Are you ready to stop messing around and get serious about profitable trading? yeah. Yes, today’s lesson is brutal honesty in the face of a merciless mother that only you can truly deliver, and I offer it ice-cold, without apology, because you Because you have to listen If you want to win, this is it!
If you want to compete with the big names in the trading world, join forces. There is absolutely no way to succeed in trading other than by taking a sober look at yourself in the mirror and determining if your current trading behavior and mental processes are going in the right direction or wrong. .
I’m not saying you have to be Superman. you are only human But to be a successful trader, you need to take things up a notch by thinking and acting in a more efficient and successful way. Clearly, what you’ve done so far probably isn’t working, or you probably didn’t read this article. So if you keep doing the same thing and are lazy to understand and solve problems, you are the only one to blame for your failures (in trading and other areas of your life as well).
mental strength
Mental strength is defined as the ability to focus and implement solutions when faced with uncertainty and adversity. Ask yourself, is there any other field with more uncertainty and adversity than trading? It is difficult to think of anything other than being in an active combat zone of war.
If you want to make money regularly as a trader, you must have the mental strength of an oak tree. Maintain unwavering discipline in the face of the near-constant temptations and uncertainties of the market.
- Emotional Discipline – If you want to be successful in trading, you need to be emotionally disciplined. What this means is that you can’t chase every “rabbit” you see. You have to wait, wait, wait some more for the slow, weak and easy trade prey. This is called saving limited risk capital for quality trade setups. What does it take to stay emotionally disciplined? Mental strength. You need the ability to focus and execute your trading plans with military precision, even in the face of constant temptation.
- Survival of the fittest? – Is trading only for those who are genetically endowed with discipline and mental strength? Some people may be able to do this easier than others, but I believe that anyone, if they choose, has the spirit it takes to become a consistently profitable trader. I truly believe that we can develop tools that If you want to learn more about becoming a consistent trader, check out my article on Trading Consistency.
- Money Discipline – Not only do you need to be disciplined in your trading plans and trading strategies, but you also need to be disciplined when it comes to money management, which means discipline in both risk and reward. To understand how to manage risk with discipline, read this article on how to trade with discipline. To learn more about managing rewards and profit targets, check out this lesson on the psychology of profit taking.
state of mind
Your state of mind plays a very important role in successfully trading the markets, even when you are not in front of the charts or thinking about the markets.
- self control – Similar to what I said above about discipline, but I’m talking more generally about self-control. In general, people who have a high level of self-control in other aspects of their lives also make good traders. If you are very disorganized, very physically unwell, or otherwise lack major self-control, if you want to make money trading, fix this need to do it. It is very difficult to be a highly controlled person only in trading if you are not similarly controlled in other areas.
- Confidence – Anyone who knows me personally knows that I am a very confident person. To make money as a trader, you have to do it this way. There is no room for insecurity or hesitation in the market. If you want to know more about this, read about the role confidence plays in trading. Even though you are not a winner yet, you should act like you are already a winner and think and act like a hedge fund trader. This is the only way to get there!
- Counter-intuitive – You have to train yourself to be a counterintuitive thinker. What that basically means is that you have to think differently about a bunch of failing traders than a “herd” of sheep, so to speak. When the market looks like it’s going to break out, it’s likely to be a fake breakout, but most traders are drawn in by the first breakout they see and stop when the fake breakout becomes real. It will end up. This is one of the many examples of markets appearing, and even “feeling,” to go in one direction, only to flip sharply in the opposite direction as soon as everyone agrees. It’s not too much. I’m not saying that you can always avoid losses in trades, not long shots. My point is to be patient and have a trading plan, not jump in.
B.relief system
I believe trading should be seen and treated as a business. A trading plan should also be a business strategy in the market. This should include the overall style you are trading, examples of ideal setups, risk management plans, stop loss placement strategies, profit target placement strategies, daily trading affirmations, etc.
Every business has plans and systems in place. You should do the same with trading. Without a plan, it’s just gambling.
