Trading Lessons From The Gridiron

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Information about Trading Lessons From The Gridiron
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Published on February 6, 2014

Author: NetpicksTrading

Source: slideshare.net

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Trading has a lot in common with how games like football are played. Success leaves clues and you can learn from people such as athletes in how to become successful in any endeavor

Trading Lessons From The Gridiron www.netpicks.com

Watching the Super Bowl, I couldn't help but think how football is similar with trading. Not only similar but offers an opportunity to learn something from the gridiron that can aid you in changing your thought process and how you approach trading in general.

Before players even step on the field, they have spent years working through the basics. Even though they were itching for the big stage, pro's had to wait until they were ready to compete at the highest levels.

The good thing is that there is someone else that gives them the nod. They will only compete at the highest levels if someone is willing to take a risk on them.

With traders, far too many think they are ready and promptly end up on the losing side of the career. There is nobody to stop them and ask them:

1. Have you been able to execute 25 plus trades without a mistake? 2. Do you fully understand risk and how to manage your positions/exposure? 3. Are you fully aware of the psychological factors that can take a skilled trader and turn them into road kill? Let's head to game day.

In the locker room, players get into the zone while reviewing the plays that may unfold during the game. The zone is where they clear everything unrelated to the task at hand and the focus is directly on what they are about to do.

The time before your actual trading session is an important time. This is where you must focus on the upcoming task and laser focus your attention to the trading business.

1. Have you checked for any pending news releases that may impact your trading? 2. Have your reviewed overnight and prior days price action for any structure clues? 3. Have you gone through your trade plan so you hammer home exactly what constitutes setups and triggers?

When the game begins, players only know that they will compete at the highest level of their skill. The outcome is unknown but what is known is that every shift will have each player committing 100% to execute the plays called out by the QB.

When your trading setups begin, you don't know if the outcome is a win or a loss. What you do know is you must strive for 100% effort in following the plans you have laid out for your trading business.

Failure to act on a setup could result in missing a trade that may have been in the win column. You want to ingrain the habit of execution when called for without second guessing what you are doing.

What you also know is that without the QB, there is no game. For traders, their QB is their trading account. Protecting that should be the main focus because without your account, your business is bankrupt.

During the game, the goal is to work down the field towards the goal line following plays laid out by the coaching staff. Yard by yard, players battle it out trying to gain yardage to either gain a touchdown or get in range for a field goal.

It can be a grind but they know that short quick plays reduce the risk of an interception. When trading, you have certain setups for certain market conditions.

Your job is to execute the plays when the setups show themselves. You have faith that over time, these plays will add up to a healthy income from your trading business.

Trade after trade, you top up your account with wins that allows for bigger position sizing which allows for a bigger income.

Sometimes though, a massive risk takes place on the field.... the Hail Mary.

The QB spots a player alone in the endzone. With all the juice he can muster, he aims at the player and throws the ball. Soaring through the air, the opposing team has a chance to regroup because they can see what is in play.

If the player catches the ball, it was a great play. If the ball is intercepted, everything from a turnover to an opposing team unleashing a 100 yard run for a touchdown takes place.

In trading, think of that as the "sure winner" where you throw out a conservative risk profile and put up far too much in capital on one trade.

If it pays off, you escaped danger. If it loses, you have put yourself in a much bigger financial hole then you would have if you kept to the plan.

The Hail Mary trade is a huge risk and many times can be a game changer. In football, the team can always try to recover the points.

In trading, once your capital is gone, so are you.

You can see that the mindset and actions of a trader often mimics those of professionals that are at the top of their game. Skill and mindset are the hallmark of professionals of almost all careers and is often the difference between success and failure.

If I could have a sit down with each person entering the trading world, I would always tell them to approach it like a professional or don't approach it at all.

Take a lesson from those who are at the top of their game in any other career. There are common traits that they all share that allowed them to succeed where others have fallen.

You owe it to yourself to think hard at what traits makes a success.

FREE TRADING SYSTEM DOWNLOAD www.premiertraderuniversity.com/system/

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