Your mindset is an important part of your trading.
How you think will impact how you trade.
Your mindset will ultimately determine what you focus on, how well you learn, how you react to trades, and so on.
Today, we are going to discuss some quick tips to help you optimize your mindset for trading success.
Focus on YOU
Be inspired by others – don’t be influenced by them. There’s always someone doing better and always someone doing worse. Focus on YOU.
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Focus on Process Over Money
Every trader wants to make money – no secret there. That said, the best traders focus on PROCESS over PROFITS. The money follows…
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Find Consistency in ALL Areas of Life
Your trading can be a reflection of other areas of your life. Chaotic life = chaotic trading.
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Always Aim for Improvement
As a trader, you are your own boss, which means YOU are responsible for your performance assessments.
Get in the habit of reviewing your trading and looking for areas of improvement.
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Be Honest With Yourself
Trading is simple.
When you are right, you get paid. When you are wrong, you lose money. Simple as that.
The key to increasing profits and decreasing losses is recognizing when you are RIGHT and when you are WRONG. The only way to do this effectively is to be honest with yourself…
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Beware the “Us vs. Them” Mentality
Trading is a solo sport. There are no teams and no sides.
The only “side” is the right side of the trade.
If you find yourself teaming up and looking for people to blame for the results of your trades, you aren’t going to make it.
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Don’t Surround Yourself With “Yes” People
Trading isn’t about feeling right or feeling good.
It is about being right and collecting profits accordingly.
If you only surround yourself with people who think the same as you do, you may be blind to reality.
Embrace diverse opinions and seek truth over validation.
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Be Able to Define Your Strategy
Good trading is purposeful.
In order for your actions to be “purposeful,” you need to be able to define your purpose.
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Focus on Quality Over Quantity
Many traders experience “FOMO” or “shiny object syndrome.” They are easily distracted and they try to catch every move to avoid missing out.
The best traders are focused on the QUALITY of traders over the QUANTITY. They recognize that one good trade can be better than ten subpar trades.
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Understand When You Have an Edge and When You Don’t
What’s your edge?
If you want to be a successful trader, you need to recognize your strengths and weaknesses.
Be honest with yourself and determine what you are good at and what you should avoid.
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Wait for Your Edge
Once you know your edge, WAIT for your edge.
Be patient and strike when an opportunity presents itself.
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Beware the Treadmill
Traders are always trying to reach the next level. It’s a neverending process.
This ambition can fuel you at times and cause you to act recklessly at others.
Don’t get stuck on the “treadmill” – always chasing the next level without purpose. Focus on what drives you and learn to appreciate the journey.
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Take Accountability
Successful people take fate into their own hands. They don’t point fingers or blame their “bad luck” on others.
If you want to make it as a trader, you need to take accountability for every move you make.
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Remember Your Purpose
Chasing monetary goals is an endless pursuit.
If you want to live a balanced and fulfilling life, you need purpose.
What REALLY drives you? WHY do you trade?
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Wow!! Wow! Eye opening!! I am a culprit of few of those things you listed there..esp jumping from trade to trade. Yes I know my edge but execution of it is another thing. Greed I believe is the one making me jump from one trade to another hence missing quality trades
Thank you for the advice. The most important part for me is the process, and sometimes it is difficult to follow it