As a trader, I know exactly what you’re going through because I used to be just like you, and I have thousands of members just like you. You see a good trade opportunity, but for some reason, you don’t take it, even though your “gut” is telling you to. Then you watch as it moves quickly in your favor without you.
Trying to talk yourself out of perfectly good trades and wishing you were in trades you didn’t take can make you feel like you’re going crazy. The “hindsight syndrome” is a big problem for many traders. Worrying about what “could have been” will keep you on the trading mistake train and can act like a disease in your mind.
Today, I’ll help you figure out why you’re making these trading mistakes and show you how to stop them for good…
The “syndrome” of hindsight
I know exactly what you go through every day as a trader because I’ve been doing it myself for about 14 years and have taught thousands of other traders. I know that some days you spend half the day wishing you hadn’t missed that good trade. We don’t have time machines, so we can’t go back and stay in that good trade that we got out of way too early or jump on that “perfect” setup that we didn’t take for some reason.
The “hindsight syndrome” is a big problem for a lot of traders, and if you let it, it can ruin your trading mindset, your trading account, and even your life. The “hindsight syndrome” is basically just a state of mind in which you almost always feel bad about missed trading opportunities because you don’t trust your own trading skills enough.
When you have this “syndrome” of hindsight, two things tend to happen: One, you sit there and wish you had gone with your gut and traded when you saw a good signal. You can’t believe you didn’t do it. Or, you were about to make a trade but decided not to because you “saw something” that made you think differently (you convinced yourself out of it). You didn’t listen to your instincts, and then you were sorry. Nothing is worse in trading or in life than missing out on something that works out well for you because you didn’t trust your gut.
If you want to be a successful trader, you HAVE TO get rid of the “hindsight syndrome.” If you don’t trust your trading skills, you might overthink and second-guess. This can become a habit that makes you constantly look back and worry about what you did wrong instead of looking forward and being positive.
Even successful traders lose trades sometimes, but they don’t feel bad about it or worry about what “could have been” because they know they have nothing to be upset about as long as they trust their gut and stick to their trading plan. In the long run, they make good money because of their trading skills and, more importantly, their confidence in those skills.
Don’t try to “confirm” good deals.
I know I’ll probably get some negative feedback on this because it’s “controversial” in the popular trading world, but if you’ve been reading my blog for a while, you probably already know that I’m no stranger to controversy in the trading world and doing things that go against the “status quo.”
“Confirming” your trades is a HUGE mistake that you probably make all the time, but you probably never thought of it as a mistake before.
Simply put, if you have to try to confirm a trade that seems obvious, it’s probably not worth taking. Before you go on, read that last sentence about 10 times.
You are most likely to talk yourself out of good trade setups when you try to “confirm” their validity by looking at other factors. So, I have a very simple solution for you today: if you want to get rid of A LOT of frustration, second-guessing, doubt, fear, and even anger, just STOP trying to “confirm” your trades. Trust me, you’re not “confirming” them. All you’re doing is convincing yourself that they’re not true and setting yourself up to feel all the bad emotions and feelings I just listed.
Here, I’m talking about pretty much everything. If you really try, you can find almost an infinite number of things that go against a good trade setup. These include economic news reports, CNBC, lower time frame charts, other currency pairs/markets, regular news, etc. If you try not to trade, you will always find a reason not to. Don’t be one of those people who is always looking for evidence not to support their gut feeling, original judgment, etc.
At some point, you have to stop thinking about things outside of your trading method and just get “intimate” with it and stick to it. If you don’t do that, you’ll never know if you really have what it takes to trade successfully or not because you’ll always be in a state of doubt, confusion, and frustration from looking at too many things outside of your trading method.
The most common way to “talk” yourself out of a good trade is to look at a lower time frame or another market to try to “confirm” a signal you’re considering taking. If you see a good setup in a market, trade the market and the setup, not other factors. Don’t try to talk yourself out of a good trade by looking at other factors; it doesn’t make sense! Now, this is assuming that the setup you’re thinking about is a GOOD one, which depends on your trading skill and ability to find high-probability trade setups. But if you see a good setup, there’s no point in looking for reasons not to trade it. Master a good trading strategy like price action, build a solid trading plan around it, scan the market for trades every day, and DON’T make it too hard.
Less work and stress, and more money could be made.
The most important thing to remember from today’s lesson is that trying to “confirm” trade setups and worrying about what “could have been” are both wastes of time, money, and sanity.
None of the things you’re probably looking at right now to “confirm” your trades matter, and you don’t even have to take my word for it. Just pay attention to a few so-called “important” economic news stories and see how they affect the market. If you follow a few of them, you’ll eventually see that what the analysts “predict” or “might” happen because of the news is often the exact opposite of what the price action shows. So, all you really need to worry about is how the prices move in ANY MARKET. I promise that you will eventually come to the same conclusion on your own, but I’m telling you this now so you don’t have to be the “guinea pig” and lose money.
Another important point to remember is: don’t let regret consume you. Understand that even if you learn a good trading method and stick to it religiously, you will still miss out on some good trades, have losses, and leave the market too soon sometimes. It’s all part of the game. But if you do what you know to do and stick to your plan, you have no reason to feel regret or let the “hindsight syndrome” take over your mind. Successful traders already know this, which is why they don’t get as frustrated or emotional as you do. If you really want to, you can join them. The path is not hard unless you make it that way.
Suppose you want to become a “specialist” in trading based on price action. You wouldn’t try to “confirm” your trades based on price action by looking at things other than price action, because that makes no sense. Start by learning and mastering a good trading strategy, such as the price action strategies I teach in my trading education courses. Then, focus only on that strategy and ignore all other variables and temptations.
“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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