To trade like a big boy you need to take a hard look at yourself in the mirror and ask yourself if your current trading behavior and mental processes are pushing you in the right or wrong direction. This will allow you to make a serious attempt at trading profitably.
You have to do things differently if you want to be a successful trader. It is a different mindset that you need to adopt. If you are too lazy to figure out the problem and fix it, you have only yourself to blame for your trading or other areas of your life failures.
Mental Strength – You Can Do It
Many people fail to realize that there are many uncertainties and adversities in trading. They need to develop mental fortitude so that they can cope with the challenges that may arise.
To be a successful trader, you have to have the mental strenght of an oak tree. You need to be able to keep your nerve when the market is going against you.
- It is crucial to be emotionally disciplined when trading. Your emotions can cause you to make impulsive trades, which are rarely profitable. This is where your trading plan comes in; you have to stick to your plan, even if you feel like giving in to the urge to make a trade.
- Is trading only for the genetically gifted in discipline and mental fortitude? Trading is not only for the genetically gifted. Trading can be done by anybody if they are determined to do so. If the trader is determined and persistent, the trader can become a consistently profitable trader.
- Money discipline means you must be disciplined when it comes to trading and risk management. This means you need to be disciplined in both risk and reward.
How to Be Successful?
Your attitude is critical when you are trading, even when you are not in front of the charts or thinking about the markets.
- Being organized is important in trading. If you are disorganized, it will be difficult to trade. You will need to make some changes if you want to make money in trading consistently. It is very difficult to be a highly controlled person in trading if you are not controlled in other areas.
- The key to success is confidence. You must act like you are a winner and think and behave like a hedge fund trader. This is the only way to get to a position where you can make money from trading.
- If you are the type of person that is always jumping in, jumping out, jumping into the wrong trades, jumping in and out of a trade, then you should really start thinking about this. Think about how a market looks and feels. When you see a market that looks like it wants to breakout, it is probably a false breakout. When everyone is in on a market, it is very likely to reverse sharply. Be patient, have a trading plan and don’t jump the gun.
Belief System
If you are going to start a trading business you should have a trading plan, which includes the style of trading you are going to use, your ideal setup, risk management, profit target placement strategies, stop loss placement strategies and daily trading affirmations.
If you don’t have a trading plan then you’re really just gambling.
- The winning trader trades on regular basis using the chosen trading strategy in order to maintain a winning mindset.
- Confidence is an important element in trading and investing. It is not only about trading or investing. It is also about being confident in yourself and your ability and about being confident in your trading strategy.
How to Trade: A Daily Routine
What is your daily trading routine? Do you have a designated time for analyzing the markets each day?
- A routine is a habit that is formed over time. The power of a routine is immense. It is how we form habits. Habits either make us or break us.
- Winning traders think and act differently. Their days are more planned and structured. They are focused and organized. If you can adopt the same mindset, it would make you a more successful trader. The things that they do, the things they think about and the things they do in their day to day life would make you a better trader.
Accountability and the success of trading
Accountability is important when you are developing a winning mindset. Nobody is a boss, only you and your family can be accountable to something There are no “bosses” for a trader, other than yourself and your family. You should be accountable to a trading plan and a trading routine.
- Trading Plan – There are many strategies to making money online. One that I like is to find a strategy and then do everything I can to make that strategy work. It is my belief that this is the only way to be successful at making money online. Make sure you review your strategy every week to make sure it is still relevant.
- Trading Journal – I I have a trading journal where I write about my trades. This is essentially where I write a daily market commentary. I can write this out on my computer or write it out by hand, just make sure you do it. Along with your trading plan, you need a trading journal in which you log your trades and the details of them. This is essentially where you will write a daily market commentary. You can do this on your computer or write it out, just make sure you do it. This will help you stay accountable.
- Enjoy Your Life – Don’t wait for the trading profits to start rolling in to begin enjoying the low-frequency, end of day trading style. Trade and think less about your trades and you will end up making more money in the long-run.
- Real Goals – A small goal to work on a weekly and daily basis can be very beneficial in trading. Success is like a puzzle and needs to be broken down into smaller goals that are more easily attainable. A trader can’t achieve success if they do not master each aspect of trading.
Conclusion
You will never be good unless you actually learn and implement the proper trading mindset. A way to prime your brain to make you better is getting organized, this way you will not just focus on money, but the trading process and how to manage emotions.
If you are ready to change for the better then you better get ready to make some meaningful changes. Nothing different is going to happen without change.