What You Can Control
I am on hols in Sydney, taking the opportunity to catch with friends. Yesterday, I had lunch with ‘Mark’, a professional trader and fellow educator. He expressed his frustration with a barrier to success – a barrier with which novice traders have much difficulty. From his viewpoint, he couldn’t see why the behavioural change he seeks is so difficult.
What’s the barrier? See if you can spot it.
John, a coachee, is short the EURUSD. I asked him how he was going to manage his trade, given the US-China ’90-day tariff truce’. Below is his reply.
His reply starkly sets out what Mark was talking about. Do you see it?
Notice John focuses on what the pair is likely to do BUT is silent on his behavioural response. What I wanted from John was when he’d exit his short position. But, nowhere in his analysis does he tell us this. Instead, he focuses only on how much the pair is likely to gap up.
My question would be:
“If the EURUSD, gaps up 50-pips, what are you going to do? How will you respond?
That’s the key: our behavioural response. It’s the only thing over which we have control. And, in the context of this trade, the most important factor is what has to happen for John to exit the trade.
What about you? In your trading, are you focusing on your behaviour or on something over which you have no control?
The post What You Can Control appeared first on Ray Barros’ Blog for Trading Success.
Source: http://www.tradingsuccess.com/blog/what-you-can-control-6451.html
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