Why Most Traders Break Their Rules - The Answer

We all have lists of rules, or plans, or we've at least read about them ....the lists of trading rules....cut your losers quickly....let your winners run...etc.

The rules and the lists are usually great, and we relate to them. The problem is that we don't internalize the rules or our trading plan, we only accept it on an intellectual level, not on an emotional level. And, as a psychologist, its my opinion that when the rubber meets the road and we must decide what to do and take action, all too often it is our emotions that take center stage.

The solution to the problem lies in self-confidence. Now, some may say, "hey, all you need is discipline". It's my experience as a trader trading my own account and working with other traders on their psychology that a requirement for discipline is true self-confidence. Yes, we need confidence in our system, in our methods, we back-test or we do something to create that confidence. But there is a differnt type of confidence, an inner confidence, that the typical trader either lacks, or is prone to large swings (perhaps in connection to their account equity).

I'm giving a free webinar on why a list of rules is not enough and why developing real confidence is often the missing link for many traders.

The webinar is next week, 10/12/10, at 4:30 ET (15 min. after the futures market closes). I will present some practical tips that can be utilized by anybody and will have a Q & A at the end. The webinar is free and is sponsored by MarketDelta (I've known them for a long time, I was one of their very first customers)

You can register for the webinar here
http://www2.gotomeeting.com/register/866626490

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