Spread Trader is the nom-de-plume of Andy Richardson a UK based spread trader, who like his inspiration, the late Jesse Livermore is a student of the markets and plays a lone hand. Resident financial spread betting expert Andy publishes a question and answer spread betting guide where one can find objective spread trading information.
When we trade or spread bet our aim should be of trading without emotion, but this is easier said than done. I believe very few people could feel the same if they had a string of losers compared to a string of winners, but excluding emotions altogether is still a good thing to aim for. I remember reading, I believe it was an interview in "new market wizards" where one trader said that if you were sat on the opposite side of the monitor, you couldn't tell if he was losing or winning.
- In my 'office' I have photo pictures of natural landscapes all over the walls. These are from old calendars and include alpine landscapes, highlands landscapes, beaches, cliffs...etc. They help brighten the place up a bit.
- I have added one of my new role model - Bjorn Borg. This Scandinavian sensation is one of very few sporting superstars who never lost his cool in the heat of battle, rarely expressing positive or negative emotions. Always maintaining an icy cold demeanour, and detachment from the pressure of the situation. Steve Davis is another, may add one of him too!
- I have realised that my approach to spread betting has been wrong. I have been allowing each trade to get under my skin. Producing a buzz when they win and a disappointment when they lose. I have been allowing individual trades to get far too close and personal to me, almost as if i wanted to fall in love with and marry them. Completely the wrong approach.
- My new approach will focus on maintaining an icy cold and steel like detachment from trades, producing nothing more than a mid-level, even mood reaction to trades, whether they succeed or fail, eliminating the extremes of being really happy when my trades win and getting really pissed off when I lose. Engage with the trade in the moment, let go, and don't let it become personal. My quiet sense of satisfaction will come from "following the plan", trade after trade. Not getting excited or disappointed by the result of individual trades, but moving on to the next trade opportunity without any baggage, and with an open mind. Like Borg or Davis, moving onto the next point or shot one at a time. And at the end of the given period, a tally of gross wins V's gross losses will hopefully reveal decent profits.
To quote Ivan Drago in Rocky IV - "He's not human. He's like a piece of iron!"
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