SUCCESSFUL TRADING

1. Trading system

- Vision
- Execution
- Analytical skills

2. #Risk management

- Discipline
- Consistency
- Probability-based approach

3. #Psychology

- Patience
- Emotion control
- Long term thinking

You don't need more % You need more #capital

ARE YOU AN EMOTIONAL TRADER? Do This Self-Exam.

An emotional trader's typical mindset:

1. I must keep looking for new trading strategies until I find out the best and most accurate one.

2. I feel excited when the price goes in my favour.

3. I am upset when I lose in a trade.

4. I feel regret when I miss out a profitable trade.

5. I enter a trade based on my "gut feeling" that the price will go as I predict.

6. I hope that price will one day go back in my favour.

7. As long as I don't cut loss, I am not losing yet.

8. I bet almost all my chips on a single trade that I "feel" is a profitable one.

9. I don't have a trading plan. In fact, I don't even know what a trading plan is.

10. I always risk $1 to get LESS than $1.

11. I want to trade more when I have successive win trades.

12. When I incur losses, I am eager to trade more to hopefully cover the losses.

13. I enter a trade because my friends told me to.

14. Don't ask me to learn. I want only trading tips.

15. Tell me which currency pair will go up tomorrow without knowing yourself.

16. Tell me the best time frame/indicators to trade on.

17. I feel like a stupid to learn from scratch even though I had huge losses.

"If you eliminate all of the above, you will be a super profitable trader. To be sincere "

#Trading Psychologist Reveals how to hack Your brain for trading

7 STEPS TO BECOME A FEARLESS TRADER:

🔅1. BUILD A TRADING EDGE

- Develop a powerful weapon to make money in the markets.
- Be the best in the world on executing that trading edge
- Store past data, know every details of your edge (WR, RRR, etc.)

Your trading edge is your best offensive weapon.

🔅2. SET UNBREAKABLE RULES

- Never break your rules. If you start doing it, you'll get addicted to indiscipline
- They will also help you building valuable skills like discipline, confidence, etc.

Find an edge.
Set rules.
Execute.

🔅3. #RISK MANAGEMENT IS YOUR BEST TRADING DEFENSE.

- Most traders go all in and blow accounts over and over again
- Decrease your risk -> Less fear -> More confidence
- Increase your confidence -> Better skills and execution -> Increase risk later

Be a casino, not a gambler.

🔅4. THINK IN PROBABILITIES

- Focus on the next 1,000 trades, not on the next one
- Your edge needs to be executed repeatedly. Become addicted to repetition

Edge + Thinking in probabilities + Execution in the long term = Trading success

🔅5. ROME WASN'T BUILT IN 1 DAY

- Stop comparing your day 10 to someone else's day 1000
- To be the 1% you have to do what the 99% don't do

Start thinking in years, not in days.

🔅6. LOVE THE PROCESS

- Mistakes, losses and failures are your best teachers
- Trading is the most competitive business in the world. Don't give up at the first failure

Trading is a marathon, not a sprint.

🔅7. BECOME A FEARLESS TRADER

- Develop a powerful edge
- Set unbreakable rules
- Be a trading casino
- Love the process

Break your fear. Improve your trading.

Powell didn’t comment on the economic outlook today.

The next FOMC will be crucial for clarity on QT ending, potential QE, and of course the rate cut itself.

Prepare accordingly.