Impulse Trades and the BEAST, Part 2
This is the second part of a two part post. If you have not read the first part Impulse Trades and the BEAST I would advise you to read it now before proceeding.
Based on the thoughtful comment to by a member of the Trade 2 Win forum called 'nine", here are more ways to defeat the BEAST and thus reduce Impulse Trades.
For many traders the BEAST tends to show up right after a losing trade. If you recognize this pattern in your own trading, then after each losing trade physically do something to make it impossible to make the Impulse Trade. Like actually change your trading platform to a mode where it is impossible to enter a trade. Or get up & leave the room where your trading computer is. Or set a timer after the completion of each trade & add to your trading plan that no trades will be made until so many minutes have elapsed from end of the previous trade.
Get in the habit of noting each component piece of your setup as it occurs in real time. This could be done by saying it aloud, writing it down on a piece of paper, or typing it on the charts on your computer screen. The basic idea is that you do not enter a trade until all the correct parts of your setup have been noted. This helps keep the mind in planning mode which tends to crowd out the BEAST.
Concentrate on developing a mindset of calm alert focus at all times when you are trading. As you do this, try to notice when you are in this mindset, and when you are not. This is not a quick fix. It will take time develop. The goal is to be able to enter this mindset most of the time when you are trading, and to able to recognize when you are just not in the mindset of calm alert focus. When you are not in this mindset, you should not be trading. That's when it's likely the BEAST may be paying you a visit.

Based on the thoughtful comment to by a member of the Trade 2 Win forum called 'nine", here are more ways to defeat the BEAST and thus reduce Impulse Trades.
For many traders the BEAST tends to show up right after a losing trade. If you recognize this pattern in your own trading, then after each losing trade physically do something to make it impossible to make the Impulse Trade. Like actually change your trading platform to a mode where it is impossible to enter a trade. Or get up & leave the room where your trading computer is. Or set a timer after the completion of each trade & add to your trading plan that no trades will be made until so many minutes have elapsed from end of the previous trade.
Get in the habit of noting each component piece of your setup as it occurs in real time. This could be done by saying it aloud, writing it down on a piece of paper, or typing it on the charts on your computer screen. The basic idea is that you do not enter a trade until all the correct parts of your setup have been noted. This helps keep the mind in planning mode which tends to crowd out the BEAST.
Concentrate on developing a mindset of calm alert focus at all times when you are trading. As you do this, try to notice when you are in this mindset, and when you are not. This is not a quick fix. It will take time develop. The goal is to be able to enter this mindset most of the time when you are trading, and to able to recognize when you are just not in the mindset of calm alert focus. When you are not in this mindset, you should not be trading. That's when it's likely the BEAST may be paying you a visit.






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