When learning to trade it is easy to get seduced into making impulsive unplanned trades with no Trade Plan or trying to force the markets into giving you some profit when the market isn’t ready to give it to you. Plus, of course, there is the issue of FOMO (Fear Of Missing Out) and Revenge Trading or trading with so much open Risk that you are near to blowing up your trading account! On top of all that is the likelihood that you are not using a Stop Loss All the above can lead you to being in a losing position and starting to stress, worry, sweat, swear and ‘Hoping’ and ‘Praying’ that the market will turn around and get you back to a Break Even or better position.
When you are starting to Hope or Pray, that is a clear sign that you have messed up and that your trading is out of control and that you are not using a structured, risk controlled approach to trading the financial markets. If you can do the latter, you won’t need to Hope and Pray, because you will be only exposing yourself to a small risk % (maybe 1%) per trade and if so you should be mentally and emotionally prepared to lose that money if you get stopped out. The upside of approaching your trading in a structured, risk controlled way is that you should be able to sleep well every night, even with a few open trades.
When trading the Hard Right Edge it is a Traders Job to:
- Manage Uncertainty by having a structured, rule bound, planned approach.
- Protect your Trading Capital against undue Risk.
So if you find yourself experiencing some of the issues highlighted above, stop and think and if necessary close out your losing positions or at least place a Stop Loss at that point in time beyond a Technical level. Should you then wish to Hope and Pray then feel free to use the following:
If you would like to learn how to approach trading the financial markets in a more structured way, then go and enter your details on this page: Mentor and we will send you an example mentorship programme plus some scoping questions to establish where you are at and what your trading aspirations are, all without any obligation, and if then you wish to speak to us then that can easily be arranged.
Top Trading Tip: Traders who Hope & Pray about losing trades, are not in control of their trading actions. To Manage Uncertainty when trading the Hard Right Edge and to protect your Trading Capital, you need a structured, well planned, rule bound, risk controlled approach to your trading. Amen