This series is taking a look at how some of our top traders set up their day for trading. So without further ado let’s see how forum favourite and serial horse racing profiteer John Folan readies himself for a big day of trading.
John how do you prepare to trade the horses?
So here we are the final part of our advice into cash series! I want to talk about an area of trading that is rarely commented on but I feel is a huge part of mentality training and that is our confidence levels.
Confidence in relation to trading is simply a scale of belief in what we are doing and the faith we have that it will or will not have the desired results that we want.
Part 6 – Not Following Advice Correctly
One of the most common mistakes I see traders make is not following the advice they have been given correctly and then losing money as a result.
Pressure, pressure, pressure, pressure… it is pretty inescapable. As a result, it is well documented that stress levels in everyday life have been on the rise for many years. Whether the pressure comes from home life, work life, or our own heads it exists and can be seriously stressful to deal with. At times, the relaxed care free life that some of us dream of (including myself) can seem a million miles away.
Let me define the two distinct types of pressure:
What is the greatest gift anybody can give anybody? I would argue it is their time. Time is so precious as we have such a limited supply of it and it will eventually run out. Watch the film ‘In time’ if you disagree with this. Our clock is ticking!
Part 2 When and when not to trade out: (read part 1 here if you have not already!)
OK I could write a book on this subject. This will probably be it’s own series of blog posts in the future but for now I will do a single post.
Converting advice and good trading tips into real cash
Part 1 – 10 Tips to learn trading Patience
A lot has changed in the past 25 years, as technology has kept moving forward at a rapid rate information and knowledge is widely available instantly just through a quick ‘Google’ search. Our media is easily accessible through on demand TV, no longer do we need to tape anything to watch later.
If there is one truth in the trading community it is this, people who are given the same info and help will still get wildly different results in their trading.
We see it on a daily basis on BTC, Twitter and betting sites.
For Pro's it is easy to forget why this happens and sometimes hard to understand how two people who are given the exact same advice can have opposite outcomes. However, it is important to remind ourselves how easy the common mistakes are to make!