I firmly believe that what truly
separates the 10% of winning traders from the 90% that lose is the trader’s
mindset. The vast majority of traders think they want to trade until the losses
hit them over and over and they just can’t mentally and emotionally handle it
and end up quitting entirely. I believe the following ten principles separate
the quitters from the winners in the stock market.
How Winning Traders Rebound, make a Come Back, and
Never Quit
1. They accept losing trades quickly but it does not
define them, they learn and try again. The next trade will be more wise than
the last one.
2. They compartmentalize emotions by not blaming
themselves but understanding the historical expectancy of their systems
returns.
3. They have a bias toward action by constantly
doing things that move them closer to their goal of being a rich trader.
(Homework, chart study, reading, being mentored, back testing, etc. )
4. They change their minds sometimes, they know when
to stop doing something that does not work and move in the direction of trading
success through new lessons. They learn what type of trading is right for them.
5. They prepare for things to go wrong through risk
management and position sizing instead of just going naively toward their
goals they are ready to make adjustments as needed.
6. They’re comfortable with discomfort, they will
accept losses and draw downs in their method, they are willing to pay tuition
to the markets to get to where they want to be.
7. They’re willing to wait, they patiently improve
each day setting themselves up for those winning trades that will be very
profitable in the future.
8. They have trading heroes that inspire them to be
better than they are now and give them the hope of achieving their dreams.
9. They have more than passion
they are on a mission, their desire for success gives them the drive to not
quit until they win.
10. They know only time separates them from their goals of success in the
markets.
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