A trader’s Mindset weekend thoughts out loud
“You have these dreams. Dreams without goals remain dreams and fuel disappointment.” Denzel Washington
My Weekend thoughts out loud
Reflecting back at my old trading habits, I Can just remember how confused I felt every day. I have tried trading in different markets.
Holding longer than I should, Selling and missing out or chasing an entry .. etc common mistakes that leave any trader frustrated
After going through my trials, errors. I watched and observed many traders' challenges and successes.
I came to realize no matter what market you choose to specialize in, the ultimate goal of you becoming a successful trader is defined in one way only become a “Consistent trader” and that what will entitle you in my books in becoming a Pro trader & earn a Lifetime living for ultimate financial freedom.
Going back on my thoughts, I have NOT seen one expert trader that does not lose in a trade. The question I used to ask myself why Trader “X” is claiming more profits then Trader “Z”. Two Factors became clear with time:
Money management & Pre-planning your trade = Consistency = Ultimate Success.
Common miss concept of success in trading is defined as predicting an accurate technical move, Let me correct you that is NOT enough to make you a good trader or in fact a successful trader. Think about it if all the great traders that are experts at reading the charts and there are many, why aren’t they ALL billionaires? In fact, you hear so many stories of technical traders who can’t survive the market some due to emotional meltdowns and some due to a loss of capital that they can’t replace to trade again. If good old Teachnicalls are all you need to be successful in trading so why arent the charts expert traders put all there saving and make profits for a lifetime?
Be assured any edge in trading is only 50% of success in that specific trade. Yes, you heard it right 50% only. If your edge is NOT supported by a Pre-defined plan and Money risk management guess what? In some cases, you will meet luck, and sometimes you will fall on bad luck & your story of the stock market roller coaster ride will begin.
Let me give you an example, I consider myself a good technical &chart reader I have read so many charts that I can’t even count some traders will approach me for reading I might give an opinion such as this chart is good or it's poor on technical fundamentals I will basically rate the chart based on my knowledge and so on, If I chose to join trader X for that trade, I have found myself in some cases making less $$ than the Trader X who approach me for that specific trade and that used to leave me puzzled. I used to say Oh he is lucky only with time I realized that Trader X just had a better plan than the one I had regarding this trade. That means clears & obvious technical indicators are not everything in a Trade. Many times there are so many other hidden factors that are not seen or obvious to you on the chart.
Many traders use the terms, Market makers manipulation and if you are a frequent trader then that term is no surprise to you!
The question is what do you do? if market makers manipulate that is totally out of your control right ? … Do you want to be a trader what’s left? There you go … yes said it …Your pre-defined plan and Money management …
My next article will give more insight into important steps on making you a consistent trader
If you like my articles give me to follow and stay tuned.
Otherwise, cheers & have a great weekend
