When I first started trading, I wrote my first trading plan. It was technical and heady and not based off any experience of trading, but rather based off knowledge without any experience. Once I started to get some real live trades under my belt and saw how things played out in the real trading world I began to see weeds in my trading plan that did not fit my personality nor fit the real trading world.
As a young new trader I started my trading day with this mindset: “Let’s Trade. Give Me a Trade.” Similar to a young child that keeps asking for more candy.
After many days of pain, losses and frustration, my mindset began to slowly change. I was forced to become more disciplined and to trade allot less. I began to study and see what was working each day in and day out. My mindset went from wanting to trade to looking for reasons to not trade.
YOUR TRADING MOTTO
A professional trader’s mindset should look like this: “Look for reasons not trade and when I can’t find a reason not to, I will take the trade.”
BE PATIENT
As a professional trader if I come across a trade idea that I can’t find any reason not to trade it, then I know that it is a solid trade idea. It always amazes me running a trading room that if I don’t have a trade idea to call out in the first hour the newbie traders start getting uncomfortable and start shouting out to me, “what about this one or that one.”
I start each trading day with this mindset if I don’t find a setup that fits my plan of action; I am perfectly fine sitting out the day. From experience, I know that when a trader starts to get frustrated and begins to force trade ideas that do not fit his plan of action— he will begin to dig into a losing mindset.
LEARN NOT TO TRADE
Learn not to trade and it when a trade looks so perfect that you can’t pass it up, then and only then, trade it. This mindset will save you from frustration and losses.
Trade less and make more.
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