When you should feel THRILL as a traderThrill is a dangerous emotion to have as a trader.
Especially, when you bank a winning trade, when you lock in profits during a favourable environment and when you count your profits at the end of the week.
You are only as good as your last trade. Which means, you need to forget about the past and focus on the future.
However, this doesn't mean you can't enjoy the journey during the trading day.
I've been in the markets since 2003 and yes I do get thrill and enjoyment but NOT when I bank a winning trade.
Here are 6 elements I get thrill from...
1. When analysing the markets and seeing what opportunities lie up.
2. When optimising strategies and seeing how to improve by finding new markets, removing old markets that don't work and possibly tweaking the system according to the current market environment.
3. Searching for trades always feels like somewhat a treasure hunt. When X marks the spot, we know to take action.
4. Monitoring results. This isn't monitoring daily or weekly results but rather looking at your journal over an extended period of time. Look at your drawdowns, look at where you are in terms of having your portfolio at ATH and seeing what market environment your system is in.
5 Adapting new markets and instruments...There are always new high liquid and low volatile markets that will suit your system. It's our jobs to look, analyse and adapt into the new.
6. Reading new developments. Are there better trading platforms, new indicators to help with your current system and maybe even new calculations to manage your drawdowns better? What about the instruments. I've gone from trading shares, warrants, ETFs, Futures, Spread Trading to CFDs. You never know when the next instrument will come...
I hope this helps give some enlightenment on when you should feel thrill as a trader. Cut the ego, cut the instant gratification of today's performance and focus on the marathon.
Follow for more daily trading lessons :)
Trade well, live free...
Timon
