Skip to main content

YOU MUST BELIEVE

 There is something that cannot be taught to new traders.

You must believe that you will become great.

At the start, you will most likely be net negative your first three months. You can look at this data and easily get discouraged. You can let this typical beginning data affect your fourth and fifth and sixth month, which will manifest more data that can convince you out of the market. If you do not believe, you will use this data as proof that you cannot become a successful trader.

You can be a consistently profitable trader using a system that starts not yielding profits. You will have to tweak this system just a little to make money once the market changes. If you do not believe instead of tweaking the system and then measuring your results, you become consumed with your bad results. You lose confidence. You start to question whether tweaking your system will work. And then this lack of confidence affects your every trade. Since you do not believe, now you have data to support your conclusion that you are destined to fail.

With any trading system, the market will offer you exits for your trades that are poor. If you are starting a position, the market may try to shake you out. If your confidence is low, you will most likely give in to the market’s bullying and take your loss. This is what you have prepared your mind for since your confidence is low.

On the contrary, if your position starts to work for you, you are more likely to exit too early. Once you have a chance to lock in a profit, you do so sacrificing further significant profits. Or there is the chance you will hold a position too long, being offered the opportunity to exit like you had planned, but in the mindset of losing money. So you are more likely to let that stock reverse and wipe out your profits. The market demands that you believe.

You can train at the best prop firm in the country, but if you do not believe that you will succeed, then you will not. If you cannot visualize yourself as a successful trader, then you will never become one. If you never obtain the confidence that you will succeed, then you will not survive to enjoy the most opportunistic markets.

Comments

Post a Comment

Popular posts from this blog

Maximizing Your Profits with Scoring

SETTING YOUR MAXIMUM INTRADAY TRADING LOSS First things first: set a max intraday trading loss. There will be days when you just do not have it. Why do you think coaches pull their players when they are not playing well? They are more harmful on the field than off. When you are underperforming, you are hurting your team and your trading business. You need a system to yank yourself over to the bench. A stop loss is your answer. TRADING BASED UPON THE TIME OF DAY A good trader makes note of what time of day it is, when he trades most profitably, and adjusts his trading to fit such times. Your numbers at the end of the month will not reflect your true trading potential. Make the most trades with the most size during the trading periods that statistically are most profitable for you. Money saved during your weaker trading periods is money earned. Consistency The fact is that most trades you make will start working for you right away. But the new traders also hold stocks that are trading ag...
Post a Comment
Read more

So what is your money blueprint set for?

Are you programmed for managing your money well or mismanaging it? Are you a spender or a saver ? Wealth principle: The only way to permanently change the temperature in the room is to reset the thermostat. In the same way, the only way to change your level of financial success "permanently" is to reset your financial thermostat. You can become an expert in real estate or the stock market. All of these are tremendous "tools." But in the end, without an inner "tool-box" that is big enough and strong enough for you to create and hold on to large amounts of money, all the tools in the world will be useless to you. Your income can grow only to the extent that you do. Remember that the first element of all change is awareness.Watch yourself, become conscious, observe your thoughts, your fears, your beliefs, your habits, your actions, and even your inactions. Put yourself under a microscope. Study yourself. Wealth principle: Consciousness is observin...
Post a Comment
Read more

Wealth file #1 Rich people believe "I create my life" Poor people believe "Life happens to me."

You have to believe that you are the one who creates your success, that you are the one who creates your mediocrity, and that you are the one creating your struggle around money and success. Consciously or unconsciously, it's still you. Instead of taking responsibility for what's going on in their lives, poor people choose to play the role of the victim . A victim's predominant thought is often "poor me." So presto. by virtue of the law of intention, that's literally what victims get: they get to be "poor." That said how can you tell when people are playing the victim? Victim Clue #1: Blame Victims blame the economy, they blame the government, they blame the stock market, they blame their broker, they blame their type of business, they blame their manager, they blame the head office, they blame their spouse, they blame God and of course they always blame their parents. It's always someone else or something else that is to blame. The probl...
Post a Comment
Read more