You get to make them up. Then you follow them with discipline until you can tell for sure they are not working, then you adjust them.
Start with spending some time figuring out why traders fail. Then make rules so you don't do any of that stuff.
Trade mentality
- Thread starter Ethan.ishere
- Start date
Start with spending some time figuring out why traders fail. Then make rules so you don't do any of that stuff.
It's not that simple.
Everyone knows that to lose wieght you have to eat less and exercise more. Yet look at all the fat people.
Same as discipline, make rules and follow them. Not everyone can do that.
There are a few things which we can be 1000% sure;
1. The Sun will always rise from the East till the end of time.
2. If you cut down your food intake massively,
you will be guaranteed to lose weight massively
even if you don't exercise at all.
Well, you are write. I'm just trapped in overthinking and that caused me to just think and do nothing. Let me write a plan. maybe i show it to you if it's ok.
Mentality - whether trading or basket weaving should remain the same
While on the sideline / in a profitable position / in a non profitable position - the same
If a trade is losing - look for the "what's going on"..., is price simply "breathing"... is it pulling back..., is it putting in a new swing H or L..., or has it reversed
Similar - if a position profitable.., how much further could it move..., should I add..., have I moved the SL so as to lock in some profit (while still allowing nominal "breathing" room
IOW - always be thinking and looking both ways..., always be actively managing each position
I will add mental acuity - should.., and must, be heightened and remain elevated throughout each session
RN
I like that. Recently I was reading a book about "critical thinking". One of the subjects it said a lot was "looking and thinking about things from different angels and POVs". The same thing you just said, and I think that is wise.
Thank you.
In trading, discipline is key. Winning and losing are both integral parts of the game. When winning in trading, it's important to stay humble and not get overconfident. Make sure you see the winning position as a result of disciplined strategies, not luck.
That is a good mindset that I should try to keep always in mind. Thank you.
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Written plan;
sometimes it has profit targets+ exits or profits run, or all those.
A non win is an expense- that helped me a lot.
So any business has expenses, cut off the lights when you leave the office or your room for the day.
Good point on the '' not win position'', sounds better than a loss
Any good business likes to keep expenses wise.Paul Tudor Jones, Ducks Unlimited ad ; he is more selective in shooting than the law requires.
CAN SLIM ,IBD books help with[M] market direction+ ETFs
Repeating pattern, do plenty of stuff you may not want to ,like ''put your shopping cart up @ WMT'' or wherever. Dont be like the herd that leaves cart in everybody's way