Commandment #4: Set The Trade & Let It Be
It's easy to drive yourself up a wall worrying about a trade after you've taken it.
Before you know it, you're checking on the market every two minutes just get a status update on your trade.
That's not the way to trade if you want to be profitable.
And it's not the way to live your life if you want to enjoy the freedom that trading can give you.
It's much better for your mental health- and your account balance - if you can set the trade and let it be.
When you learn to set the trade and let it be, you will Become More Self-Disciplined, Reduce Your Stress, and Improve Your Decision Making.
Now, for the purposes of this article, we'll assume that you know how to place a trade already.
And we'll focus on what it means to let a trade be and discuss the best ways to do it.
What does it mean to Let It Be?
To let your trades be means to give your trades the space to be what they will be, win, lose or draw.
No amount of checking the stock price movement or tweaking the parameters you've set will change the outcome of your trade once you've made it.
So don't worry about it.
Remind yourself of the reasons why you began trading in the first place and evaluate your position.
Don't let your impulse to check on your trades all the time distract you from achieving your goals.
Let your trades be.
But how can you just let it be?
The Key is to Manage Your Time Well
Instead of micromanaging your trade… Try managing your time in general.
When you manage your time well, you'll manage your life and trades better.
Do you research, do some experimenting, and find out what works best for you…
I'm just going to show you a few things that have helped me along the way.
The most effective thing I learned when it came to managing my time was to…
Determine Your Most Productive Times.
Maybe you're an early bird who gets up early and is most productive in the morning.
Maybe you're a night owl who feels most alert in the afternoon.
Whatever you are, find out.
Most people have a period of time each day when they are more alert, focused, or productive.
Once you find out when your most productive hours are, you'll be able to start using that time for your most important work of the day.
I usually have two productive periods per day. One in the morning and one in the evening.
I use a few minutes during these productive blocks to check on my trading account, make necessary adjustments, and prepare for the next trading day.
And since I want to get the most out of my productive hours each day I make sure to…
Remove All Distractions.
Improving your focus is less about convincing yourself to focus on the right things…
And more about allowing yourself to focus on the right things.
We're surrounded by things that are very good at distracting us all day long.
Smartphones… Social Media… Children… Significant Others… Email… Coworkers… Notifications… YouTube Video Wormholes… Etc.
The key is to remove as many of these distractions as possible during your productive hours.
This will make it easier to focus on the right things whenever you intend to work.
And to determine what the right things are for you all you have to do is...
Prioritize Your Tasks
It's important to keep in mind your reason for trading so that you can make sure to prioritize the tasks that will bring you closer to that goal.
Do your most important work during your productive hours.
Do your less important work during hours when you're not as productive.
Schedule time to take care of your body.
And spend time with the people who are most important to you in life.
Managing Your Time Keeps You From Worrying and Making Mistakes
Once you've learned how to manage your time you'll be free from worrying about what your trades are doing.
Instead you'll be busy building a life that lets you enjoy the freedom that trading can bring you.
Remember, no amount of fretting over your trade will make your strategy work better, or drive market forces in your favor.
You're much better off just setting the trade and letting it be.
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