I Challenge You
A Challenge to Take Fewer Trades
Trading Challenge
Here’s a challenge for you…
See how many trades you took last week. Now halve that number. That’s how many trades you can take next week in the challenge…
(Once that internal shouting and defiance has calmed down, hear me out.)
Taking Fewer Trades
Experienced traders across all markets, all say the same thing.
“Fewer trades, less is more, sit on your hands.”
I know I feel like a broken record sometimes, but it’s such an easy win!
Bill Lipschutz said “If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money”
Jesse Livermore said “There is a time to go long, a time to go short, and a time to go fishing”
Jim Rogers – “I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime”
You get the point…
Back to the challenge.
You’ve got a number of allowed trades. Now create a filtering system that you can use to guide you into the best trades or market conditions. What variables can keep you out of poor trades?
Now when you trade next week, you’ll be less active and only taking the best possible trades. Does that guarantee success? No.
But when so many traders are saying the same thing (due to learning the lesson the hard way) then it’s worth paying attention.