It’s necessary to develop the mentality of a trader. That means to have the capacity, attitude, and the behavior that support the difficult decisions making in trading. How do you react after losing 5 trades in a row? How do you react when your stoploss is nearly getting hit? Perhaps the most difficult in trading is to accept that your trade will hit stoploss, take the loss, and go ahead to the next trade. This is a difficult decision in your trading, but what you need to understand is if your trade reached your stoploss, it doesn’t mean you failed or you were wrong. It means you were doing your job correctly. Following the rules of your strategy, no matter what, is the necessary attitude to be developed.
Practical mental configuration
- Your path to successful trading might be frustrating, not because it’s hard, but because there is a lot to learn and you will make mistakes, as everyone does.
- If you’re paying for your mistakes, then learn from them!
- Any person can reach better results in trading, if they place their effort on it. That includes believing in yourself.
Winning mentality vs Losing mentality
– Doesn’t expect to win every trade, but expects positive results
– Accepts the responsibility of trading
– Learns from own mistakes
– Thinks the market targets him, hunts his stoplosses
– Blames the broker, platform and even the market for losses
– Doesn’t admit own mistakes, and so, doesn’t learn from them
What type of trader do you want to become? Which of traders above would you trust your money? Definitely the answer will be Trader A, right? If so, then become the trader you would trust your own money to.