All traders go through a phase in their trading life where they just seem to be stuck. You can’t get out. You feel as though something is holding you back, but can’t pinpoint exactly what it is.
Lindsay Hall of Trading views asks this question, and attempts to answer it at the same time…
“Have you ever been stuck in a rut with trading? You’re trying to progress, but you just feel like no matter what you try you’re not getting anywhere. This is not a fun place for any trader to be and it is definitely not good for your mental well being. If you feel like this is a position that you are in currently, don’t blame yourself. In case you haven’t noticed, our markets haven’t been all that directional lately and it can be difficult for traders who try to hold for duration to achieve their goals.”
So really, being “stuck in a rut” can have consequences which can kill an individual as trader. It is the primary reason why over 95% of traders fail. You’ve exhausted all your avenues, you’ve lost a lot of money, and everything looks, well rather bleak.
Lindsay mentions some things to consider:
1. What is the current market condition?
2. What is your trade style?
3. Taking a break/vacation
4. Review your Trade Journal
5. Back to basics
Some traders who have a tough mentality can use this sticky patch to their advantage, becoming more focused and more determined and more disciplined. But as I mentioned above, the majority fall at this hurdle. And what a hurdle. But once you’ve passed it, it makes you, not only a stronger trader, but a stronger individual at the same time. You’ve heard it plenty of times, but controlling emotions is key to becoming a successful trader – it can’t be stressed enough.
Lindsay continues, “Sometimes after banging your head against a wall over and over again with no beneficial result and no change in the market or your trades, you might just need to step away from the mouse for a little while.”
This is a very good point. But again, another problem is that many traders are addicted to trading. They just sit all day/night on their chair. There really has to be a step back if you’re such a person. Even if you’re successful at trading, everyone needs to take a break from time to time.
To continue reading the entire article, visit the link below:
http://tradingviews.com/b/articles/archive/2010/06/23/getting-yourself-out-of-a-rut.aspx
