DISPOSITION - If it ain't moving, you don't need to be trading. The biggest luxury we have as traders is the ability to sit back and wait for the market to come to us. Just because it's there every day, doesn't mean you need to be trading every day. I suppose this can be a stumbling block for many aspiring traders as most people aren't dispositioned to think this way. For most of us, it's natural to think that if you are working at something, then you should be working at it every day you are on the job. So what's different here?
DIFFERENT GIG - Well, for one thing, trading isn't like other day jobs. In fact, as you all well know, trading currencies is certainly more than a day job. The market is constantly moving and an opportunity can present at any moment. But more importantly and to the point, trading isn't only about taking positions. Research and analysis is a big part of trading. Waiting and being disciplined is another big part of trading. Trading is more than the action of taking positions. In fact, there are some days I feel I had the greatest day ever because I held off taking a position.
COIN TOSS - I'm sure there are many of you out there that have extended yourselves so much with a trade you should never have been in the first place, that you then just basically say f%$k it and trade anything you think may have a chance of working out. You go into coin toss mode where every trade is just a 50/50 chance. And I'm also sure that after you have done this and blown up your account, you finally see a trade that you really love, that you wish you had waited for. So make sure you don't make the mistake of being impulsive. Knowing how to sit back and wait is knowing how to trade.