Controlling the urge to overtrade

A problem and cause of some huge losses for traders is "over trading." I had to consciously prevent myself from entering into more trades on Friday. Fighting the urge to overtrade is difficult when you've had a very long winning steeke. When I have won for most of my past consecutive trades, you become artifically overconfident.  This false feeling is extremely dangerous if gone unchecked. 

I needed to tell myself that I didn't need to trade constantly, but needed to wait for the right opportunity for the indexes to test or break the November 2008 lows.  My goal is to make a trade every month. Already I've made two trades in Feburary. 

For the moment, as I stated in an earlier post I will sit on hands for now and wait for the right moment. As a hunter patiently waits for his hunt. Most money is made sitting and waiting and not actively trading in and out of the markets.

Good article on 

Top Ten Reasons Traders Lose Their Discipline