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If you take the time and energy to map out a trading plan and then find that you are having great difficulty sticking to the plan when it comes time to execute it, you are probably having issues with self control. Everyone experiences some level of difficulty developing their self control. The nature of trading is risky. There are opportunities that are all over the place. There are also pitfalls all over the place. Finding out where each lies is what makes a great trader. Of course, our own enthusiasm or our desire to do the most absolute right thing can often drag us away from our original plan. Ditching a well conceived plan can often make things even less stable in the unstable market. After all, you are trying to impose your own sense of order into a chaotic event in order to understand it well enough to successfully participate in it. Of course there are occasions when a new development cause for immediate action, which is quite different from impulsive action. Immediate action can still be thought through, even if it is only for a few brief seconds with a great deal of intuitive under current. Impulsive decisions are made from the gut or heart and have no foundation of thought to back them up. To help minimize potential for loss, it is important that you focus on your decision making process. There have been numerous studies performed on the notion of self control, and the findings are rather shocking. Our self control can be drained, especially when it is exercised with great determination in one of life's arenas. For instance, if you are dieting or becoming financially disciplined, your self control might be a bit zapped by the time you are in the middle of your trading day. The psyche requires a little rest in between heavy bouts of self control. Since trading can be nothing more than an exercise in self control some days, the results of this notion can manifest itself in one of two ways. If you are able to maintain a heavy dose of self control throughout your trading day, you may find that you are lacking self control in other areas of your life. Maybe you keep blowing your diet, are suddenly taking larger risks outside of trading like driving way too fast, or perhaps you find yourself getting angrier at small infractions much more easily these days and you are yelling more often. This would indicate that you drained your "self control bank account" during your trading day and you need a restful blow off period in between the end of your trading day and coming back together with your family. Adversely, perhaps you were exercising control during your trading days and then decided to diet or have quit smoking or are experiencing other forms of self control. All of a sudden you realize that you are taking greater risks during your trading day and the self control factor is rapidly dwindling right along with your account balance. Either manifestation is challenging but you still own the power to relieve the situation. You can take breaks at the end of the day before you embark on situations that require a different source of self control. Likewise, schedule a quick jog in the morning or find some meditative peace before your trading day begins. Learn to recognize the warning signs that you give off before your self control starts to plummet. Of course, you will have better days and worse days, but being aware is usually the first and even the biggest step toward personal fulfillment and controlled financial gain.
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