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THEY DON’T LOVE TRADING Part 2

 Some new traders expect to make money immediately, and when they don’t, they let this affect their work. When they do not see the results that they expected, they start to focus on the wrong things. Some increase their tier size, hoping that this will help them make more money. Some do not prepare as hard because they are discouraged. “What is the point of preparing hard if I cannot make money?” they ask themselves. They start to take chances that an experienced trader would not take. This leads to big rips and only compounds the problem. Now they are in a bigger hole.

When you first begin, you must focus on the process. You must allow 8–12 months to become consistently profitable. If you are not willing or are unable to do this, then you should find another occupation.


THEY’D RATHER BE RIGHT THAN MAKE MONEY

There are some traders who just cannot admit that they are wrong. They develop a bias about a stock. When the stock does not trade as they expected, they are paralyzed. They insist that the stock will start acting as they expected, and refuse to exit their positions. As I’ve explained earlier, successful intraday traders exit losing positions quickly. They are not emotionally invested with the market, proving their thesis correct about a stock. 

Consistently profitable traders are interested in making good trades. They accept that they cannot control the results. And holding a position that is trading against them because they are most interested in being proven correct is bad trading. Your job is not to be correct. Your job is not to make money at first just focus on making good trades ("ONE GOOD TRADE").

Developing a bias can be helpful when trading a stock, but when the price action contradicts your theory, then you must exit.

DON’T FORGET: YOU’RE A TRADER, NOT AN INVESTOR

Non-professional traders hunted for tips about the next hot stock.

So much of your success depends on how you approach your learning curve.

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