Trader's mindset weekend thoughts
“All you need is the plan, the road map, and the courage to press on to your destination.” Earl Nightingale
Earl Nightingale said it all, All you need is the plan but to bring this plan into life is the Courage to execute the plan basically what he saying is the belief in your skills.
Trading is all about:
· Setting plan
· Executing the plan
What is interesting many traders might say we know those facts those are not new to us, now let me ask why aren’t ALL traders successful? It's a simple lack of follow-up of what they set as a plan.
Often you hear traders say, Oh I know it, Oh, I should have, Oh I could have those are common phrases chanted daily by various traders but certainly not by the successful traders, for me, it translates into one thing is lack of faith and courage to trusting your initial plan those traders are letting FOMO, FEAR, GREED take over their initial set plan and then they end up in emotional regrets that will affect their psychological state of mind for the next trade or traders.
Traders who are confident you can sense it and the results speak for themselves, you may realize one thing that all successful traders share in common they will listen to you but will ONLY execute their plan.
Executing the set plan is what Disciplined and successful traders do.
Try this tip, 3 points if you stick to it for 1 month with no deviance you are set for a nice trading career & eventually financial freedom:
1. Every morning set 3 or 4 watch tickers and cut the noise on the rest.
2. Set your support/ resistance alerts and set an amount you wish to risk for that trade.
3. The alerts come in and the edge you selected presents itself simply go ahead and execute if it works great if not cut the loses FAST, and remember do not take any trade to heart if the same ticker you exited with a loss earlier gives you the same setup simple go ahead and try it again.
The above was food for thought
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Have a wonderful weekend
Author or Trader’s Mindset
