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Master the art of selfcontrol from "summary" of Trading in the Zone by Mark Douglas
The ability to exercise self-control is crucial in the world of trading. It is the difference between success and failure. By mastering the art of self-control, traders can make rational decisions even in the face of uncertainty and pressure. It allows them to stick to their trading plan and not be swayed by emotions. Self-control is not an innate trait; it is a skill that can be developed over time through practice and discipline. Traders must be able to control their impulses and resist the temptation to deviate from their strategy. They must be able to stay calm and focused, even when the market is volatile and unpredictable. One of the key aspects of self-control is the ability to manage risk. Traders must be able to accept losses and move on without letting them affect their judgment. They must be able to cut their losses when necessary and not let their ego get in the way. Another important aspect of self-control is the ability to avoid overtrading. Traders must be able to resist the urge to trade excessively and stick to their plan. They must be able to wait for the right opportunities and not force trades out of impatience.- Mastering the art of self-control requires discipline, patience, and a strong mindset. Traders must be able to stay focused on their goals and not be swayed by short-term emotions. It is a continuous process of self-improvement and self-awareness that can lead to long-term success in the world of trading.
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