The Flexible Traders
The successful trader is adaptable. When it comes to carrying out a trade, flexible traders are unconcerned. They don’t second-guess their plan of action. They conduct their research, create a sound trading strategy, and when the right opportunity arises, they act without restraint. They do not challenge it. They don’t experience any self-criticism. Just like they do. They grab their winnings and go if the trade is profitable. In fact, even when they lose, they continue to trade.
They are aware that the ability to execute trade after trade with assurance and adaptability is essential for successful trading. The greater your degree of adaptability, the higher your chances of achieving and sustaining profitability.
A trader’s flexibility is influenced by both situational and personality factors. Although it can be challenging in some situations, cultivating an attitude of carelessness is important. For instance, you will never feel at rest if you are undercapitalized and have good reasons to worry losing the money you are trading. You’ll instinctively understand that you can’t afford to lose. You must trade with funds you can afford to lose and practise sound risk management. You may feel comfortable that everything will be okay in the long run if you know that you have very little to lose on any given deal and that, in the worst-case situation, you can still make a profit.
Then, you can develop the carefree outlook that serves as the cornerstone of a flexible trading strategy.
Nevertheless, some people have personalities that are rigid and unbending. It has many roots in experiences from early in life. Parents may have been harsh critics who instilled in their children the idea that making a mistake would have catastrophic consequences. Even as adults, some people second-guess every choice in order to avoid the terrifying consequences of making the wrong choice. When it comes to trading, there isn’t much you can do most of the time; sure, it’s important to take measures in life, like making sure you keep an eye on your speed when driving to avoid receiving a ticket or getting into an accident.
Unfavorable events like earnings reports, interest rate increases, or significant national events are certainly something you should prepare for, but most of the time, the markets are unexpected. You must accept the offers made by the marketplace. You are unable to control the marketplace. You need to be more carefree in your attitude. It is hard to take into account every element that could work against a deal. It’s essential to merely do your best effort, engage in the trade, and see the results. The rigid trader, however, finds it difficult to accomplish that. Unyielding traders believe they have total control over their future.