EMOTION FREE TRADING
The very first trading book I read was before I traded. A professional trader friend of mine gave me the book emotion free trading by Larry Levin a successful trader. This was after he spoke to me at length about not over leveraging, stop losses, trailing stops and many terms I had no clue about. Anyway such was my hunger I got into the book. As I read it I didn't understand some of the terms the author spoke of. All I wanted to do was place trades and see if I could actually make money.
I then met other retail traders who laughed me to scorn when I told them what I was reading. They all scolded me and told me to come up with strategies and not nonsense. I was baffled, however I didn't tell them who I had met and who told me to read the book. I then met other traders who I had given some funds to trade as they showed me their results. What ensued was something I will never forget and I thank God I experienced this. I watched as money was made and then lost. I noticed how my account managers emotions changed in a split second. He went from patience to place a trade to completely erratic once the trade was placed and money was on the line.
At this point I had no strategy besides trendlines and support and resistance. Although I had never placed a trade in my life I saw what I read in the book manifest before my eyes. When I traded myself I found it too easy, so quickly I went live but then began to lose. I researched as to what was different. Besides spread I realized it was mainly my emotions. Over time I've realized emotion free trading is paramount in being a successful trader. As I say all strategies work but you following the rules without emotions will determine your profitability. This topic can go on forever. The truth is try your level best to stick to your rules control your emotions control your money and win.