As a Dark Horse Investor, you must think vastly different than other market participants. One of the most powerful ways to become a consistent and profitable trader is by asking questions.
Life coaches use a series of questions to help their clients get to the root of their problems. Coaching is unlocking a person’s potential to maximize their own performance. It is helping them to learn rather than teaching them. Effective coaching is when you help others see the potential within themselves. The answers are already there.
Here are some questions you can ask yourself throughout the trading week to keep you locked in:
Emotionally and mentally, am I in a good place to trade today? Am I in a FOMO state? Am I distracted? If this trade feels like revenge, I need to GO SIT DOWN.
If I was a signal provider (someone who provides tips on when to enter or exit the market), would I feel confident in giving this signal?
If I take a loss on this trade, am I satisfied with losing this amount? If not, what would be a suitable stop loss? Do I understand my risk/reward for this trade?
What is my reason for entering or staying out of this trade?
Is this trade a part of my trade plan? If no, then why am I taking it?
Is this a timeframe I am familiar with trading?
Do I know enough about this stock, forex pair, crypto, or futures product to make an informed decision? If not, why am I trading it?
What is preventing me from sticking to one trading system? No one is holding me hostage. Why can’t I see one thing all the way through?
Have I journaled my trading? (If not, how will you ever track your progress to make adjustments? Don't be lazy.)
What if I’m not a trader? (If you aren’t a trader, that is perfectly okay. Stop trading! Go find what you are great at. There is nothing wrong with pivoting.)
Remember: the market is designed to extract wealth from those who lack discipline.
May the horse be with you!