- Reinforcement – Whatever your trading strategy is, it should be reinforced on a regular basis so that it becomes part of a winning trader’s mindset. My personal trading strategy, and the trading strategy I teach my students, is basically the “less is more” approach, or KISS (Keep it Simple and Stupid) approach. I focus on the higher timeframe charts and believe in the edge my chosen price action signals provide me. This is all built into my trading plan, which I review daily to strengthen my psyche.
- confidence / confidence – You must truly believe in yourself, your abilities and your trading strategy. As I said earlier, if you want long-term success in the market, there is no reason to hesitate. That said, too much trust in a trader is just as bad as too little trust, so don’t be overly confident.
A structured daily trading routine
What does your daily trading routine currently consist of? Do you have one too? If you’re not sure, it’s not. You can easily tell others what your daily trading routine is like and you should designate a time each day to analyze the market.
- Routines lead to habits – The value and power of a structured daily trading routine cannot be overemphasized. Repetition of the brain’s “muscles” with routines is how habits are formed, and can either make you or break you, depending on what type of habit that habit is. For more information on routines, see my article on the power of trading routines.
- Daily life of a winner – Winning traders think differently than you. They act differently than you. Their day is more planned and structured than yours. It is true that the more organized and focused you are, the more successful you will be at anything. Winning traders are not easily distracted from the final game or long-term profits. They have long-term and short-term goals, write it all down, and short-term goals stack up to long-term goals. These are the things that winning traders think about every day. They don’t waste a ton of time watching TV or hanging out with friends. They are busy learning, staying fit, staying focused, and following their trading plan with discipline.
Take responsibility and enjoy the fruits of your trade
One of the key ingredients to developing the mindset of a winning trader is to keep yourself accountable. For traders, there is no “boss” other than you and your family (if you let them know what you’re doing with your trading money lol). Therefore, you have to take responsibility for something, it is your trading plan and your trading routine (mentioned above).
- Trading plan – Again, you need a concrete trading plan, not just a head-on trading plan. Print or write it out, adjust as needed, and review it at least weekly, or daily at most. This is one way of staying accountable, staying accountable helps maintain discipline, maintaining discipline helps develop positive trading habits, and positive trading habits are consistent. to generate money.
- Trading log – Along with your trading plan, you need a trading journal to record your trades and their details. This is basically where I write my daily market commentary, similar to what I provide daily to my members. You can do this on your computer or export it, but be sure to do it. That way you can stay accountable.
- enjoy life now – You don’t have to wait for your trading profits to start increasing to start enjoying the low frequency day trading end styles you learn on my site and my courses. Instead, implement this approach now and start enjoying the results. Think less about trading and make more money in the long run. This is the core tenet of my trading philosophy. Trading this way allows you to take a decide-and-forget approach where everything slows down and you have time to live your own life and trade in between your busy schedules.
- real goal – Each point in the above lesson should be made into a small goal and addressed one by one. The big end goal of “succeeding in trading” is achieved by breaking it down into many smaller goals that can be more easily achieved on a weekly or daily basis. Successful trading is like a puzzle, and the puzzle isn’t complete until you master each piece and place it in its proper place.
from now on
Putting two traders side by side, Trader A has a million dollar account, a large multi-monitor setup, access to the best data, etc., while Trader B has a simple laptop and only $1,000. But I have the mindset to win. I would deposit my money with Trader B Every. single. time.
It is often said that trading is 80% mental and 20% technical. I teach both the technical and mental aspects in trade courses and member areas, but the mental aspect is generally more difficult to master, which is why I write articles like this. Learning trading strategies and depositing funds into your account is not enough. It takes an active and continuous effort to not only acquire but maintain a proper trading mindset. One simple and easy way to understand how your brain needs to work in order to win in the market is to be organized. Keep your home, work, and car organized. If you want to make money trading, you generally need to be an overall good person. A better version of yourself, I should say, wouldn’t you want to be anyway?
So I tell you, are you ready? Are you ready to become a better, stronger, more efficient and successful self? Only you can decide. If the answer is yes, then you better be prepared to make meaningful changes, because without change nothing changes.
Leave a comment below with your thoughts on this lesson…
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