Skip to main content

The Successful Trader

I adapt. I focus on the trades that are working for me at this present time. I make a list of these setups and trade just them. I control my risk and let the winners naturally manifest. I obsess about the thousand little things that have everything to do with making money and that you will never hear anyone on a major financial network talk about. I regain my confidence. I rebuild.

Even after becoming a consistently profitable trader, you will have to tweak your system. You will have to adjust your trading plays weekly, daily, and even intraday. This is the life of a trader.

Instead of longing for eighths or tech stocks that move 25 percent from Open to Close, thank the market for changing. Every different market will make you a better trader. What doesn’t blow up your account will make you better.

Trading is about skill development and discipline as we learned from studying those who failed and These Guys are Good. Today, modern training gives new traders the opportunity to speed up their learning curve, as we discussed in Trader Education, and find out just how good they can be as traders. I hope I have shared how important listening to Mother Market is, following her rules, and how unimportant bold predictions are for the short-term trader. Like great athletes, successful traders obsess about solid fundamentals, like One Good Trade. Those who last do the thousand little things each day, like in Pyramid of Success, which make the difference between consistent profits and being eliminated by the 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

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

Wealth File #4 Rich people think big. Poor people think small

Wealth principle: The law of Income: You will be paid in direct proportion to the value you deliver according to the marketplace. The keyword is value. It's important to know that four factors determine your value in the marketplace: supply,demand,quality and quantity. The factor that presents the biggest challenge for most people is the quantity. The quantity factor simply means, how much of your value do you actually deliver to the marketplace? Another way of stating this is, how many people do you actually serve or affect? Most people choose to play small. Why? First, because of fear. They're scared to death of failure and they're even more frightened of success. Second, people play small because they feel small. They feel unworthy. They don't feel they're good enough or important enough to make a real difference in people's lives. But hear this: your life is not just about you. It's also about contributing to others. It's about living true...
Post a Comment
Read more