| A man has been going to the horse races for 25 | | | | and I know that I am right a good portion of the |
| years. Before he goes, he researches everything he | | | | time. I have begun to embrace uncertainty and admit |
| can find about the horses and the jockeys - their | | | | that I don't need to know where the market will go |
| age, weight, wins, and losses. He knows what the | | | | next. If I stick with my trading plan and setups then I |
| weather will be and if the condition of the track will | | | | will survive. There are thousands of tools ranging |
| be affected. He knows the odds on each race. | | | | from market profile, to candlestick analysis that will |
| Confidently, he places his bet. Next to him is a young | | | | aid me to figure out what will happen next but at the |
| man who is attending his first horse race. In fact, he | | | | end of the day it could be one trader that changes all |
| just arrived 15 minutes ago. Placing his bet next to | | | | of it and makes me wrong. The more I accept this |
| the old timer, he picks a horse from random. Lo and | | | | reality the clearer I see the markets and the |
| behold, the new kid's horse wins. The old timer, with | | | | opportunities presented to me every day." |
| a tone of frustration mutters, "Beginner's Luck." | | | | Most traders are not worried about losing all of their |
| As a novice trader, you probably have had your fair | | | | money, but instead have a fear of being wrong. |
| share of "lucky breaks." You've probably also had | | | | They expect perfection of themselves, and when |
| times when you have pored over endless amounts | | | | they do not achieve it (as they never will), they feel |
| of market information and made a "sure trade" - and | | | | like a failure. |
| then lost your investment. Either way, it's not a good | | | | Research has shown that it is actually detrimental to |
| way to approach the game of trading. There needs | | | | fall into "analysis paralysis" when making a decision. Dr. |
| to be a healthy balance of analysis and just trading. | | | | David Armor and Dr. Shelly Taylor found that it might |
| Sure, if you make a mistake, you can lose your | | | | be wise to just quickly choose an alternative and |
| money - on that trade. But if you are a prepared | | | | focus all your energy on achieving an objective. |
| trader, those losses should be rare, and besides, a | | | | So when you start to see yourself over-analyzing |
| loss helps you learn for the next time. | | | | and becoming paralyzed, stop! Just make the trade. |
| Analysis paralysis is an informal phrase applied when | | | | You will feel free, and will trade more profitably in the |
| the opportunity cost of decision analysis exceeds the | | | | end. |
| benefits. When your hard-earned money is on the | | | | In the mean time, Good Luck on your journey to |
| line, there's a strong urge to be extremely careful. | | | | success... |
| But, if you constantly search for more statistics, | | | | If you would like to immensely improve your trading |
| reports, studies, evaluations and data, you will come | | | | and investing results, check out |
| to little real decision-making because more "study" or | | | | AND for a Limited Time, you will also receive a FREE |
| "research" always needs to be done! | | | | copy of a limited number of the amazing book |
| One trader we know says, "For a while I couldn't | | | | "Trading In The Zone" which is jam-packed with daily |
| come up with a trading plan because at first I was | | | | trading ideas and psychological preparations to |
| making it too simple and I thought there was more | | | | instantly improve your trading and investing |
| to it. Well I found out that being simple was right to | | | | performance. |
| begin with. I know that I am a good technical analyst | | | | |