In this world, there is so much information, technology, and people. How do you know what to do with it all? If you're like most traders, you just want to stop the noise!
There is a common misconception among traders that more information enhances ones' chances of success. But we couldn't disagree more. What has the greatest impact on traders sustainability and success is having access to the RIGHT information.
There's a big difference between MORE information and the RIGHT information. Simply having more information means more to sift through and a higher likelihood of indecision altogether. Take an honest look at the technical tools and information that you're using daily and ask yourself if the information offers tangible value or just more noise.
One of the major differences between those who struggle in the markets and those who win is the winners most often have a plan. It is what drives them each and every day on every trade they make.
A trading plan is what adds structure to trading decisions and without it, human emotions take over such as fear and greed. These emotions can be irrational at times and evoke regrettable trading decisions.
So long as you're human, emotions will be present but you can setup mechanism to control them and hold yourself accountable which is the first step to better trading.
In this video episode of Beyond the Trading Screens, Steve Dahl visits the studio to talk candidly about a variety of important topics impacting traders.
First, Steve emphasizes the importance of creating a trading plan before starting to trade with real hard-earned money.
Next, Steve talks about keeping emotions in check to maintain objectivity. Far too often traders let emotions dictate irrational (and costly) decision-making.
With his strong background in trading technology and software analytics, Steve shares his vision for the future and his perspective on the role of Artificial Intelligence, also known as AI.
This is a worthwhile video to digest as it is rare to get such genuine insight about topics off the screens.