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Lee Bohl on Impulsiveness

Lee discusses how you can benefit from waiting a bit before pulling the trigger on a trade.

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Well, one attitude I think that new traders sometimes have is they feel they just have to do something. I mean, the markets can be an exciting place and you sort of get wrapped up in 'I have to do something.' 'I see the market moving. Right now, I have to act.' But I think if you do that, you start forcing entries, and when you force entries, often your trades are not following your rules and they often don't work out. And then what happens is now you've got a loss and you get frustrated, and now what you want to do is get right back in and make up what you just lost. So I think you got to step back, just like you mother might have said, count to 10 before you blurt out something. I think it's the same with trading. You just have to step back a little bit, wait for entries, and have a little bit of systematic choice.

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Important Disclosures

Past performance is no guarantee of future results.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

This discussion is provided for illustrative purposes only, and should not be considered an individualized recommendation or personalized investment advice. The strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction for his or her own particular situation.

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