Thought on Thanksgiving:The Right Attitude and Mindset of Trading

The Right Mindset

the right attitude and mental discipline doesn’t necessarily guarantee that u will be a profitable & successful trader but the wrong mindset almost guarantees certain failure.

here is what I have adjusted in 12 yrs

1. u have to be able to filter the information infront of u & focus on creating yr own system that fits yr own risk tolerance and return goals that are realistic.

unrealistic goals only create pressure to the grind & u are bound to lose focus and stray to undesirable outcome

2. u have to accept that price action can seem random at times so u have to trade a system that can filter out the volatility and false moves and trade the big picture and go with the path of least resistance

3. u have to go into trading with a realistic expectation of what yr equity curve will look like.

any trading systems and traders have losing streaks and drawdowns in equity as the market dynamics change from trending to range bound & from volatile to tight trading ranges.

4. stop looking for other’s tips and trades and develop yr own system by putting hours and hours into the study of the system.

u usually don’t know other’s stop losses, position size, and timeframe so it is difficult and meaningless follow someone else’s trades.

5. u must accept the uncertainty in every single trades outcome and focus on the probability of the edge playing out for yr system over the long term.

thinking long term is of paramount importance to keeping you motivated, and remaining in the game

6. u must accept the risk of loss on every trade. u can't control the outcome, but u can always control yr absolute $ risk in every trade

& be sure the potential reward is worth that risk of loss. try to enter the trade as close as possible to where u are wrong on yr trade

7. u must balance the ability to let your winners run for large wins but also have an exit strategy to lock in profits while they are still there.

simple moving averages can do amazing work for yr trading to tune out any potential emotion based decisions1

8. u have to stay flexible with every trade and be ready to exit if it is proven wrong no matter how strong yr opinion or how much u believe in yr own analysis, prediction, insider or conviction

yr personal ego is the #1 enemy in trading.

9. if u have a valid entry signal in yr trading system you must take it. u can’t afford to miss a big win but u can afford to take a small loss.

a single big win of multiple Rs does magic to the long term equity curve

10. always focus on yr positive trades, yr discipline, and the potential opportunities in the markets. u can only trade long term if u keep a positive attitude to manage yr stress levels

more vegetables & fruits, plenty of water, daily exercise, sufficient sleep helps greatly.

https://twitter.com/jeffsuntrading/status/1595826132112535554

# Tips For Beginners

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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  • powerbert
    ·2022-11-25
    Well said, but my problem is that once a while, I will make the same mistake decision again and again.
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  • LesterTan
    ·2022-11-25
    Stick to your gameplan
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  • amazinggrace
    ·2022-11-25
    Thanks for sharing!
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  • zerolih
    ·2022-11-26
    if we don't read from people's experiences, we'll have to learn it the hard way
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  • K734
    ·2022-11-26
    Thanks for sharing
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  • Svengers19
    ·2022-11-26
    Thanks for sharing
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  • jieke89
    ·2022-11-26
    Ok
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  • peterweng
    ·2022-11-26
    Good
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  • WilsonT
    ·2022-11-26
    Yeah
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  • AiAi
    ·2022-11-26
    Ok
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  • Darkolaf
    ·2022-11-26
    k
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  • Kat1407
    ·2022-11-26
    yes [Angry]
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  • Salanne
    ·2022-11-26
    hshsh
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  • rickson
    ·2022-11-26
    a
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  • Huey8
    ·2022-11-26
    thanx
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  • mathslover74
    ·2022-11-26
    Oo
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  • BriBri
    ·2022-11-26
    👍
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  • Golobee
    ·2022-11-26
    [smile]
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  • Shirley2208
    ·2022-11-26
    👍
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  • PGLian
    ·2022-11-26
    ok
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