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What makes yielding in the heat of the trading battle tough to do is that we are primed to be in control. All our data, speedy computer, everything coming at uswe use it all so we can feel in control and trade confidently. It is a skill to be able to drop into the yielding mode when it becomes clear that no matter what technology we have at our disposal, we still are going to have numerous periods of feeling out of active, assertive control. It is at these times we have a choice to either fight the tide with annoyance and frustration for the trade not going our way or to accept it and move on. |
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Self-Statements That Facilitate Yielding |
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Here are some self-statements that can be used to make positive yielding easier: |
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The market will not fall apart if I let go and stop trying to control it. |
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Even while trading, I have a right to take breaks to let go and not fight the tape or myself. |
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I can trade only so long before I need to take a break and clear my mind. |
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When I yield I can feel strong and in control; I don't have to feel passive just because I yield. |
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I can use the traffic signs that read "yield" to remind me that just as I can give way on the road and still feel in control, so can I yield when trading and feel in control. |
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There are times when making no trades at all makes me feel totally in control. |
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I will yield to other trader's panic, stepping out of the way, rather than getting caught up in an active attempt to change the market. |
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I will not actively chase a stock in desperation, thinking I must be in on it today; I will remember there will always be another chance to get in and allow the stock to come back to my price. When I hold back like this I feel in control and am showing strong discipline. |
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To balance the speedy pace and stress of trading, I will make a point of having balancing activities where I slow down and allow things to unfold without grasping. I will not let the pace of the market become the pace of my whole life. |
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