subject: Are You A Binge Trader? [print this page] Think about that for a moment. Have you heard the phrase "Binge Eating". What does that really mean?
A Binge Eater is compulsive and acts on current emotion. They typically eat way too much and way to fast. Before their stomach has a chance to report to their brain that they are full, it's far too late. The damage is done and they can expect a time of misery from over indulging.
Traders at times experience a taste of this. They over trade and then find themselves with a negative P&L. How hard is it to stop trading if you are 3 wins and no losses? Pretty easy! On the contrary, how hard it is to stop trading when you are batting 0% for the day? For most it is very difficult. The lack of discipline and thirsting for gains often lead to Binge trading.
It would be nice if we could program our trading platform to automatically shut down when certain criteria is met. If you are profitable a certain amount of money then your platform shuts down. If you are losing a certain amount of money your platform shuts down. You get the picture.
So how do Binge Eaters cure this obsession? They seek consoling and direction. They are taught how to view food differently than they have before. Once they accept this is a problem and they begin to see food in a different light, the healing begins. It doesn't happen in one session, it happens with a consistent focused effort.
For traders it might be a good idea to speak with professionals and let them help you see candles and chart patterns in a different light. Once you begin to understand this, a more professional trader will appear.
Trading can be the best business in the world for some and a financial ruin for others who neglect to have a plan each day as they enter the markets.
Traders' Tip:
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Good trading!
Jeff Yates
Contributing Editor
Interactive Trading Room Moderator
Gap, Intra-Day and Swing Trading Specialist
Instructor and Traders Coach
by: Jeff Yates
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