3 reasons why you take poor odds trades
Take poor odds trades?
It's not as simple as
Boredom
FOMO
But what if?
3 reasons why
One
You define yourself as a trader. And as a trader, unconsciously, you tell yourself if you're not trading, you're not "working" (Comes from a sense of guilt)
Solution:
Redefine yourself as a professional bettor. Your job is to come up with the best wagers.
Two
Hooks that wiggle catch the attention of fish, enticing them to bite. You are not thinking about the game and how "they" lure you into doing what they want
Solution:
Remember its a game of you versus them. Are you going to let them beat you by simply wiggling the hook?
Three (i)
Your process is incomplete
Experienced traders have learned to lean on their process to stop them taking poor odds trades
Three (ii)
No playbook
You don't have trades that qualify as playbook trades - trades which have real edge.
Solution:
If you are lacking 3(i) and 3(ii) the safest fastest way is to work with an experienced trader who has them. Because you can't develop them from a book or video
Process Protects You example
In a 2 hour period from last trading session
Process protected account by identifying one playbook high-odds trade with real edge.
The other moves up would have caught you holding the bag due to sudden turn arounds on no volume.
Is it your time to:
Move on from tradiing pain, and
Move safely to trading pro?