Every morning I do (read: am supposed to do) my market analysis. Sometimes this simple activity is very hard for me. For some reason, I have big resistance to following rules/being disciplined. For example, this morning, I sat down to do my market analysis. I looked at the charts (EURUSD, GBPUSD) and gave some thought to the direction of the market based on the what I was saw on the charts. Then it came time to putting it down on my daily analysis document. This is where I got into trouble. Instead of penning it right away, I went and looked at my Facebook notifications, watched some videos that my friends had linked to in their feeds, read an article about the Harry Potter actress giving a feminist speech at the UN for which she got a standing ovation, checked my email, thought about things I needed to do today, etc. etc. Basically a bunch of random stuff. All this in an effort to avoid committing to my analysis.
Why do I have this adversity to putting something down on paper. Could it be that I just don’t want to be wrong? The simple act of committing something to paper feels so definite, as if written in stone. Yet we know, in trading, there is no such thing. Markets can change on a dime and the very best analysis could be wrong. Why, then, are we so afraid of being wrong?
Leave a comment below and share your thoughts with me. Are you resistance to putting something down on paper, your analysis, logging your trades or your trade review? Why do you think that is?