First a quick reminder of what the ‘Blog Post Award’ is all about:
The idea is simple: Every time I find a blog post (new or old) that I think will add value for my readers, I will bookmark it and put it on my list to win the: Blog Post Award.
I will then write a post similar to this one explaining why I have decided on that particular post.
I will also link to the post from my blog post Award icon situated near the top of my side bar
For a full list of previous winners visit my ‘Blog Post Award ’ Page.
Now on to the main event; The winner of my ‘Blog Post Award’ :
From the Centre Court Trading blog.
Focus is one of the key skills that sports speculators have to work on.
I believe that in the above post the author of the Centre Court Trading blog gives one of the most fascinating and insightful accounts of why it is so pivotal to our success.
In the first part of the post he explains about how lack of focus on one particular occasion cost him dear, he then goes on to write the following, which I believe is some of the best advice on how to become involved with the markets only when you are completely focused:
“The question is, will I remain focused?
Over the past month I've come to realise that it is this aspect of trading that now stands in the way of my success. There has been a direct correlation between my better days and the amount of focus I've put in, over the past month. Whenever my head is not quite right, whether it be a wandering mind, tiredness, stress etc, I have generally put in worse performances by making more errors. Focusing well, as a technique, should not be underestimated. It is a skill in itself and one that every trader needs to work on.
During April, I realised that I could deal with any focus issues in a different way. Rather than it being a constant battle to stay 100% focused every single hour of every trading day, I decided to just accept I cannot always be at that level. So instead of ploughing on through the tough periods and inevitably making mistakes and getting frustrated, I now am able to feel when I'm starting to flag and just stop trading. That could mean missing whole matches or taking an hour off to do something different, a change of scenery or activity. It's worked wonders and I think generally, this is an attitude I've taken in all aspects of my trading, where I've just taken a step backwards, away from the trading bubble that is so easy to get trapped inside.
When you are a neurotic perfectionist like me, it's very hard to stop what you are doing because you are constantly striving to get everything as good as it can be. But with trading, you can never be 100% perfect all day, every day. Whilst I understand that, changing my personality to suit this methodology is almost impossible. So instead of this battle to change who I am, I decided to just accept those flaws but learn how to manage them properly. Whenever I start to get obsessive over small losses, or frustrated over a tiny error or if I get a sudden urge to be creative or get some exercise, I don't fight against it - I stop trading and do whatever I need to do to get it out of my system. Sounds like a simple thing to do but trust me, when you are full-time and the pressure of making money is on, it's hard to miss out games where you could have made profit. But you have to remember, you can also lose on those games too!”
I believe that the advice above is universal in its application, so can be just as easily implemented for trading or gambling on any market.
I hope you have enjoyed this post.