Trade on your own convictions
Trading is like an individual sport. This is not your football team scenario where you are working together with others to get the decisive goal. You step onto the squash court as an individual, or onto the golf course on your own – you win, or lose, on your own decisions as the match or round progresses.
So, you need to trade on your own convictions. This helps avoid hesitation at the crucial moment – you know why you are trading. This is, of course, most difficult when you are learning. You haven’t had the time and experience to really develop your own convictions. So, of course, seek out the advice of traders whom you respect to help guide you. If you have a conviction, and a trader you respect has an opposing conviction, that’s a good time to ask why you have polarised or differing views. This reflection can help you develop and hone your convictions. Then when the trade goes against you 50 points you have no hesitation holding. Or if the trade is going against you for a specific reason you may want to change. The point is – you know why.
So, as you trade on your convictions, you can then own your decisions. Your wins, and your losses, are your own responsibility.