Successful Trader is Just the trader who follows a sort of Discipline to Save his Money from Being Lost!
If you can Take care of Your Losses, Market will take care of the Profits
Mindset of Successful Traders
1. I will wait for my Trade to come, Avoid taking Impulsive trades.
2. I recognize that discipline is not a concept, it is an absolute necessity. The Market Rewards You for Your Discipline
3. I AM a Long Distance Runner,I realize that what happens today, this week, or even this month, is not what is important. What “is” important is my success over time. Don’t Chase the Markets
4. I realize that losses are part of trading. No strategy is without losses.
5. Stick to a Proven Trading Method,Do not Keep Jumping from 1 system to another
6. I know that There is a random distribution between wins and losses for any given set of variables that define an edge.
7. Anything can happen. I don’t need to know what is going to happen next in order to make money.Every moment in the market is unique.
8. I can ignore the Social Media, which raise emotions and thus increase the risk of not executing a trade. It is often the trade that is hardest to take, that winds up being the most profitable.
9. The markets provide a constant stream of opportunities. If I miss an opportunity, another one will follow.
11. Create a strong, unshakeable belief in your consistency as a trader.
Mindset of UnSuccessful Traders
1. I need to trade more to make more money.
2. If my strategy give loss, I need to Jump to a new trading system,
3. If I lose on this trade, I feel like a loser. It hurts my EGO
4. If the market is rallying, I need to jump to trade.
5. I am unlucky.
6. I get very upset when I miss a rally, or if I am in a bullish position when the market is declining.
Successful market timers know how to follow a strategy. They know the stock market is not a game and the only way to succeed is with a plan.
As a successful trader, you have to move from a fearful mind set to a psychological state of confidence.
You must use a strategy that builds confidence by keeping losses small and letting profits ride when the markets trend.