Trade for a living, not live to trade
The reason most people start to trade is to have time freedom so don’t spend 8 hours of your day in front of the pc trading. Hit your targets and walk away. Enjoy the rest of the day doing something else you love
The market is there 5 days a week for the rest of your life so there is no need to rush everything. Learn to enjoy it and step away and come back fresh and ready the next day.
Your job is to come to the market with an edge, take high probability/low risk trades and the profits will take care of themselves. Having a losing trade does not make you a bad trader. If you stick to your rules then losing trades will make you a better trader in the long term. Learn from your mistakes and failures and use it to build future success.
- Think positive daily and expect to be profitable everyday as the bare minimum
- You should measure your performance once a month.
- Your goal should be around 75% winners and 25% losers.
Trading is a business. Log and review your trades for the week. How you felt and how you managed your emotions.
Use this log to see your strengths and weaknesses and then improve on them.
A trader knows the rules and breaks them.
A professional trader knows the rules and does not break them.
A world class trader knows the rules and knows Never Ever break them.
Maintaining a great attitude is vital for success, and negativity is one of the greatest challenges a trader must overcome. Self doubt and lack of confidence are poisons – not just for traders, but for anyone striving for success.
One cannot expect to succeed long-term if their brain has recorded years of negativity with relatively little positive input to defend against the negative influences. A negative thinker will lack the confidence to take the required steps to achieve success. The first goal is to decrease negative influences and build a positive attitude.
As a trader, it is vital to start diluting the negative influences in life with positive input. Since the subconscious portion of the brain is more powerful than any computer invented, it cannot erase any of the sights, sounds, and smells of life; they are imprinted forever. Making an effort to becoming deaf to negati- ve influences, and choosing not to read or listen to negative inputs, while also adding positive input, will start to dilute the past negatives and create a mental state conducive to success.
What is your business objective? Why do you want to start trading in the financial markets?
To develop as a solid, steady trader with a well-defined trading program, you need to:
- Invest time and money into books, seminars, and market research
- Focus on the price action of the current market conditions for short-term trading;
- Work to become a 70%+ win-ratio trader
1. Mission statement
2. Goal setting
3. Financial and time commitment
4. Record keeping
5. Trading plan methodologies
6. Drawdown rules and contingency plan