Socrates said that we are what we repeatedly do. Excellence, then, is a habit. Without realizing it, most people fall into patterns of behaviour that quickly turns into habits.
Everyone knows how hard it is to break a bad habit, so it`s worth you while to learn good commodity and futures trading habits, and to stick to them.
But, most people don`t really know their own habits, even though everyone has behaviour patterns that make them unique. The fact that you engage in these activities without consciously thinking about them is what makes them habits. By analyzing your habits and behaviours, you can greatly improve your commodity and futures trading abilities. Successful traders learn to recognize the behavioural patterns that cause them to be unfocused or undisciplined.
Some poor commodity and futures trading behaviors are due to emotional reactions, but others are simply the result of bad habits. Your goal is to make your commodity and futures trading systematic, logical and habitual. Successful traders also learn from experience and from their mistakes, and analyze what behaviours work, and which ones don`t work. By eliminating behaviours that cause mistakes, they maximize their winning trades and minimize the number of, and the effect of, their losing trades.
Once you have begun to pay close attention to your commodity and futures trading behaviours, you will quickly see where you need improvement. It is important to take responsibility for your trades, and analyze what mistakes you might have made. Don`t give into temptation and blame the market; there is no way to learn and grow from that point of view. Look to yourself for answers and accountability.
It always makes sense to learn from your mistakes. If you can identify the conditions that may have caused a mistake, you may be able to keep it from happening in the future. No one is perfect, and things in their personal or professional lives at one time or another have affected all traders. You may have been distracted due to outside events, or have gotten emotional because of a particularly successful trade. If you can recognize these types of patterns before they affect your commodity and futures trading, you can stay focused and disciplined.
Following your commodity and futures trading plan should become a habit. Always avoid spontaneous trades. By looking closely at the market to determine the current trends, a successful trader prepares the appropriate strategy for the following day, and with his commodity and futures trading plan in hand, is less likely to be influenced by emotion.
Take the time to create routines and structures around your commodity and futures trading. Keeping good records, logging your trades, consistently analyzing market indicators, and staying focused on your short term goals will help you stay on track. Also, consider setting small goals for each day. Make sure the goals are measurable and attainable. The goals will give you momentum, and increase your confidence.
Recognize that sometimes you need to change your system. If your commodity and futures trading style is not suited to short term market conditions; adapt quickly, and if necessary, don`t trade. Always look for errors you have made, and analyze them to determine a better course of action to take the next time. By being aware of your actions, and working to improve your trades, you will find the set of behaviours that will make success a habit for you.
5 Steps To Opening An Offshore Bank Account
If you`re investing for the first time in an offshore account, it can be confusing. You must choose a reputable bank and handle the ins and outs of offshore accounting procedures. There are no first time investing procedures to follow. However, the following five simple steps will give you the information you need.
3 Major Reasons To Bank Offshore
One of the biggest decisions you may ever make is selecting a bank, so knowing all the facts is very important. Many people are choosing to open offshore accounts. Why does offshore banking seem to be so great? The 3Ps, or privacy, protection and profit are the three major reasons to consider investing offshore. We will look at them in this article.
15 Things You Should Know About Offshore Fund Managers
Do you know the person managing your money? If you don`t, you need to; knowing who is managing your fund is as important as knowing where your money is. It`s absolutely essential, and you should not hesitate to ask as many questions as you wish so that you`re sure you`re comfortable with where your money is being invested.
