very important! The quality of your trading decisions at any given time is highly dependent on your emotional state and the thought map you’re using at that time. Learn to become aware of your thought maps and gain control of them.
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If you are getting stressed out, your mind often starts ruminating on all kinds of unproductive thoughts. It’s important to quickly identify those situations are happening and realize that you shouldn’t be making trading decisions in that state.
When trader gets in that state, a mindfulness practice can clear their thinking. If you don’t have a mindfulness practice, create one!
When a trader becomes over confident and stops being consciously aware that the loss will come, he is forgetting that trading is a game of probabilities and luck. When this happens, you know you are in the wrong state to trade.
A trader who has won five or six times in a row will naturally think they will keep on winning. To combat this type of thinking, play out the trade in your mind as if it lost. Feel the feelings and think thoughts you’d think if you lose. Are you comfortable with the risk? Can you financially handle the loss? Can you mentally handle the loss?
If you have difficulty playing out the losing trade by telling yourself that it probably won’t happen, then you may be over confident in that trade. It may be time to take a step back and analyze why that is.
Overall, you have to maintain a realistic view of the profitability of your trading. You will win some and you will lose some. If you can’t accept the feelings of both outcomes, take a step back and evaluate your trading thought map awareness to figure it out!
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