Occupy your mind so your body can carry out your Trading Plan

...cont'd from yesterday...

The most effective method I use currently to prevent my mind from talking me into a bad trade and to prevent my mind from talking me out of a good trade is to keep my mind busy with other things in between glances at intraday charts.

While in a profitable trade where I want to let the winning trade grow, I listen to vocabulary building audios. Each segment of the audio is perfect for the time interval in between bars on the intraday chart I currently use for intraday trading. When a bar is almost finished, I glance at the chart to see if I need to move my Trailing Stop.

In addition to listening to these audios while waiting for the intraday chart to give me a signal to move my Trailing Stop exit, I also listen to them while waiting for the chart to give me the next Entry Signal when I don’t yet have an open position. This keeps my mind occupied so that my body can follow the Trading Plan that my mind previously created.

Also, on the occasions that I glance at the intraday chart, I have a script prepared and use the same routine every time. Before I look at the chart, I condition myself with the Affirmation that “If I see the authorized setup, I take it. If I see that the authorized setup is absent, I stay back”. Then I glance at the chart and say “Is this an authorized setup?” If yes, I enter an order. If not, I stay back.

Hope this week’s blog helped.

...back next week...

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Copyright 2008 Raymond T. Lee. All rights reserved.
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